HYPERSPECTRAL IMAGING MARKET ANALYSIS

Hyperspectral Imaging is a novel method of analysis built on spectroscopy technique. It collects hundreds of images of the sample such as cancer tissue etc. at different wavelengths for the same spatial (occupying) area. With fine wavelength resolution, hyperspectral imaging measures the continuous spectrum of the light for each pixel of the scene in both the visible and near-infrared ranges. Hyperspectral Imaging have wide range of applications in agriculture, biomedical imaging, molecular biology, food processing, remote sensing etc. Apart from this, hyperspectral imaging plays an important role in health care sector with advantages such as,

• Without using chemicals like fluorescent dyes to mark the tissue, hyperspectral imaging (HSI) techniques capture both spatial and spectral properties of the tissue, providing rich information for more accurate disease diagnosis and therapy
• Recent developments in HSI systems have shown its potential for clinical uses, particularly in the detection of diseases and image-guided surgery
• Hyperspectral Imaging are also used in forensics, stomach and colorectal cancer diagnosis, and ulcer diagnosis
• Hyperspectral imaging used in diagnostic of eye diseases as HSI has a potential to overcome the limitation of spectral information obtained from digital retinal images. Digital retinal images only capture monochromatic or trichromatic (red, green, and blue) light reflected by retinal structures.

Global Hyperspectral Imaging Market - Impact of the Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic is expected to drive growth of the global hyperspectral imaging market, owing to use of hyperspectral imaging for the detection of viruses. For instance, in 2021, according to the article published in the National Center for Biotechnology Information, combining hyperspectral imaging with nanomaterial created a diagnostic platform for very sensitive COVID-19 virus identification. For detection of COVID-19 virus, assay was carried out using ultrasensitive hyperspectral sensor (HyperSENSE) based on hafnium nanoparticles. It was found that the assay has a turnaround time of a few seconds and has a limit of detection that is 1,000,000,000 times greater than the COVID-19 tests that are currently on the market.

Increasing research to develop new techniques for the detection of COVID-19 virus, expected to drive the growth of hyperspectral imaging market. For instance, according to the Dimension publication, in 2020 a research proposal is been proposed for COVID-19 real time detection through Hyperspectral Analysis of Sweat Metabolite Biometrics. The proposed study will develop a new hyperspectral imaging technique to obtain sweat metabolites specifically impacted by COVID-19 to be processed through pattern recognition strategies.

The global hyperspectral imaging market is estimated to be valued at US$ 287.9 Mn in 2022 and is expected to exhibit a CAGR of 15.2% over the forecast period (2022-2030)  

Figure 1: Global Hyperspectral Imaging Market Share, (%), Analysis, By Application, 2022

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Market players are launching new product in order to increase their product portfolio. This is expected to drive growth of global hyperspectral imaging market over the forecast period.

Market players are involved in the launching of new product expected to drive the growth of global hyperspectral imaging market in forecast period. For instance, on March 2, 2022, Swift Medical, a digital wound care management company, launched all-in-one hyperspectral imaging device named Swift Ray 1. Swift Ray is a hardware device that wirelessly connects to a camera of smartphone and records extensive clinical data to enable the assessment, treatment, and monitoring of skin and wounds issues.

Market players are involved in developing new imaging technologies, expected to drive the growth of global hyperspectral imaging market over the forecast period.

Market players are involved in developing new imaging cameras that enable us to view a variety of things that were previously invisible. This is expected to drive the growth of global hyperspectral imaging market during forecast period. For instance, on April 01, 2022, Valtion teknillinen tutkimuskeskus (VTT), a technical research center, is developing new technologies like hyperspectral cameras and radar technology. These new technology frequently uses machine learning and big data which gives us new views on thing such as  skin and body, through this technology dermatologists can identify skin cancers and detect their early stage.

Global Hyperspectral Imaging Market – Restraints

High cost of the hyperspectral imaging materials is one of the big restrain for the growth of global hyperspectral imaging market. For instance, Imec Snapscan VNIR range hyperspectral imaging camera coast US$ 20,000.00 per pic. The cost of installing hyperspectral camera and its maintenance is too high, this can bring slow growth to the hyperspectral imaging product market. The high expenses associated with using hyperspectral imaging are likely to hamper market expansion during the forecast period.

Global Hyperspectral Imaging Market – Regional Analysis

On the basis of region, the global hyperspectral imaging market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa

Among regions, North America hyperspectral imaging market is expected to hold a dominant position during the forecast period, owing to increasing product approvals by health technology companies. For instance, on April 1, 2022, Revenio, a health technology corporation has provided official licensed for the development of hyperspectral imaging technology at VTT through which dermatologists can recognize skin cancers and their early stages, a research institutions. VTT, has produced hyperspectral technology parts which can fit into mobile devices

In Asia Pacific, China in expecting growth in hyperspectral imaging market, owing to increasing in application of hyperpectral imaging in medical filed. For instance, the review article published in January 04, 2022, by Springer, discussed about current advances, imaging methods, basic principles, camparisons of the hyperspectral imaging in medical applications. The research article highlighted the study of dependable medical hyperspectral imaging tools. Published research data related to the application and trends of hyperpectral imaging in medical filed, look forward to spread the knowledge of hyperspectral imaging technology among the population. Through which expected to increase the hyperpectral imaging market in china.

Figure 2: Global Hyperspectral Imaging Market (US$ Bn), by Region, 2022

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Global Hyperspectral Imaging Market – Competitive Landscape

Major players operating in the global hyperspectral imaging market include Brandywine, ClydeHSI, Corning Incorporated, Cubert, CytoViva, Inc, Diaspective Vision GmbH, Headwall Photonics Inc., Imec, Inno-Spec GmbH, Norsk Elektro Optikk A/S, Orbital Sidekick, Photon etc., Resonon Inc., Specim Spectral Imaging Ltd., Surface Optics Corp, Ximea.