Hyperspectral Imaging Systems Market Size, Share & Trends Analysis Report By Product (Camera, Accessories), By Application, By Technology, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global hyperspectral imaging systems market size was valued at USD 10.36 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.1% from 2022 to 2030. Increasing application of hyperspectral imaging in various sectors, such as R&D, healthcare, defense, food industry, night vision, and remote sensing is anticipated to create high demand in the market. In addition, technological advancements, such as sensor design, high spectral resolution, high spatial resolution, and compact and lightweight devices are anticipated to further boost the adoption in the near future. For instance, in August 2021, Resonon launched the Pika NUV2, an ultraviolet plus visible hyperspectral camera, with a spectral range of 330-800 nm.

Hyperspectral imaging is an efficient technology as it is a combination of digital imaging and spectroscopy, which enhances the sensitivity and ability to distinguish when compared to conventional imaging and detection methods. Hyperspectral imaging extensively improves the ability to segregate objects based on spectral properties. The increasing adoption of this technology is mainly attributed to its clarity and high accuracy. Various advantages are offered by hyperspectral imaging, such as the non-requirement of prior knowledge for the use of the spectrum at each point. In addition, it provides extensive information for analyzing and processing the image. Considering its advantages, hyperspectral imaging technology is encouraging investments from many companies.

The growing applications of HSI, such as the detection of rock minerals, the diagnosis of plant diseases in agricultural crops, diagnostic imaging, and the detection of foreign toxins in food processing are expected to boost its adoption rate during the forecast period. In addition, HSI is a growing imaging technique in medicine, particularly in disease diagnosis and image-guided surgery. The market is anticipated to grow at a robust rate, since HSI holds strong potential for disease screening, detection, and diagnosis because of its ability to recognize biochemical modifications brought on by the development of diseases, such as changes in cancer cell metabolism.

For instance, in March 2022, Swift Medical, a leader in digital wound care technology, introduced the first all-in-one hyperspectral imaging device, in order to improve access to healthcare. The healthcare system had faced enormous difficulties as a result of the COVID-19 pandemic. The global healthcare supply chain had been impacted by the outbreak. The shortage of raw materials resulted in a drop in imaging device manufacturing as well as disruptions in transportation, creating widespread business disruption. The market, on the other hand, is gradually resuming at its normal pace, now that the lockdown restrictions have been lifted.

Product Insights

On the basis of product, the camera segment held the largest market share in 2021 and is further expected to expand at the fastest CAGR of 10.2% during the forecast period. Factors such as recent advancements in sensor development have led to the growth of the camera segment. Recent advances include high-speed and low-cost circuits, advanced manufacturing technologies, and novel signal processing methods. With these developments, the quality, economic efficiency, and reliability of technical products are anticipated to increase.

A hyperspectral camera acquires light intensity for a wide range of spectral bands. With this feature, every pixel in the image has a continuous spectrum, which can be used for the identification of objects with precision and detail. In addition, the availability of low-cost cameras and widening computing power are projected to further boost the adoption of these products during the forecast period.

Application Insights

On the basis of application, the market is segmented into military, remote sensing, medical diagnostics, machine vision & optical sorting, and others. The military segment accounted for the largest market share in 2021 owing to the advancement in data management along with component fabrication techniques. Hyperspectral imaging has a wide range of military applications in the domains of tracking and identification of personnel or other objects. Better accuracy and consistency compared to other conventional imaging techniques are contributing to the segment growth.

On the other hand, medical diagnostics has been estimated to be the fastest growing segment during the forecast period. Hyperspectral imaging provides diagnostic information regarding tissue morphology, composition, and physiology. During the progression of a disease, the fluorescence, scattering, and absorption of the tissue change. This factor is projected to create major scope of application in the diagnosis of tissue pathology. In addition, hyperspectral imaging finds wide application in ophthalmology, procedures of the gastrointestinal tract, wound analysis, fluorescence microscopy, cell biology, and vascular systems. High clarity and accuracy of the technology due to constant innovation and technological advancements are anticipated to create growth opportunities in medical diagnostics during the projection years.

Regional Insights

North America held the largest market share in 2021, owing to good healthcare infrastructure, high healthcare spending, adoption of novel technologies, and the existence of a large number of industry players in the region. In addition, improved funding has boosted the region's research activities. The U.S. spends the most per capita on healthcare and has the largest funds and grants available for research through government agencies such as the National Institutes of Health (NIH). The emphasis on healthcare and related initiatives, such as the Patient Protection and Affordable Care Act, is accelerating market growth.  

Asia Pacific has been estimated to be the fastest growing region during the forecast period, due to the presence of a large pool of patients, increasing healthcare awareness, government funding for R&D, and upcoming research projects. The increasing need for hyperspectral imaging in research activities, remote sensing, and mining explorations are projected to further fuel the regional market growth.

Key Companies & Market Share Insights

Major players are focusing on new product launches, acquisitions, partnerships, mergers, government approvals, advancements in existing products & technologies, and other strategies to expand their business portfolio & strengthen their presence. For instance, in November 2020, XIMEA and IMEC jointly developed an enhanced version of the xiSpec hyper-spectral cameras. The bandpass filters and camera housing have both been improved to boost the cameras' spectral performance. Some of the key players operating in the global hyperspectral imaging systems market include:

• Imec

• XIMEA GmbH

• Resonon, Inc.

• Headwall Photonics, Inc.

• Telops Inc.

• Corning Incorporated

• Norsk Elektro Optikk AS

• Surface Optics Corporation

• Bayspec Inc.

• Applied Spectral Imaging

• Spectral Imaging Ltd.

• Pixxel

• Surface Optics Corporation

Hyperspectral Imaging Systems Market Report Scope

Global Hyperspectral Imaging Systems Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global hyperspectral imaging systems market report based on product, application, technology, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Cameras

  • Accessories

• Technology Outlook (Revenue, USD Million, 2018 - 2030)

  • Push broom

  • Snapshot

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Military

  • Remote Sensing

  • Medical Diagnostics

  • Machine Vision & Optical Sorting

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE