According to BIS Research, hyperspectral imaging is an emerging imaging technology that can be used in several applications such as medical diagnostics, pharmaceutical applications, image-guided surgery, defense, security, food quality analysis, mining, geology, industrial applications, and environmental analysis. The hyperspectral imaging (HSI) technology examines a broad spectral range of light frequencies ranging from ultra-violet (UV) to infrared (IR) by developing hypercube data, which is a three-dimensional dataset having one spectral dimension and two spatial dimensions.
The global hyperspectral imaging market was estimated to be at $791.2 million in 2021, which is expected to grow with a CAGR of 13.17% and reach $1,640.3 million by 2027.The growth in the global hyperspectral imaging market is expected to be primarily driven by increased awareness of the technology in different sectors such as agriculture, healthcare, and mining.
The hyperspectral imaging technology has great potential, and the market is anticipated to grow during the forecast period owing to the widespread applications of HSI, increasing investments for RD activities, increasing demand from military and defense sectors, increased food safety concerns, and increasing awareness regarding early diagnosis of diseases.
COVID-19 Impact and Post-COVID-19 Scenario
The COVID-19 pandemic had a debilitating impact on the global ecosystem. The pandemic led to a shutdown of production facilities, which do not come under essential goods, which led to a negative impact on several markets. Hyperspectral imaging was negatively impacted since the pandemic led to a decline in the number of non-essential activities performed in all the facilities and research centers, which subsequently impacted the adoption of imaging devices, including those for HSI. Major players in the global hyperspectral imaging market faced disruptions in supply chains, and the demand for products was also reduced substantially. However, this impact was offset by the continued RD in the field of HSI along with newer research on how HSI could help detect COVID-19 more quickly and accurately.
Recent Developments in Global Hyperspectral Imaging Market
• In April 2022, IMEC International established a partnership with Bühler Group’s Leybold Optics for the production of new generation, low-cost hyperspectral imaging sensors with high resolution.
• In March 2022, Swift Medical launched a hyperspectral imaging medical device to make healthcare more accessible, Swift Ray-1.
• In January 2022, Emberion received funding of €6 million ($6.36 million) from Nidoco AB, Tesi, and Verso Capital, to step up the expansion of its infrared imaging business.
• In December 2021, Emberion announced the launch of its VS20 VIS-SWIR 400-2000 nm hyperspectral imaging camera, which can be used in the application of medical diagnosis and image-guided surgeries.
• In November 2021, Diaspective Vision and OmniVision partner to develop a new medical hyperspectral imaging camera for endoscopes.
• In May 2021, Diaspective Vision GmbH launched a new series of TIVITA, TIVITA Mini, and TIVITA Mobile for the European market. The TIVITA Mini provides colored images of human tissue for diagnosis and the TIVITA Mobile allows non-invasive analysis of a wound and can be used in mobile and outpatient facilities.
• In March 2021, IMEC International established a collaboration with scientists and engineers from Katholieke Universiteit (KU) Leuven, Universitair Ziekenhuis (UZ) Leuven, and the research organization VITO for research on the early detection of Alzheimer’s using hyperspectral imaging technology.
• In June 2019, Gamaya entered an alliance with Mahindra Mahindra as the company invested $4.3 million for an 11.35% stake in Gamaya.
Demand – Drivers and Limitations
Following are the drivers for the hyperspectral imaging market:
• Wide-Spread Applications of Hyperspectral Imaging Technology
• Increasing Demand and Investments from the Military and Defense Sectors
• Increasing Investments by the Government for Research and Development Activities
• Increasing Prevalence of Chronic Disorders and Geriatric Population Boosting the Growth of Medical Hyperspectral Imaging
• Growing Awareness Regarding Early Diagnosis of Diseases
• Increased Global Food Safety Concerns
The market is expected to face some limitations too due to the following challenges:
• High Cost of The Hyperspectral Devices
• Lack of Infrastructure and Skilled Professionals to Support Hyperspectral Devices
• High Volume of Produced Data
According to Satyendr Singh Rajput, Lead Analyst, BIS Research, “The hyperspectral imaging market is a very niche market and is expected to grow considerably since it has great potential and can be used for several applications in several fields.”
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analysing company coverage, product portfolio, and market penetration.
Some of the prominent names established in this market are:
Company Type 1: Established Companies
• BaySpec, Inc.
• Corning Incorporated
• CytoViva, Inc.
• Headwall Photonics, Inc.
• HORIBA Ltd.
• HyperMed Imaging, Inc.
• IMEC International
• Inno-spec GmbH
• Konica Minolta, Inc.
• Norsk Elektro Optikk A/S
• Photon Etc.
• Resonon, Inc.
• Swift Medical Inc.
• Teledyne FLIR LLC
Company Type 2: Emerging Companies
• Clyde Hyperspectral Imaging and Technology Ltd.
• Cubert GmbH
• Diaspective Vision GmbH
• HAIP Solutions GmbH
Key Questions Answered by This Report:
- What are the major market drivers, challenges, and opportunities in the global hyperspectral imaging market?
- What are the underlying structures resulting in the emerging trends within the global hyperspectral imaging market?
- How is each segment of the global hyperspectral imaging market expected to grow during the forecast period, and what is the anticipated revenue generated by each of the segments by the end of 2027?
- What are the significant developmental strategies implemented by the major players in order to sustain in the competitive market? What are the key regulatory bodies controlling the entry of hyperspectral imaging products into the market?
- Who are the leading players with significant offerings to the global hyperspectral imaging market? What is the current market dominance for each of these leading players?
- What is the expected compound annual growth rate (CAGR) expected to be witnessed by the leading players in the market during the forecast period 2022-2027?
- What are the major technological as well as regional adoption trends pertaining to the global hyperspectral imaging market?
- What are the major technologies employed in the global hyperspectral imaging market? Which is the most dominating technology?
- Who are the key manufacturers in the global hyperspectral imaging market, and what are their contributions?
- What is the growth potential of the different applications for hyperspectral imaging in the market?
How Can This Report Add Value to an Organization?
Product/Innovation Strategy: The product segment helps the reader understand the different types of hyperspectral products and accessories available for use in different fields. Moreover, the study provides the reader a detailed understanding of the different hyperspectral products by application, by technology, by spectral range, and by product type.
Growth/Marketing Strategy: The global hyperspectral imaging market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. The favored strategy for the companies has been partnerships, alliances, and business expansions to strengthen their position in the hyperspectral imaging market. For instance, in May 2022, Specim Spectral Imaging Ltd., a subsidiary of Konica Minolta, Inc., collaborated with Grupo Álava to expand its presence in Portugal and Spain.
Competitive Strategy: Key players in the global hyperspectral imaging market analyzed and profiled in the study involve established and emerging players that offer hyperspectral devices. Moreover, a detailed competitive benchmarking of the players operating in the global hyperspectral imaging market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
The research report constitutes an in-depth study of the global hyperspectral imaging market, including a thorough analysis of revenues generated from the sales of the different components. Based on the product launches, approvals, ongoing strategic collaborations, as well as business expansions, the market size for the forecast period of 2022-2027 has been estimated.
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