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Hyperspectral Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Hyperspectral Imaging Market is poised to register a CAGR of 15.3% during the forecast period. Hyperspectral imaging captures and processes an image at many wavelengths. Key Highlights.
New York, March 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hyperspectral Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06382169/?utm_source=GNW
The Hyperspectral Imaging Market is poised to register a CAGR of 15.3% during the forecast period. Hyperspectral imaging captures and processes an image at many wavelengths.
Key Highlights
Hyperspectral imaging (HSI) is a robust technology that adds a new dimension to optical imaging. HSI has been employed for more than a decade now. However, until 2015, it was still moderately unknown compared to other imaging technologies, such as multispectral, infrared, and LiDAR. It is now gaining traction in the chemical analysis, agriculture, and military and defense sectors, in addition to the meteorology and metal sector for which it was initially designed.
The use of hyperspectral imaging systems (HIS) has also grown significantly in medical diagnostics. Existing systems do not allow for seamless integration into the surgical workflow, nor do they provide real-time instantaneous feedback crucial to support effective decision-making during surgery. Various researchers aim to develop a system that provides clinicians with an augmented vision for clear visualization of vital tissue information throughout the surgery.
The increasing need for data accuracy and consistency in HSI applications, such as food and agriculture, defense, and weather, is driving the demand for hyperspectral imaging in the market. HSI uses robust analytical procedures critical for imaging technology in applications such as food and agriculture.
Hyperspectral imaging is a broadly used technology for scientific and industrial purposes, but the high cost and large size of commercial setups have made them impractical for basic research. Due to their high cost, most small and medium-sized companies cannot implement HSI solutions for their business activities.
With the outburst of COVID-19, the hyperspectral imaging market grew as this technology could have been a prominent tool for analyzing COVID-19 rashes. For example, hyperspectral imaging technology provider HinaLea Imaging (Emeryville, CA) joined a research program to explore the prognostic value of skin findings associated with COVID-19 infection utilizing the company’s advanced hyperspectral imaging system.
Hyperspectral Imaging Market Trends
Healthcare Sector Expected to Witness Robust Market Growth
The utilization of HSI technology in the healthcare sector is of utmost importance. Moreover, the increasing number of investments in the sector is expected to propel the growth of this domain. The healthcare sector is undergoing a large-scale digital transformation, and these technologies are expected to influence the domain significantly.
Swift Medical, for example, introduced the Swift Ray 1, the World’s First All-in-One Hyperspectral Imaging Device, in March 2022, which wirelessly attaches to a smartphone camera and captures comprehensive clinical data to support better assessment, treatment, and monitoring of skin and wound conditions. The Swift Ray 1 is small enough to fit in the palm of a clinician’s or patient’s hand, making powerful medical imaging available anywhere, from the hospital to the patient’s home. Furthermore, because of this advanced imaging, accurate clinical data can be collected for every patient, regardless of skin tone, making wound care more equitable for all.
Moreover, handheld HS sensors are being rapidly implemented in healthcare operations for applications such as rapid non-invasive assessment of healthy or diseased tissue in ambulatory surgery centers and the wider use of miniaturized drones or UAVs for emergency rescue efforts, to name a few.
Recently, hyperspectral imaging technology has been extensively incorporated for cancer cell detection since internal malignant tumors usually look similar to the healthy tissues around them. For instance, HSI is also being used to detect other illnesses and diseases, such as dental caries and altered mucosa of the human larynx. HSI in the 1,000–2,500 nm spectral range is being used for dental caries detection and identification in 12 extracted teeth with different degrees of the natural lesion.
The increase in cancer cases in some regions is expected to drive the market. For instance, the American Cancer Society estimated that in 2022 there were a total of 236,740 new cases of lung and bronchus cancer in the United States. The highest number of these cases was estimated to be in the state of Florida.
Product developments in the healthcare sector in the forecasted years are expected to drive the demand for hyperspectral imaging owing to its non-contact, non-ionizing, and label-free imaging modality.
North America Expected to Hold Major Market Share
Increasing regional surveillance innovations are expected to drive the market’s growth. The region is marked by the presence of countries, such as the United States, that have significant investments in surveillance.
The surveillance is not limited to the military. It includes several law enforcement agencies that leverage advanced technology to monitor and track multiple individuals or vehicles during the day and at night and surveil the events in an area. Such new deployments are anticipated to increase the adoption of hyperspectral imaging systems and devices.
Moreover, the United States has a significantly higher military expenditure than the rest of the world. In the budget proposed for the fiscal year 2023, released in March 2022, the Biden administration sought USD 813.3 billion for national defense.
The US army had removed many thousand pounds of explosives from the battlefields in Afghanistan by using hyperspectral imagers to spot objects typically hidden from view, such as tanks draped in camouflage or emissions from an improvised bomb-making factory.
Apart from the United States, Canada has also increased its military spending. Further, the shift in the focus of the United States from the Middle East and Afghanistan to more imminent threats from Asia-Pacific countries, especially China, created pressure on Canada’s military funding as part of its membership in NORAD, NATO, and the so-called Five Eyes Intelligence-sharing Alliance.
Hyperspectral Imaging Market Competitor Analysis
The market for hyperspectral imaging is fragmented. A few major dominant players in this market are Corning Incorporated, Spectral Imaging Ltd, and Headwall Photonics, among others. Partnerships and acquisitions, high investments in R&D, new product launches, etc., are the major growth strategies these companies adopt to sustain themselves in the market.
In August 2022, Specim strengthened its presence in Central Europe by opening a branch office in Germany. The new office includes a demo center that facilitates its customers and partners to get hands-on training on the Specim products and services. The new office and demo center are located at Konica Minolta Sensing Europe facilities in Munich, Germany.
In July 2022, Headwall announced an investment in perClassBV for strategic growth. The perClassMira spectrum analysis software package, which interfaces with multiple spectral sensors and enables intuitive spectral image analysis for sophisticated machine vision applications in research, industrial, and commercial deployments, is developed by perClass. The objective of perClass remains to simplify the interpretation of spectral imaging data to broaden deployment for industrial applications.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
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