Global Hyperspectral Imaging Systems Market, Sector / Industry Report & Analysis, 2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Hyperspectral Imaging Systems Market


The global Hyperspectral Imaging Systems market size is projected to reach US$ 19.43 billion by 2026, from US$ 10.93 billion in 2020, at a CAGR of 10.06% during 2021-2026. 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.

Market Segmentation, Outlook & Viewpoint: Global Hyperspectral Imaging Systems Market

Product Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Cameras
  
Accessories

Application Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Military
  
Remote Sensing
  
Medical Diagnostics
  
Machine Vision & Optical Sorting
  
Others

Key Players, Recent Developments & Regional Insights: Global Hyperspectral Imaging Systems Market

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.

Application Insights

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.

Regional Insights

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.

Hyperspectral Imaging Systems Market Share Insights

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 Proinnovative (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.

Key Insights Covered: Global Hyperspectral Imaging Systems Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Hyperspectral Imaging Systems industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Hyperspectral Imaging Systems industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Hyperspectral Imaging Systems industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Hyperspectral Imaging Systems industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Hyperspectral Imaging Systems industry.

Research Methodology: Global Hyperspectral Imaging Systems Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other