Pune, India, May 02, 2023 (GLOBE NEWSWIRE) -- The Global Medical Hyperspectral Imaging Market size is projected to register a CAGR of 13.1% during the forecast period, reaching USD 4.21 billion by 2030 from an estimated USD 1.58 billion in 2022, published by Fortune Business Insights. Hyperspectral imaging is based on spectroscopy and digital imaging, which is performed mainly by the hyperspectral camera that captures multiple images at different wavelengths for the same spatial area. Increasing cases of cancer and improved imaging outcomes are expected to drive market growth. Fortune Business Insights™ shares this information in its report titled “Medical Hyperspectral Imaging Market, 2023-2030.”
Key Industry Development:
July 2022- Headwall Photonics announced the acquisition of Holographix LLC for the expansion of its manufacturing capabilities for future growth prospects.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 13.1% |
| 2030 Value Projection | USD 4.21 Billion |
| Base Year | 2022 |
| Medical Hyperspectral Imaging Market Size in 2022 | USD 1.58 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 140 |
Key Takeaways
- The expected rise in cancer cases is predicted to stimulate the growth of the medical hyperspectral imaging market.
- The market growth is being propelled by comparable efforts from researchers to create a diagnostic approach for illnesses.
- In 2022, the hyperspectral camera segment had the largest market share.
- North America accounted for the largest market share and dominate the market.
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Drivers and Restraints:
Increasing Cases of Cancer to Boost Market Trajectory
Increasing cases of cancer are anticipated to drive the medical hyperspectral imaging market growth. Detection of tumor is one of the major applications of medical hyperspectral imaging as it offers various advantages such as non-invasive nature, avoiding tissue biopsies, and providing diagnostic signatures without requiring a real-time contrast agent. According to WHO, cancer accounted for nearly 10 million deaths, where breast, lung, and colon cancers are the top three in the category in 2020. Increasing research to explore medical applications is expected to propel market development.
However, high costs of the systems and high data storage limit are estimated to limit the market growth.
Segments:
Hyperspectral Camera to Dictate as it is an Integral Part of the System
On the basis of component, the market is segmented into hyperspectral camera and accessories. Hyperspectral camera segment had the highest share in 2022 as it is the main part of the system that captures the broad spectral range. The accessories segment is expected to grow substantially due to increasing technological advancements.
Push Broom Segment to Govern due to Wide Adoption
Based on modality, the market is categorized into push broom, snapshot, and others. Broom segment had the highest share in 2022 due to wide adoption and high spatial & spectral resolution offered by this modality. The snapshot segment is expected to grow significantly due to high data throughput and increased product launches.
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Report Coverage:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Regional Insights:
With Rising Technological Developments, North America to Lead Market Share
North America is expected to govern the medical hyperspectral imaging market share due to rising technological developments. Strong presence of key market players and high cases of cancer in the U.S. contribute to the region's market growth.
Europe is also expected to witness considerable market growth due to increasing public and private investments in R&D and technological advancements.
Asia Pacific is anticipated to have a strong CAGR due to increasing awareness about the use of hyperspectral imaging in the healthcare industry and rising funding.
Competitive Landscape:
Imec Led the Market Share Owing to Increasing Number of Collaborations
Imec, Specim, BaySpec, Inc., and Resonon Inc. were the leading medical hyperspectral imaging players in 2022. Imec was leading in the market in 2022 due to its strong portfolio of hyperspectral cameras. The company finds its presence in 96 countries and is involved in collaboration and partnership strategies to broaden its distribution network. In November 2020, Imec announced its collaboration with XIMEA for launching xiSpec2 hyperspectral camera. Specim also held a significant market share in 2022 due to increasing preference for the company’s hyperspectral cameras and accessories by healthcare professionals.
List of Key Players Mentioned in the Report:
- Imec (Belgium)
- Specim (Konica Minolta, Inc.) (Japan)
- BaySpec, Inc. (U.S.)
- Resonon Inc. (U.S.)
- Headwall Photonics (U.S.)
- HyperMed Imaging, Inc. (U.S.)
- XIMEA GmbH (Germany)
- Cubert (Germany)
- Diaspective Vision (Germany)
- ClydeHSI (U.K.)
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Major Table of Contents:
- Global Medical Hyperspectral Imaging Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Component
- Hyperspectral Cameras
- Accessories
- Market Analysis, Insights and Forecast – By Modality
- Push Broom
- Snapshot
- Others
- Market Analysis, Insights and Forecast – By Application
- Quality Assurance & Drug Testing
- Medical Diagnostics
- Others
- Market Analysis, Insights and Forecast – By End User
- Pharmaceutical & Biopharmaceutical Companies
- Research Institutes & Organizations
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of World
- Market Analysis, Insights and Forecast – By Component
- North America Medical Hyperspectral Imaging Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Component
- Hyperspectral Cameras
- Accessories
- Market Analysis, Insights and Forecast – By Modality
- Push Broom
- Snapshot
- Others
- Market Analysis, Insights and Forecast – By Application
- Quality Assurance & Drug Testing
- Medical Diagnostics
- Others
- Market Analysis, Insights and Forecast – By End User
- Pharmaceutical & Biopharmaceutical Companies
- Research Institutes & Organizations
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S. (By Component)
- Canada (By Component)
- Market Analysis, Insights and Forecast – By Component
- Europe Medical Hyperspectral Imaging Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Component
- Hyperspectral Cameras
- Accessories
- Market Analysis, Insights and Forecast – By Modality
- Push Broom
- Snapshot
- Others
- Market Analysis, Insights and Forecast – By Application
- Quality Assurance & Drug Testing
- Medical Diagnostics
- Others
- Market Analysis, Insights and Forecast – By End User
- Pharmaceutical & Biopharmaceutical Companies
- Research Institutes & Organizations
- Others
- Market Analysis, Insights and Forecast – By Country/ Sub-region
- Germany (By Component)
- U.K. (By Component)
- France (By Component)
- Spain (By Component)
- Italy (By Component)
- Scandinavia (By Component)
- Rest of Europe (By Component)
- Market Analysis, Insights and Forecast – By Component
TOC Continued…!
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