Market Research Future (MRFR) confirms that the Hyperspectral Imaging System Market was worth USD 10,700 Million in the year 2018. Its size is expected to soar at a pace of 17.4% between 2020 and 2027 (appraisal period).
Growth Boosters & Major Deterrents
The hyperspectral imaging industry has been progressing rapidly across developing as well as developed regions. Majority of the manufacturers are striving to develop hyperspectral imaging systems that have extensive applications in the healthcare sector, where these facilitate image analysis and accelerate the processes across imaging facilities, particularly during surgeries. With the rising adoption of these systems for high-quality screening, diagnosing, and imaging, backed by strong government support, especially in Canada, France, the US, the UK, and Germany, the global market is expected to fare significantly in the coming years.
Most of the reputed hyperspectral imaging manufacturers also focused on designing hyperspectral imagining systems with state-of-the-art cameras that facilitate accurate diagnosis as well as treatment for a variety of chronic ailments. These manufacturers are coming up with various strategies to remain competitive in the market, based on features, designs and models that could make them stand out. A few other growth rendering factors can be the expanding aging populace, emergence of handheld/ portable hyperspectral imaging systems with high safety and operability, and the escalation in diagnostic procedures.
The use of drones or unmanned aerial vehicles equipped with a combination of the hyperspectral technology and LiDAR has soared notably in military and agricultural applications. Agricultural applications, however, hold significant potential and the rapidly mounting use of UAVs, will mean considerable increase in the demand for hyperspectral imagining systems in the following years. Also, the expanding mining, meteorology, and aerospace sectors across various countries in the world will be favorable for the global market.
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The MRFR report has detailed the global hyperspectral imagining system market extensively, outlining a few major segments, namely product, technology and application.
Products considered in the report are Short-Wave Infrared (SWIR), Visible/Near-Infrared (VNIR), Long-Wave Infrared (LWIR) and Mid-Wave Infrared (MWIR).
Application-wise, the top segments covered in the report include Remote Sensing, Surveillance, Medical Diagnostics and Machine Vision/Optical.
The ophthalmic viscoelastic devices industry has been regionally segregated into APAC/Asia Pacific, MEA/Middle East & Africa, North America as well as Europe.
The American market is in the lead, considering that the region houses some of the most renowned companies in the world. Some of these include Resonon, Inc., Headwall Photonics, Inc., Applied Spectral Imaging, Surface Optics Corporation and Corning Incorporated, to name a few. The US is the highest grosser in the regional market, considering the supportive reimbursement scenario as well as the sizeable spending on healthcare. The rapid uptake of the latest technologies by the healthcare industry in the country also adds to the market value. Companies expending large amounts on conducting vigorous R&D activities to design more innovative hyperspectral imagining systems with better features should also ensure sustained growth throughout the review period.
Europe clocks in the second highest position in the global market, thanks to the soaring cases of cancer and the government doing everything in its capacity to address these challenges. The thriving medical diagnostic industry and the rising adoption of these systems could translate into substantial revenue generation over the following period. The strong presence of world-renowned manufacturers also facilitates market growth in the region. Growing government intervention for spreading awareness among the mass and the high production capacity of the top manufacturers in the region should further catapult the market position in the coming years.
The APAC market is currently on the way to capture the highest growth rate, give the surge in mining activities, and the rapid development rate of the agriculture and biotechnology sector in India. The region’s improving economic conditions, and the surge in various chronic diseases that require faster diagnosis are presumed to be major growth boosters. Additionally, the burgeoning geriatric populace prone to chronic disorders contributes to the market growth as well.
Major manufacturers of hyperspectral imaging systems include Specim, Spectral Imaging Ltd. (Finland), Norsk Elektro Optikk as (NEO) (Norway), Chemimage Corporation (US), Corning Incorporated(US), Telops (Canada), IMEC (Belgium), Applied Spectral Imaging(US), Bayspec Inc.(the US), Resonon, Inc. (the US), Cubert GmbH (Germany), Raytheon (US), Galileo Group, Inc.(the US), Inno-Spec (Germany), Headwall Photonics, Inc. (the US), XIMEA GmbH (Germany), Camlin Group Ltd. (UK), Surface Optics Corporation (US), Hypermed Imaging, Inc.(the US), to mention a few.
Many of these players set aside huge budgets solely for conducting research and development activities focused on product innovations. New launches by the companies also help bolster their worldwide presence. Some other competitive strategies employed by the vendors in the global industry include FDA approvals, joint ventures, acquisitions, expansions, collaborations, and many more.
For instance, in February 2021, Orbital Sidekick (OSK) is all set to deploy its latest hyperspectral imaging system called GHOSt developed by Astro Digital. Maverick Space Systems will be providing its innovative mission integration & management solutions for SpaceX's Falcon 9 launches. GHOSt has the ability to capture over 400 spectral bands to feed the Spectral Intelligence Global Monitoring Application platform.
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