Untapped Hyperspectral Imaging Markets in Emerging Economies to Help Headwall Photonics Inc., Specim Spectral Oy Imaging Ltd. and IMEC

Sep 14, 2016, 11:00 ET from Mordor Intelligence

HYDERABAD, India, September 14, 2016 /PRNewswire/ --

Mordor Intelligence announces the publication of their research report on the hyperspectral market. The report titled "Global Hyperspectral Imaging Market - Growth, Trends and Forecast" discusses the current landscape and outlook of the market.

The global hyperspectral imaging market, estimated at USD 51.4 million in 2015, is projected to reach USD 90 million by 2021, with a compound annual growth rate (CAGR) of 9.80% percent during the forecast period 2016-2021.

Hyperspectral imaging is a part of many medical procedures such as gastrointestinal tract, mucosal membrane, ophthalmology, vascular systems, surface tissue, etc. However, lack of skilled technicians and lack of awareness are primary factors turning out to be constraints towards the growth of the market.

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The market has been segmented based on application (agriculture, surveillance, life sciences, environmental testing, food industry, mining & mineralogy, machine control, physics & astronomy and 'others') and geographically (North America, Europe, Asia-Pacific and Rest of the world).

The usage in military surveillance contributed for the largest market share of nearly 21% in 2015. The mining, mineralogy and meteorological applications have contributed greatly towards high market share. Healthcare applications especially in diagnostics are increasing rapidly. Increasing research & development for hyperspectral imaging application is expected to contribute towards the growth of the market. The hyperspectral imaging market for life sciences is expected to grow at the highest CAGR during the forecast period.

Untapped markets in emerging economies, elucidation of newer application areas of hyperspectral imaging and increasing adoption in the healthcare industry are expected to be good opportunities for the market. The key players in this market are Applied Spectral Imaging, Headwall Photonics Inc., Specim Spectral Imaging Oy Ltd., IMEC, Norsk Elektro Optikk A/S, Surface Optics Corporation, Telops Inc., ChemImage Corporation, Cubert-GmbH, Brandywine Photonics LLC, Gilden Photonics Ltd.

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