DUBLIN--(BUSINESS WIRE)--The "Hyperspectral Imaging Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The hyperspectral imaging market was valued at USD 66.76 million in 2018 and is expected to reach a value of USD 115.28 million by 2024, at a CAGR of 9.84%, during the forecast period 2019-2024.
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.
- This market is driven by its increasing applications for research in life sciences and medical diagnostics. It is widely used for advanced medical imaging systems wherein, the analysis is conducted at the tissue, cellular, and molecular levels to gather detailed information used for screening, treatment, and diagnosis of various diseases.
- Further, 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.
- However, the high cost associated with the use of hyperspectral imaging, a dearth of qualified professionals, coupled with inefficient in analyzing the high amount of imaging data generated is hindering the market during the forecasted period.
Major Market Trends
Medical Diagnostics to Be the Fastest Growing Segment
- Disease prevention and early disease detection are both paramount to maintain good health. Hyperspectral imaging is being applied to various areas of medical diagnosis like tissue morphology, composition, and physiology, diabetic foot ulcers, etc.
- Hyperspectral imaging is being extensively used in cancer treatment because it helps to differentiate healthy cells with that of cancerous cells. This factor is projected to create a major scope of application in the diagnosis of tissue pathology.
- Apart from cancer detection, hyperspectral imaging is widely used to detect other chronic diseases such as tumor tissues, intestinal ischemia, etc. Hyperspectral imaging can visualize the invisible wavelength and bring them to the human vision region. This allowed easy real-time determination and visualization of affected tissues.
- Further, with 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.
- Owing to an increase in awareness about health, people spending on healthcare is also increasing. In developing nations like India, the value of diagnostic imaging is increasing thus anticipating that globally the diagnostic imaging will also increase. This is also supported by many cancer control activities by WHO.
Asia-Pacific to Witness the Fastest Growth
- According to India Against Cancer report, in 2018 total deaths from cancer were 7,84,821 and the risk of developing cancer before the age of 75 years is approx 10%. Thus, due to the presence of a large pool of patients, a growing number of research projects, increasing health care awareness, increasing health care expenditure, and rising government funding for research activities are expected to boost the market for the hyperspectral imaging market.
- Moreover, China has the largest standing army in the world followed by India and these countries spend a lot to upgrade their defense equipment. Thus, the hyperspectral imaging market is expected to grow in military surveillance sectors
- The above factors are expected to have a positive outlook on the hyperspectral market during the forecast period.
The hyperspectral imaging market is fragmented. A few of the prominent players in this market are Applied Spectral Imaging, Spectral Imaging, Corning Incorporated amongst others. Product launches, high expense on research and development, partnerships and acquisitions, etc. are the prime growth strategies adopted by these companies to sustain in this market.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Funding and Investments for Medical Diagnosis
4.3.2 Growing Military Applications of Hyperspectral Imaging
4.4 Market Restraints
4.4.1 High Costs Associated With the Use of Hyperspectral Imaging
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Application
5.1.2 Remote Sensing
5.1.3 Machine Vision/Optical
5.1.4 Medical Diagnostics
5.2 By End-user Vertical
5.2.1 Food & Agriculture
5.2.6 Other End-user Verticals
5.3.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 Rest of Asia-Pacific
5.3.4 Latin America
126.96.36.199 Rest of Latin America
5.3.5 Middle East & Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Applied Spectral Imaging
6.1.2 Spectral Imaging Ltd.
6.1.3 Corning Incorporated
6.1.4 Surface Optics Corporation
6.1.5 Headwall Photonics Inc.
6.1.7 HyperMed Imaging Inc.
6.1.8 Norsk Elektro Optikk AS
6.1.9 Galileo Group
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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