Between 2022 and 2030, the global Medical Hyperspectral Imaging Market Demand is expected to grow at a 6.2% CAGR, from US$ 181.8 million to US$ 294.7 million.
The increasing number of healthcare illnesses is driving changes in the medical imaging scene. As a result, computer power, image analysis, and hyperspectral cameras are among the technological advances used in the healthcare industry.
Non-invasive diseases and operations are precisely determined by imaging sensors. They also emit no radiation that could injure either the patient or the operator. According to FMI’s study, these elements will provide a boost to the market over the assessment period.
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“Proven success in North America and Europe is prompting Medical Hyperspectral Imaging market players to shift their priorities to the developing economies. This factor will help in growth of the market between 2022 and 2030” – FMI Analyst
Medical Hyperspectral Imaging Market Drivers and Restraints
Factors such as an ageing population, an increase in chronic diseases, the introduction of portable/handheld medical HSI systems with high operability and safety features, and an increase in diagnostic procedures are expected to drive demand for medical hyperspectral imaging equipment, resulting in a high demand for advanced medical hyperspectral imaging devices.
An increase in the number of funds and investments in recent years has resulted in an increase in demand for hyperspectral imaging technology in the medical business. Because of technology advancements and growing market demand for research on a variety of applications, hyperspectral imaging is in great demand.
Thanks to better data handling techniques and component manufacturing, hyperspectral imaging may now be used for a wide range of applications, from product safety to disease detection to airport security.
Confusion in picture screening and poor screening output can also be caused by a high risk of technical failure and a lack of medical infrastructure to support medical hyperspectral imaging. This could have a negative impact on the clinical output and cost-effectiveness of screening programmes.
This may limit market expansion to some extent. Additionally, the high cost of medical hyperspectral imaging devices is projected to hamper global market growth.
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Medical Hyperspectral Imaging Market Regional Analysis:
This medical hyperspectral imaging market insights report provides data for North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa (MEA).
North America dominates the medical hyperspectral imaging market. This could be due to the fact that hyperspectral imaging was initially widely used in the United States. North America is expected to account for 35.4% of the global market in 2022.
At the moment, Europe controls 27.3% of the worldwide market. This region’s size can be attributed to the presence of well-developed research infrastructure, the availability of technologically advanced imaging products, and the rising adoption of hyperspectral imaging in military surveillance, environmental monitoring, mining, machine vision, and life sciences and diagnostics.
South Asia, East Asia, and Oceania are estimated to account for 26.2% of worldwide market share in 2022. The success rates of medical hyperspectral imaging in developed countries would also propel APAC market expansion.
South Asia, East Asia, Oceania, Latin America, and the Middle East are also likely to accelerate the development of healthcare infrastructure. In 2022, Latin America and the Middle East and Africa are expected to account for 6% and 5.1% of worldwide market share, respectively.
Medical Hyperspectral Imaging Market Competitive Landscape:
Market players can improve their output and match consumer demand through strategic alliances, thereby increasing profitability and market share. Manufacturers develop various technologies for various purposes while simultaneously boosting their revenues and market share.
- Rio Tinto partnered with a satellite startup. Its satellites can take hyperspectral photographs of mine sites from 5 metres away, allowing the corporation to monitor active and closed mine sites, track ESG indicators, and advance exploration.
- In October 2021, Cubert GmBH announced the HIS-ULTRIS 5 small Hyperspectral Video Imager based on Light Field Technology.
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List of Key Players Covered in Medical Hyperspectral Imaging Market are:
- IMEC
- Norsk Elektro Optikk
- Galileo
- Gilden Photonics
- Resonon
- XIMEA
- Gooch & Housego
- Chemlmage
- Applied Spectral Imaging
- Cubert
- EVK DI Kerschhaggl
- Headwall Photonics
- FluxData
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