According to a new report published by Allied Market Research, titled, “Medical Hyperspectral Imaging Market by application, product and end user: global opportunity analysis and industry forecast, 2021–2030," 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 is a novel optical imaging technology, which gathers information of a particular region and processes it under an electromagnetic spectrum to generate an enriched image. This technique has a very broad area of application from food to agriculture to healthcare. It is an emerging technology for medical applications, such as image guided surgery and disease diagnosis. Its resolved spectral imaging ability helps clinicians to visualize physiology of tissues and their composition. Hyperspectral imaging encompasses light scattering and reflection, which aids in visualizing properties of internal structure by generating a three-dimensional image. The technology is a groundbreaking advancement in the field of image guided surgical procedures.
COVID-19 (SARS-CoV-2) is an infectious disease that originated in Hubei province of the Wuhan city in China in December 2019. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. It is characterized by symptoms such as fever, shortness of breath, gastrointestinal distress, malaise, headaches, and loss of taste and smell. Patients with mild COVID-19 may or may not seek medical treatment and can sometimes have mild pneumonia. 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.
The medical hyperspectral imaging is a growing market, owing increase in demand for accuracy of surgical procedures. The major drivers of the market include 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 the medical hyperspectral imaging market. In addition, 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. Increase in number of patients suffering from cancer, cardiovascular & liver diseases, dental problems, amputees, and congenital defects and upsurge in geriatric population boost the medical hyperspectral imaging market growth. For instance, in 2020, as per National Cancer Institute an estimated 1,806,590 new cases of cancer will be diagnosed in the U.S and 606,520 people will die from the disease.
Hyperspectral imaging for cancer analysis is presented and summarized, both in-vivo and ex-vivo. Hence, increasing chronic diseases are the major factor which is boosting the market growth in North America.
The report segments the medical hyperspectral imaging market on the basis of application, end user and region. According to the application, the market is classified into medical diagnostics, image guided surgery and other. Based on product type market is bifurcated into camera and accessories. Furthermore, under end user segmentation diagnostic centers, hospitals and research centers are included. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings Of The Study
- On the basis of application, the image guided surgery segment held the largest share in the global medical hyperspectral imaging market in 2020.
- On the basis of end user, the diagnostic centers segment held the largest medical hyperspectral imaging market share in 2020, and is expected to remain dominant during the forecast period.
- Region wise, North America is expected to experience growth at the highest rate, registering a CAGR of 3.50 % during the forecast period.
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