Skip to main content

Hyperspectral Imaging Market Projections , Upcoming Trends Focus on Long-Term Impact of Covid-19 and Forecast By 2027

 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.

Hyperspectral Imaging Market

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.

Market Segmentation

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

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
•    Emberion
•    GAMAYA
•    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?

 

BIS Research Related Market Studies:

Global Hyperspectral Imaging in Agriculture Market

Labels:

Comments

Post a Comment

Popular posts from this blog

Pharmacogenomics Services Market Dynamics, Competitive Landscape & Forecast to 2031

  BIS healthcare experts have found the pharmacogenomics services industry to be one of the most rapidly evolving and dynamic markets. The global  pharmacogenomics services market  is projected to reach $9,346.8 million by 2031 from $5,060.0 million in 2020, at a CAGR of 5.71% during the forecast period 2021-2031. The market is driven by certain factors, including increasing prevalence of infectious diseases and various types of cancer, increasing adoption of personalized medicine shifting the paradigm from reaction to prevention, increasing rate of adverse drug reaction, and surge in usage of pharmacogenomics for drug discovery and development. Currently, the pharmacogenomics services industry is witnessing an upsurge due to the increasing prevalence of infectious diseases and various types of cancer, increase in adoption of personalized medicine shifting the paradigm from reaction to prevention, increasing rate of adverse drug reaction, and surge in usage of pharmacogen...
Post a Comment
Read more

Microbiome Therapeutics Market Growth, Segmentation, Opportunity and Forecast to 2032

  Global microbiome therapeutics market is expected to grow further in the coming years due to the continuous increase in awareness and need for better and safer treatment alternatives and the dominance of gastrointestinal (GI) and infectious diseases segment can be attributed to the existing dominance of microbiome therapeutics available for a variety of indications ranging from diarrhea and gut dysbiosis to skin disorders, cancer indications among others. The global microbiome therapeutics market which accounted for $306.3 million in 2021 is expected to reach $3,204 million by 2032, reporting a CAGR of 24.95% during the forecast period 2022-2032. The existing   microbiome therapeutics market    is favored by multiple factors, including the rising geriatric populations coupled with the increasing adoption of inorganic growth strategies by key players in the market. Impact of COVID-19 There were numerous consequences due to the COVID-19 pandemic, especially...
Post a Comment
Read more

Growing Focus on Patient-Centered Healthcare led to Rise in Urgent Care Apps Market

Urgent care apps are intended to serve patients seeking urgent care by connecting them to a relevant specialist and facilitating further courses of action such as diagnosis, treatment, and monitoring.   Treatment can be offered remotely via text/audio/video calls, or help can be arranged to usher the patient to the nearest hospital. The widespread adoption of smartphones and increased demand for urgent and convenient access to care will be crucial to the market’s growth.  The global urgent care apps market was valued at $973.6 million in 2020 and is anticipated to grow to $10,150.5 million by the end of 2030 at a projected CAGR of 26.32% during the forecast period 2021-2030.   The aforementioned growth is based on the realistic forecast, which is the most likely growth scenario based on current market conditions. This scenario assumes that there will be no visible impact of COVID-19 beyond 2030. The changes in the market during that timeline can build up...
Post a Comment
Read more