Healthcare Sector Will Be the Fastest-Growing Segment for the Global Hyperspectral Imaging Market until 2020, Reports Technavio

LONDON--()--According to the latest market study released by Technavio, the global hyperspectral imaging (HIS) market is expected to grow at a CAGR of more than 11% during the forecast period.

This research report titled ‘Global Hyperspectral Imaging Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.

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Based on end-user, the global HIS market is segmented into the following: defense, environment monitoring, mining and mineralogy, healthcare, food and agriculture, and machine vision. The top four segments are explained below.

Defense: largest segment

In 2015, the defense segment held 19.08% - the largest share - of the global hyperspectral imaging market, as the sector was the first adopter of the technology. The sector will continue to invest in the technology during the forecast period because of its benefits. “In the defense segment, HSI is mostly used in areas such as intelligence, surveillance, and reconnaissance. HSI devices used in the defense sector have a wide field of view, excellent spatial and spectral resolution, and efficient signal-to-noise ratio,” says Asif Gani, one of Technavio’s lead research analyst for semiconductor equipment.

Organizations such as NASA, the US Naval Research Laboratory, and the US Army NVESD have been making use of HSI devices for a long time to track down and destroy enemy targets. The world-famous operation conducted by the US Navy SEALs to track down Osama Bin Laden was conducted with the help of information extracted through an HSI device.

Environment monitoring: second-largest segment

The environment monitoring segment generated revenue of USD 82.5 million in 2015, which is likely to reach USD 135.3 million by 2020. HSI is playing a key role in forestry management, precision agriculture, and pollution control, all of which come under the umbrella of environment monitoring. Global warming has become a matter of serious concern for the entire planet, and countries across the globe are trying to control it. Fixed-wing aircraft and hand-launched, low-altitude unmanned aerial vehicles help analysts determine the suitability of croplands and detect diseases and other stress-related conditions.

HSI technology can play a major role in tackling this challenge. HSI devices quickly survey the land below them with the help of the information obtained through specific spectral signatures. Such data helps farmers make the right decisions regarding the time and place for planting crops.

Mining and mineralogy: third-largest segment

The mining and mineralogy segment is expected to reach USD 141.7 million by 2020, should the sector sustain a CAGR of 12.01% during the forecast period.

HSI was initially used at finer scales for areas of several hundred square kilometers and mapped at resolutions of 10-20 meters. With the help of advanced computing systems and algorithms for geo-correction and material identification, mapping and visualization of several thousands of square kilometers at resolutions of 3.5 meters has been possible since 2010. Further innovation has been done in the form of co-acquired high-resolution airborne hyperspectral data with orthophotographs and derived digital terrain models. For example, since 2010 hyperspectral surveys have been done on the terrain of the northern Yilgarn Craton in Western Australia for uranium exploration, which was previously very difficult due to the weathered landscape.

Healthcare: fastest-growing segment

Healthcare will be the fastest-growing sector and will move to second place with a 19.2% market share in 2020, due to advanced imaging capabilities offered by HSI technology that will help in early detection of many diseases and save a lot of lives. Imaging technologies have always played a key role in this segment, and HSI is estimated to have a major share in it. “HSI is used for rapid and non-invasive diagnosis of many life-threatening diseases such as cancer and tumors. This technology offers medical researchers access to accurate, calibrated, and repeatable spectral analysis,” adds Asif.

In February 2015, a European collaborative project named Hyperspectral Imaging Cancer Detection (HELICOID) used Headwall’s hyperspectral sensors to distinguish between healthy and cancerous brain tissues.

The top vendors highlighted by Technavio’s research analysts in this report are:

  • Headwall Photonics
  • IMEC
  • Norsk Elektro Optikk AS
  • SPECIM
  • Telops

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

According to the latest market study released by Technavio, the global hyperspectral imaging (HIS) market is expected to grow at a CAGR of more than 11% during the forecast period.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com