Hyperspectral Imaging Market to Expand at 14% CAGR 2017-2021, Spurred by Decreased Complications and Improved Quality

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Hyperspectral Imaging Market
Hyperspectral Imaging Market

MarketResearchReports.biz has recently added a new market study to its repository, titled “Global Hyperspectral Imaging Market 2017-2021.”According to the report the Global healthcare (HIS) systems market is anticipated to expand at a steady pace of 14% CAGR between the period 2017 and 2021. Hyperspectral medical imaging systems are becoming increasingly popular because they can analyze an image to gather detailed information at the tissue, molecular, and cellular levels, which can be later used for the treatment, screening, and diagnosis of various diseases.

The advanced medical imaging systems and technology used in HIS system helps in decreasing the number of complications and also help improve the quality of medical procedures. Another factor which is driving the growth of the HIS market is its non invasive nature.  Non-invasive tests are becoming increasingly popular among doctors as well as patients for the diagnosis and treatment of various diseases including oral cancer, retinal diseases, and central nervous system disorders.

On the basis of geography, the global hyperspectral imaging market is segmented into Asia Pacific, Europe, the Americas, and the Rest of the World. Of these, the Americas emerged as the leading regional market in the hyperspectral imaging systems market in 2016. The Americas is also expected to continue to lead in the forecast period on account of fast adoption of advanced technology. The U.S. is the leading country contributing the highest to the revenues of the HSC market in the Americas. The investments in the healthcare sector and favorable reimbursement policies will fuel the growth prospects of the American HSI market.

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According to the report, the hyperspectral imaging market across the globe is anticipated to witness a high growth potential in the years to come and this would be because of the influx of new and small players in the market.  However, this will also increase the competition level of the market. Players are increasingly concentrating on implementing new and advanced marketing strategies which is benefitting the market. Players are also offering a wide variety of optical systems and developed products using latest and advanced technologies. This strategy is expected to ensure a growth of the market and increase the market share of the companies.

Leading players are also focusing on offering accessories and software which will further strengthen their hold in the market and give them a competitive edge among other players. Players in the market are increasingly competing against each other based on pricing, product differentiation, imaging software upgradation, technology, and online and onsite servicing. Key players within the market are: Norsk Elektro Optikk, Headwall Photonics, IMEC, and Specim.

On the basis of type the global hyperspectral imaging market is segmented into accessories and healthcare hyperspectral camera. Of these, the healthcare hyperspectral camera segment is anticipated to witness the highest growth in the forecast period. The market for healthcare hyperspectral imaging cameras will also flourish on account of the high usage of medical analysis across healthcare applications. In addition to this, the fact that healthcare hyperspectral cameras have a long life span will also spur the growth of the segment through 2021.

By end user the global hyperspectral imaging market is segmented into pharmaceuticals and biotechnology, hospitals and clinics, and Research Laboratories. Of these, the hospital and clinics segment led the market in 2016. The hospital and clinics segment is also anticipated to be the largest market throughout the forecast period. An increasing number of patients prefer hospitals and clinics since they have advanced healthcare hyperspectral imaging systems which can diagnose diseases such as glaucoma, cancer, neurological disorders, musculoskeletal diseases, as well as provide surgical guidance during surgeries. Thus, this segment will continue to flourish during the forecast period.

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