Medical Hyperspectral Imaging Market

Medical Hyperspectral Imaging Market Statistics 2030:

The global medical hyperspectral imaging market size was valued at $ 272.10 million in 2020, and is projected to reach $ 408.80 million by 2030 registering a CAGR of 4.10% from 2021 to 2030. Hyperspectral imaging (HSI) is a new imaging technique used in medicine, particularly for illness diagnosis and image-guided surgery. HSI acquires hypercube dataset, a three-dimensional dataset with two spatial dimensions and one spectral dimension. HSI gives diagnostic information regarding tissue physiology, shape, and composition through spatially resolved spectrum imaging. As a new medical imaging modality, HSI has a lot of promise for noninvasive illness diagnosis and surgical guidance. Light is scattered many times as it passes through biological tissue, owing to the inhomogeneity of biological structures and is absorbed primarily by hemoglobin, melanin, and water. Properties of tissue absorption, fluorescence, and scattering are thought to change as the disease advances. 

The market is driven by rise in awareness, coupled with safety and ease of use of HSI systems, advanced medical imaging capabilities, and growth in adoption of HSI imaging systems. In addition, increasing awareness, coupled with safety and ease of use of HSI systems is anticipated to boost growth of the market as well. However high cost of investments and insufficiency of medical infrastructure to support these devices restrain growth of the medical hyperspectral imaging market. Furthermore, augmented R&D investments from private & government bodies and collaborations between academic & commercial organizations have led to extensive research and development activities being carried out at academic and industrial level. Moreover, increase in number of patients suffering from cancer, cardiovascular & liver diseases, dental problems, amputees, and congenital defects and upsurge in geriatric population boost the market growth

Impact Of Covid-19 On Medical Hyperspectral Imaging Market (Pre And Post Analysis)

Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020. The outbreak of COVID-19 pandemic led to complete shutdown of production facilities, which do not come under essential goods, owing to prolonged lockdown in major countries such as the U.S., China, Japan, India, and Germany. It led to either closure or suspension of their production activities in most industrial units across the world. 

The outbreak disrupted and forced several industries to halt their activities temporarily, including several subdomains of healthcare. Similarly, the medical hyperspectral imaging was impacted negatively. Major players in the market were facing supply chain interruptions and demand for products was significantly reduced. 

In 2020, hospitals and clinics experienced a notable decline in surgical procedures worldwide as healthcare systems redirected their resources to meet the rise in requirements of COVID-19 patients. In addition, public health bodies across the world have suggested rescheduling or suspending elective surgeries throughout the pandemic phase. Impact of COVID-19 on medical hyperspectral imaging business is still unknown as hospitals and imaging centers are trying to figure out the "new normal," as the world slowly begins to open up again after months of isolation, with nonessential imaging exams and operations postponed. Now that the COVID-19 pandemic have declined in most states, hospitals are starting to reopen general imaging services and have seen a surge in number of patients needing scans.

Medical Hyperspectral Imaging Market Segmentation  

The report segments the medical hyperspectral imaging market on the basis of application, end user, and region. By application, the market is classified into cancer diagnostics, image guided surgery, and others. By end user, it is divided into diagnostic centers, hospitals, and research centers. Region wise, market is analyzed across included for North America, Europe, Asia-Pacific, and LAMEA.

Segment Review

By application, the cancer diagnostics segment will grow at immense pace during the forecast period, owing to rise in various cancer cases and recent technological advancements. Furthermore, major drivers of the market include technological advancements in hyperspectral image analysis methods and cameras. Whereas high cost of investments and insufficiency of medical infrastructure to support these devices restrain growth of medical hyperspectral imaging market.

On the basis of end user, the diagnostic centers segment accounted for the largest revenue in 2020, and is projected to grow at a CAGR of 3.3% during the forecast period, owing to increase in incidences of various chronic diseases such as cancer and in several different areas including blood vessel visualization enhancement, intestinal ischemia identification, oximetry of retina, estimation of cholesterol levels, chronic Cholecystitis detection, histopathological tissue analysis, and diabetes.

Snapshot of North America Medical Hyperspectral Imaging Market  

North America accounted for a major share in the medical hyperspectral imaging market in 2020, and is expected to maintain its dominance during the forecast period, owing to presence of well-established healthcare systems in the U.S. and Canada, increasing funding and investments, growing industrial applications of hyperspectral imaging, and advancements in hardware and software for image processing and analysis. In addition, improvement in healthcare infrastructure and increasing demand for accuracy of surgical procedures are anticipated to boost the medical hyperspectral imaging market during the forecast period.

The key market players profiled in the report include ClydeHSI, Cubert, Diaspective Vision GmbH, Headwall Photonics Inc., Specim Spectral Imaging Ltd., Imec, Norsk Elektro Optikk A/S, Resonon, Inc., Surface Optics Corp and Ximea.

Key Benefits For Stakeholders

• The study provides an in-depth analysis of the global medical hyperspectral imaging market along with the current trends and future estimations to elucidate the imminent investment pockets.
• A comprehensive analysis of the factors that drive and restrict the medical hyperspectral imaging market growth is provided in the report.
• Comprehensive quantitative analysis of the industry from 2020 to 2030 is provided to enable the stakeholders to capitalize on the prevailing medical hyperspectral imaging market opportunities.
• Extensive analysis of the key segments of the industry helps understand the materials and products of medical hyperspectral imaging used across the globe.
• Key market players and their strategies have been analyzed to understand the competitive outlook of the medical hyperspectral imaging market.

 Medical Hyperspectral Imaging Market Report Highlights