The Healthcare Hyperspectral Imaging Market is expected to witness a CAGR of 14.4% during the forecast period to reach revenue of $295.1 million by 2024
Bangalore, India, December 24, 2018: With its recently published study “Healthcare Hyperspectral Imaging Market – Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the Global Healthcare Hyperspectral Imaging Market is expected to grow at a lucrative rate during the forecast period. Over the past few years, the market is witnessing rapid growth, and the technique has emerged as a versatile and powerful technology with a wide range of applications. The technique produces images of narrow spectral bands along with the spectra of all type of pixels in the scene. The usage of hyperspectral imaging data enables comparing spectral similarity and extraction of other sub-pixel scale information. The emerging markets are highly adopting this technique in various sectors.
The advancements in Hyperspectral Imaging systems have changed the scenario of many diagnoses in healthcare, and the major change has been in the optical imaging market. The efficiency and safety of medical applications are among the major concerns for all end-users, and patient care and data management are vital for reliability and analysis. The sales of healthcare hyperspectral imaging systems are expected to increase substantially with growing awareness and advancements in technologies (design, material, portable/handheld cameras). The manufacturers are concentrating on attending the events and showcasing their research studies to various industries. These systems have wide applications in food, medical, agriculture, forensics, and defense sectors, and many initiatives taken by the governments across regions will increase the demand for such devices in the future. Early prevention and diagnosis are among the major factors driving such innovative technologies in the market. The increase in research activities and a reduction in time for the development of the drug in the clinical analysis are also driving the market growth. The pharmaceutical and biotechnology industries have facilities and are currently targeting to focus the maximum toward quick drug development process. The medical imaging will have strong support with advanced hyperspectral cameras assisting in diagnosing the condition and helping physicians and radiologists to detect and treat the disease at the early stage. Further, hospitals, diagnostic centers, and other healthcare facilities are targeting to improve their operational efficiency and focus on creating a smooth environment for both patients and physicians.
The Global Healthcare Hyperspectral Imaging Market is analyzed based on four segments – products, applications, end-users, and regions. The market by products is segmented into hyperspectral cameras and components & accessories. The hyperspectral cameras segment has the major market share due to rising incidence and prevalence of chronic diseases, increased number of disease diagnosis, increasing adoption of advanced imaging techniques, and demand for handheld/portable devices. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World. In North America, the US and Canada are the leading countries. Europe is the second leading region with a market share of more than 30% in 2017. The market in Europe was largely driven by advancements in medical imaging 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 the European region include Germany, France, UK, and Italy.
The APAC region is projected to grow faster due to the increase in sales of new healthcare hyperspectral imaging devices in the coming years. This is mainly due to the high demand for imaging equipment owing to the rapid increase in the number of hospitals and diagnostic laboratories, especially in India and China. The major factors driving the growth of the market in the APAC region are aging population, rise in the number of people with chronic diseases, the presence of a large patient pool, and advancements in imaging systems.
“The healthcare hyperspectral imaging devices are increasingly adopted in various healthcare services as they have extensive applications in diagnosis, surgeries, drug development, forensics, food, agriculture, and environmental monitoring. These systems provide high accuracy and detailed information that has led to an increase in demand for HSI in non-invasive diagnosis, especially in surgical guidance. Further, the detection of some object from a long distance, i.e., remote sensing, has transformed drastically from a remote-sensing satellite into a rugged, compact, complex, economically priced imaging & spectroscopic tool for a range of monitoring and diagnostics applications.” Mohammed Azhar, Senior Research Analyst (Research – Healthcare) at Infoholic Research
Key insights of the report include
- Major Product Areas:
- Hyperspectral Cameras
- Component and Accessories Devices
- Major Application Types:
- Medical Diagnostics
- Image-guided Surgery
- Key End-users:
- Pharmaceuticals and Biotechnology Industries
- Diagnostic Centers
- Research Centers
- Industry outlook: Market trends, drivers, restraints, and opportunities
Ms. Sunanda Ganguli
Infoholic Research LLP