Hyperspectral Imaging Market Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
Seattle, WA -- (SBWIRE) -- 11/08/2019 -- Hyperspectral imaging (HSI) (imaging spectroscopy) is a technique that analyzes a wide range of spectrum of light instead of only assigning primary colors to each pixel. HSI is used in various industries such as healthcare, research and development, food industry, defense sector along with remote sensing, calorimetry, and night vision. Hyperspectral imaging and multispectral imaging are different from each other on the basis of quality of image and provides greater sensitivity than conventional or multispectral imaging. For instance, multispectral imaging provides 2 to 20 images per dataset, while hyperspectral imaging provides over 20 images per dataset. Also, multispectral imaging gives 4 to 20 data points per pixel, while hyperspectral imaging provides full spectrum per pixel.
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Increasing deployment of hyperspectral imaging in healthcare sector is creating lucrative environment for global hyperspectral imaging. Hyperspectral imaging is majorly used in medical imaging, ophthalmology, and also find applications in the procedures of gastrointestinal tract, in vascular systems and in tissue diagnosis. It is also an integral part of wound analysis, cell biology, and fluorescence microscopy. Wide application of the technology is mainly attributed to its high accuracy, and clarity.
Global Hyperspectral imaging market taxonomy:
Global Market by Product Type
- Hyperspectral Imaging Cameras
- Other accessories
Global Market by Application
- Diagnostic Imaging
- Biological (Wound Analysis, cell biology and fluorescence microscopy)
- Pharmaceutical (Drug quality analysis)
Global Market by Geography
- North America
- Latin America
- Middle East
Increasing adoption in pharmaceuticals sector is fueling growth of the global hyperspectral imaging market, especially in emerging economies
The global hyperspectral imaging systems market is expected to witness significant growth during the forecast period, owing increasing adopting of HSI in pharmaceutical industry. This system is used to perform quality control tests that help detect foreign material present in drugs, and also mixed chemicals in counterfeit drugs. Moreover, hyperspectral imaging systems is employed in identification of targeted tumor tissue, a blood vessel, lymph nodes, a nerve bundle by covering the surface area of target and providing the image, in which that pixels of the image contains information regarding various light wavelength bands. Furthermore, hyperspectral imaging finds extensive application in cancer treatment, as these systems provide real-time data and help in understanding the changes of tissue, which occur in the early stages of development of disease, also it helps to differentiate healthy cells from cancerous cells.
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Among regions, North America holds the largest share in the global hyperspectral imaging systems market, followed by Europe. This is owing to high healthcare spending, robust healthcare infrastructure, and inclination towards adoption of novel technologies. Moreover, Asia Pacific is expected to witness high growth during the forecast period, owing to increasing economic growth and developing healthcare sector in the region.
Growth factors and restraints of the hyperspectral imaging market
Introduction of novel technology, high patient and operator safety, superior accuracy and consistency are expected to drive growth of the global hyperspectral imaging market over the forecast period. However, high cost of this systems, lack of awareness about the applications of these systems, dearth of skilled operators, high investment costs and implementation of healthcare regulatory policies that delay approval for this systems in some regions are expected to hinder growth of the market in the near future.
Major companies operating in the global hyperspectral imaging market are Headwall Photonics, HyperMed Imaging, Inc., Spectral Imaging Ltd., imec, Norsk Elektro Optikk AS (NEO), SpekLED GmbH, and Resonon.
Key players in the market are focused on various growth strategies such as product launches, in order to enhance their market presence. For instance, in June 2018, Headwall Photonics Inc. introduced sensor payloads consisting of hyperspectral sensors and lidar instruments for the unmanned aerial vehicle (UAV) platform.
Moreover, key players are adopting strategies such as facility expansions, in order to expand their product output and strengthen their position in the market. In February 2017, Headwall Photonics set up a new facility in Boston, U.S. for its advanced imaging sensor products. According to the company, this expansion will help them achieve growth in three core areas: medical and biotechnology, remote sensing, and machine vision.
Key companies in the market are adopting various business strategies such as product approvals from regulatory authorities, in order to expand their product portfolio. In April 2018, HyperMed Imaging, Inc. received the CE Mark approval for the distribution of its HyperView medical imaging system in Europe. The HyperView System is a battery-operated, handheld, portable, and non-invasive diagnostic imaging device used for assessing tissue oxygenation.
Key players are focused on different business strategies such as collaborations and partnerships, in order to gain competitive edge in the market. For instance, in July 2018, SANUWAVE Health, Inc. announced a partnership with HyperMed. This partnership will include SNUWAVE utilizing HyperMed's Hyperview spectral imaging device to measure oxyhemoglobin level, deoxyhemoglobin level, and oxygen saturation in superficial tissue.
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