Hyperspectral Imaging Market - Growth, Trends, and Forecast (2020 - 2025)
NEW YORK, March 24, 2020 /PRNewswire/ --
The global Hyperspectral Imaging market (henceforth referred to as the market studied or HIS market) was valued at USD 131.18 million in 2019 and is expected to reach USD 289.30 million by 2025, registering a CAGR of 14.88%, during the period of 2020-2025. Hyperspectral imaging is the combination of digital imaging and spectroscopy, which enhances the sensitivity and ability to distinguish over the conventional imaging and detection methods.
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- Hyperspectral imaging (HSI) is a powerful technology that adds a new dimension to optical imaging. HSI has been used for more than a decade now. However, until 2015, it was still relatively unknown compared to other imaging technologies, such as infrared, multispectral, and LiDAR.
- One major application of HSI is in food surface inspection (reflectance imaging is used on various products to check for bruises and other damages) to maintain the quality and safety of food products. Hyperspectral imaging can analyze the chemical composition of food products for ripeness, grading, contamination, and disease conditions. Thus, by implementing hyperspectral imaging, users can benefit from a significant financial return by means of an increased throughput and yield of the processing centers.
- It is also widely used in military surveillance to monitor potential targets for avoiding major calamities.For instance, in 2019, National Reconnaissance Office, an agency of the United States Department of Defense awarded its hyperspectral imaging study contract to HySpecIQ. As per the National Reconnaissance Office, HySpecIQ is developing new hyperspectral imaging capabilities that have the potential to contribute to its current and future overhead architecture.
- The use of hyperspectral imaging systems has also grown significantly in medical diagnostics. In 2018, TruTag Technologies launched its HinaLea Imaging business unit, which develops hyperspectral imaging solutions to address specific problems across various industries, such as medical diagnostics, quality assurance of food and consumer goods, and precision agriculture.
Key Market Trends
Healthcare to be the Fastest Growing Segment
- The utility of HSI technology in healthcare is of utmost importance. Moreover, the growing number of investments in the sector is expected to fuel the growth of this domain. The healthcare industry is undergoing a large-scale digital transformation, and such technologies are expected to have a significant influence on the domain.
- The World Health Organization has estimated that there are more than 422 million adults have diabetes, and about 1.5 million deaths are caused due to diabetes. Owing to the increasing counts of diabetic and glaucoma patients, retinal inspection has become necessary. HSI is being used in retinal inspection techniques to give a complete picture of the metabolic state of the eye. Oximetric studies can also be conducted owing to the use of HSI technologies in such cases.
- Recently, hyperspectral imaging technology is extensively being used for cancer cell detection since internal cancerous tumors usually look exactly like the healthy tissues around them. Researchers and engineers are together taking efforts to effectively use this technology for efficiency gain in the healthcare field. For instance, in October 2019, researchers from the University of Texas at Dallas developed a hyperspectral surgical microscope that has the capability to spot cancer cells in real-time during surgeries. It also uses machine learning techniques in order to analyze the acquired images it produces and identify signs of cancer.
- HSI is also being used to detect diseases, such as dental caries and altered mucosa of the human larynx. HSI in the 1,000–2,500 nm spectral range can be used for dental caries detection in 12 extracted teeth with different degrees of the natural lesion.
Asia-Pacific to Witness the Fastest Growth
- According to India Against Cancer report, in 2018, the total deaths from cancer were 7,84,821 and the risk of developing cancer before the age of 75 years iwas approximately 10%. Thus, due to the presence of a large pool of patients, a growing number of research projects, increasing health care awareness, increasing healthcare expenditure, and rising government funding for research activities are expected to boost the market for the hyperspectral imaging.
- Moreover, China has the largest standing army in the world, followed by India, and these countries spend a lot to upgrade their defense equipment. Thus, the hyperspectral imaging market is expected to grow in the military surveillance sector.
- The above-mentioned factors are expected to have a positive outlook on the hyperspectral market during the forecast period.
Competitive Landscape
The hyperspectral imaging market is fragmented. A few of the prominent players in this market are Applied Spectral Imaging, Inc., Spectral Imaging Ltd, and Corning Incorporated. Product launches, high investments in R&D, partnerships and acquisitions, etc., are the prime growth strategies adopted by these companies to sustain in the market.
- January 2018 - Imec introduced 'Snapscan', the first camera with benefits of line scan (featured with high-speed image quality) and snapshot technologies based on hyperspectral imaging.
- January 2018 - Specim introduced 'Specim IQ', the new generation portable camera, featuring an inbuilt scanner, touch-screen interface, and onboard processing. It is capable of performing various operations in different fields, such as food analysis, art analysis, vegetation research, crime investigation, and the health sector.
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