The global hyperspectral imaging systems market size was estimated at USD 8.20 billion in 2017 and is expected to register a CAGR of 10.06% over the forecast period. Hyperspectral imaging is the combination of digital imaging and spectroscopy which enhances the sensitivity and ability to distinguish over the conventional imaging and detection methods. Hyperspectral imaging extensively improves the ability to segregate the objects based on spectral properties.
Increasing application of hyperspectral imaging in various sectors, such as research and development, healthcare, defense, food industry, night vision, and remote sensing is anticipated to create high demand in the market. Increasing adoption of this technology is mainly attributed to its clarity and high accuracy.
In addition, technological advancements, such as sensor design, high spectral resolution, high spatial resolution, compact and light weight devices is anticipated to further boost the adoption in near future. The adoption of Unmanned Aerial Vehicle (UAVs) is rising owing to its capabilities and application in monitoring, surveillance, mapping, and hyperscale imaging, which in turn is expected to bode well for the market.
Various advantages offered by hyperspectral imaging, such as 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.
On the basis of product, the hyperspectral imaging systems market is segmented into cameras and accessories. Factors such as recent advancements in sensor development have led to 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.
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 identification of objects with precision and detail. In additional, the availability of low cost cameras and widening computing power are projected to further boost the adoption of these products during the forecast period.
On the basis of application, the market is segmented into military, remote sensing, medical diagnostics, machine vision and optical sorting, and others. Military segment accounts for the largest share of the market due to the advancement in data management along with component fabrication techniques. Better accuracy and consistency compared to other conventional imaging techniques among other factors are contributing to the segment growth.
On the other hand, medical diagnostics has been estimated to be the fastest growing segment over 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 changes. This factor is projected to create major scope of application in diagnosis of tissue pathology.
In addition, hyperspectral imaging finds wide application in ophthalmology, procedures of 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 over the forecast period.
North America held the largest market in 2017, owing to good healthcare infrastructure, high healthcare spending, and increasing adoption of novel technologies. As per the statistics by research America,inU.S., about USD 171.8 billion were spent on R&D on medical and healthcare in 2016. In addition, emphasis on healthcare and related initiatives, such as the Patient Protection and Affordable Care Act are accelerating growth of medical device segment in this region. This factor is expected to bode well for the market in near future.
Asia Pacific has been estimated to be the fastest growing region during the forecast period, due to the presence of large pool of patients, increasing healthcare awareness, government funding for R&D, and upcoming research projects. Increasing need of hyperspectral imaging in research activities, remote sensing, and mining explorations is projected to further fuel the regional market growth.
Key market players are Headwall Photonics Inc.; Resonon, Telops Inc.; Corning Incorporated; Norsk Elektro Optikk AS; Surface Optics Corporation; Bayspec Inc.; Chemimage Corporation; and Applied Spectral imaging.
Various strategies, such as new product launches, collaborations, and acquisitions are adopted by these players to sustain and strengthen their market position. For instance, pathFusion and HiPath Pro—innovative (Fluorescence in situ hybridization) FISH imaging and analysis solutions for pathology was launched by Applied Spectral Imaging Inc in October 2017. These products are expected to improve data accessibility and labor efficiency.
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Attribute |
Details |
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Base year for estimation |
2017 |
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Actual estimates/Historical data |
2014 - 2016 |
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Forecast period |
2018 - 2025 |
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Market representation |
Revenue in USD Million & CAGR from 2018 to 2025 |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, & MEA |
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Country scope |
U.S., Canada, U.K., Germany, France, Japan, China, Brazil, Mexico, and South Africa, Saudi Arabia. |
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Report coverage |
Revenue, competitive landscape, growth factors, and trends |
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15% free customization scope (equivalent to 5 analysts working days) |
If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization |
This report forecasts revenue growth and provides an analysis on the latest trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research, Inc. has segmented the global hyperspectral imaging systems market report on the basis of product, application, and region:
Product Outlook (Revenue, USD Million, 2014 - 2025)
Cameras
Accessories
Application Outlook (Revenue, USD Million, 2014 - 2025)
Military
Remote Sensing
Medical Diagnostics
Machine Vision & Optical Sorting
Others
Regional Outlook (Revenue, USD Million, 2014 - 2025)
North America
U.S.
Canada
Europe
Germany
U.K.
Asia Pacific
Japan
China
Latin America
Brazil
Mexico
Middle East and Africa (MEA)
South Africa
Saudi Arabia
b. The global hyperspectral imaging systems market size was estimated at USD 9.91 billion in 2019 and is expected to reach USD 10.90 billion in 2020.
b. The global hyperspectral imaging systems market is expected to grow at a compound annual growth rate of 10.0% from 2018 to 2025 to reach USD 17.64 billion by 2025.
b. North America dominated the hyperspectral imaging systems market with a share of 33.3% in 2019. This is attributable to good healthcare infrastructure, high healthcare spending, and increasing adoption of novel technologies.
b. Some key players operating in the hyperspectral imaging systems market include Headwall Photonics Inc.; Resonon, Telops Inc.; Corning Incorporated; Norsk Elektro Optikk AS; Surface Optics Corporation; Bayspec Inc.; Chemimage Corporation; and Applied Spectral imaging.
b. Key factors that are driving the market growth include increasing application of hyperspectral imaging in various sectors, such as research and development, healthcare, defense, food industry, night vision, and remote sensing.
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