Business Industry

Healthcare Hyperspectral Imaging Market: Global Drivers, Restraints, Opportunities, Trends, and Forecast Up to 2024

Hyperspectral imaging (HSI) has a similar information collection process like other spectral imaging across the electromagnetic spectrum. The primary goal of hyperspectral imaging is to achieve the spectrum for every pixel in the image scene captures and identify the target with high precision and details. Hyperspectral imaging, also known as imaging spectrometry, provides high accuracy and detailed information. HSI has a wide range of applications in vegetation, archaeology, forensic, crime detection, food quality, diagnosis, and many more. The emerging application has led to an increase in the demand for HSI in non-invasive diagnosis, especially in surgical guidance.

Hyperspectral imaging assists in distinguishing spectrally unique materials and also helps to extract the detailed information that is not possible with other types of remotely sensed technique. It is a type of imaging with a large number of narrow wavebands, where each scene contains information about the radiation reflected/absorbed range of wavelength. This has become one of the key methods for evaluating any target in non-destructive and remote-based imaging.

Market Scenario
The global healthcare hyperspectral imaging market has immense growth opportunities in both developed and developing regions. The manufacturers are focusing on developing healthcare hyperspectral imaging systems to support image analysis and fasten the process of various imaging facilities, especially during surgeries. There is increased adoption of imaging systems for high-quality imaging, screening, and diagnosing due to improved access and encouragement from the government & other healthcare institutions, especially in the US, Canada, France, Germany, and the UK.
Imaging mass spectrometry and functional magnetic resonance imaging are the forms of hyperspectral imaging with a wide range of applications in healthcare. The advancements in hyperspectral imaging systems have changed the way the diagnoses in healthcare are being done, and a significant change is witnessed in the optical imaging market.

A majority of the leading healthcare hyperspectral imaging companies focus on developing high-quality cameras that provide an assessment of diagnosis and treatment for various chronic diseases. The manufacturers are emerging with different strategies to compete in the market along with various brands, models, and designs.
The factors such as the rise in the aging population, increased incidence of chronic diseases, the introduction of portable/handheld hyperspectral imaging systems with high operability and safety, and an increase in the number of diagnostic procedures are expected to positively impact the growth of the healthcare hyperspectral imaging market, thereby leading to the high demand for advanced healthcare hyperspectral imaging devices.

Key Players
Headwall Photonics, Specim Spectral Imaging, Norsk Elektro Optikk, IMEC, and Surface Optics have the maximum revenue generation in the global healthcare hyperspectral imaging market.
Market Analysis – The global healthcare hyperspectral imaging market is estimated to witness a CAGR of 14.4% during the forecast period 2018–2024. The market is analyzed based on four segments: product type, application type, end-users, and regions.
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Regional Analysis – The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). In North America, the US and Canada are the leading countries owing to the highest number of diagnostic cases in 2017. This region dominates the overall presence of healthcare hyperspectral imaging and has the most diversified devices available in the market. It has the highest percentage of the elderly population with many individuals suffering from chronic diseases such as CVD, neurovascular disorders, orthopedic surgeries, and other urology-related disorders. This has helped most of the vendors to sustain and grow over the period and maintain their product presence in the market. Europe is the second leading region and held more than 30% of the market share in 2017. The market in Europe was largely driven by advancements in medical device technologies. The factors such as an increase in the prevalence of diseases, continuous adoption of advanced technologies, and increasing aging population are driving the market. The leading countries in Europe include Germany, France, the UK, and Italy.

Key Competitive Facts
• The market is highly competitive with all the players competing to dominate. Intense competition, rapid advancements in technology, and frequent changes in government policies are the key factors that confront the market.
• The manufacturers have formulated various strategies for developing innovative healthcare hyperspectral imaging devices in the market.
Benefits – The report provides complete details about the usage and adoption rate of healthcare hyperspectral imaging devices. Thus, the key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives toward the medical devices segment in the upcoming years along with the details of the pureplay companies entering the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals and to analyze before investing or expanding the business in this market.
Key Stakeholders

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