The hyperspectral imaging (HSI) technology examines a broad spectral range of light frequencies ranging from ultra-violet (UV) to infrared (IR) by developing hypercube data, which is a three-dimensional dataset having one spectral dimension and two spatial dimensions. It functions in different electromagnetic spectrums ranging from visible to long-wave infrared and provides in-depth analysis of the screened subject.
HSI is an emerging imaging technology that can be used for various applications such as medical diagnostics, image-guided surgery, drug analysis, defense, agriculture, food quality monitoring, mining, geology, environmental monitoring, and biological research.
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 driven by the widespread applications of hyperspectral imaging technology, the increasing demand and investments from military and defense sectors, the increased emphasis of government on research and development activities, increasing prevalence of various chronic disorders and growing geriatric population, the growing awareness regarding early diagnosis of diseases, and the increasing global food safety concerns.
Factors Impacting the Growth of the Market
The global hyperspectral imaging market is anticipated to be influenced by various factors during the forecast period 2022-2027. The widespread applications of hyperspectral imaging technology, increasing demand, and investments from military and defense sectors, increasing investments by the government for research and development, increasing prevalence of various chronic disorders and growing geriatric population, growing awareness regarding early diagnosis of diseases, and growing food safety concerns are some of the key factors driving the growth of the market. However, the high cost of hyperspectral imaging devices, the lack of infrastructure and skilled professionals to support hyperspectral imaging, and the high volume of data produced by hyperspectral devices are some of the factors restraining the growth of the market.
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.
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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?
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