“Global Medical Hyperspectral Imaging Systems Market to reach a market value of USD 6.7 Billion by 2031 growing at a CAGR of 11.5%”
The Global Medical Hyperspectral Imaging Systems Market size is expected to reach $6.7 billion by 2031, rising at a market growth of 11.5% CAGR during the forecast period.
The healthcare infrastructure in North America is highly developed, and there is considerable demand for sophisticated medical imaging technologies. Consequently, the North America region captured $1,054.5 million revenue in the market in 2023. It offers unique capabilities that complement existing imaging modalities, driving their adoption in the region. Regulatory bodies in North America, such as the FDA in the United States and Health Canada, support developing and adopting innovative medical technologies.
Technological advancements in hyperspectral imaging systems have revolutionized the field, making this advanced imaging technology more accessible and practical for various healthcare applications. One of the most significant advancements is the development of more compact and portable hyperspectral imaging devices. It features an easy-to-use interface that allows forensic investigators to quickly analyze evidence such as fingerprints and documents. Thus, technological advancements in these imaging systems propel the market's growth.
Additionally, according to the Institute for Health Metrics and Evaluation (IHME), six factors have been identified as the primary contributors to the escalating global health loss over the last three decades. This loss is quantified by the most substantial absolute gains in the number of disability-adjusted life-years (DALYs). These include age-related hearing loss (83%), chronic kidney disease (93%), diabetes (148%), ischaemic heart disease (with associated DALYs increasing by 50% between 1990 and 2019), and lung cancer (69%). Thus, the demand for the market is expected to grow as healthcare providers seek more effective tools for diagnosing and monitoring chronic diseases.
However, Potential obstacles to widespread adoption may include the exorbitant expense, especially in areas where healthcare budgets are constrained. The initial purchase cost of these systems can be substantial, and the ongoing maintenance expenses further add to the overall investment required. The affordability of medical hyperspectral imaging systems is a critical factor in determining their accessibility, especially in regions where healthcare resources are limited. Thus, the high cost of this technology may prevent their rapid adoption.
The COVID-19 pandemic significantly impacted the market, affecting both the demand for these systems and their development and deployment. One of the primary impacts of the pandemic has been the disruption of healthcare systems worldwide, leading to delays in non-essential medical procedures and a shift in focus towards managing the pandemic. Hyperspectral imaging systems, with their ability to provide detailed, real-time imaging of tissues, have the potential to play a valuable role in these areas, driving future growth in the market. Hence, the pandemic had an overall negative impact on the market.
Based on product, the market is characterized into hyperspectral camera and accessories. The accessories segment procured a 30.44% growth rate in the market in 2022. The need for enhanced functionality, compatibility, and user comfort drives the demand for accessories in the market.
On the basis of technology, the market is classified into snapshot, push broom, and others. The snapshot segment acquired the 45.84% revenue share in the market in 2022. Snapshot technology allows for the capture of hyperspectral images in real-time, enabling healthcare professionals to quickly and accurately assess tissue viability, perfusion, and oxygenation levels.
By application, the market is divided into medical diagnostics, quality assurance & drug testing, and others. The quality assurance & drug testing segment garnered a 39.75% growth rate in the market in 2022. Hyperspectral imaging can detect counterfeit drugs by analyzing their spectral signatures and comparing them to authentic products.
Based on end-use, the market is segmented into hospitals & clinics, research & academic institutes, and pharmaceutical & biotechnology companies. The hospitals & clinics segment procured the 48.54% revenue share in the market in 2022. As technology advances, hyperspectral imaging is expected to be increasingly important in improving patient care and outcomes across various medical specialties.
Free Valuable Insights: Global Medical Hyperspectral Imaging Systems Market size to reach USD 6.7 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment witnessed a 27.31% growth rate in the market in 2022. There is an observed increase in the incidence of chronic ailments, including diabetes, cancer, and cardiovascular disorders, within the Asia Pacific region. Based on data published in 2020 by the Organisation for Economic Co-operation and Development, the Asia-Pacific region is home to an estimated 227 million people living with type 2 diabetes.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 2.8 Billion |
| Market size forecast in 2031 | USD 6.7 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 11.5% from 2024 to 2031 |
| Number of Pages | 281 |
| Number of Tables | 430 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product, Technology, Application, End-use, Region |
| Country scope |
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| Companies Included | Specim, Spectral Imaging Ltd. (Konica Minolta, Inc.), XIMEA Group, ClydeHSI, Diaspective Vision GmbH, Cubert GmbH, HyperMed Imaging, Inc., Headwall Photonics, Inc., Resonon Inc., BaySpec, Inc., Imec VZW |
By Product
By Technology
By Application
By End Use
By Geography
The Market size is projected to reach USD 6.7 billion by 2031.
Rising prevalence of chronic diseases are driving the Market in coming years, however, Lack of awareness and expertise restraints the growth of the Market.
Specim, Spectral Imaging Ltd. (Konica Minolta, Inc.), XIMEA Group, ClydeHSI, Diaspective Vision GmbH, Cubert GmbH, HyperMed Imaging, Inc., Headwall Photonics, Inc., Resonon Inc., BaySpec, Inc., Imec VZW
The Medical Diagnostics segment is generating the maximum revenue in the Market by Application in 2023; thereby, achieving a market value of $2.9 Billion by 2031.
The Hyperspectral Camera segment is leading the Market by Product in 2023; thereby, achieving a market value of $4.9 Billion by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2.4 Billion by 2031.
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