Medical Hyperspectral Imaging Market Size, Share & Growth Analysis, [2030] | | With 13.1% CAGR

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As per the report by Fortune Business Insights, the global Medical Hyperspectral Imaging Market size is projected to reach USD 4.21 billion in 2030, at a CAGR of 13.1% during the forecast period, 2023-2030

Medical Hyperspectral Imaging Market

Forecast 2023-2030
Forecast 2023-2030

Pune, India, Dec. 08, 2023 (GLOBE NEWSWIRE) — Global Medical Hyperspectral Imaging Market Size was valued at USD 1.58 billion in 2022 and is projected to grow from USD 4.21 billion by 2030 exhibiting a CAGR of 13.1% during forecast period. Technological developments for enhanced diagnosis outcomes and increasing adoption of hyperspectral imaging systems are posing as driving factors in the market.

Technological developments to eliminate the potential challenges associated with the imaging techniques are anticipated to drive market growth.

This information is provided by Fortune Business Insights™ in its research report titled Medical Hyperspectral Imaging Market, 2023-2030.


Key Industry Development-

  • August 2021- Resonon Inc. announced the launch of an ultraviolet plus visible hyperspectral camera with push broom modality called Pika NUV2.

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Key Takeaways –

  • Medical Hyperspectral Imaging Market size in North America was USD 0.79 billion in 2022
  • Increasing Prevalence of Cancer to Boost Market Growth
  • Increasing Research to Explore Medical Applications will Contribute to Market Growth
  • The hyperspectral camera segment is expected to hold a major market share during the projected period.


Discover the Leading Players Featured in the Report-

  • Imec (Belgium)
  • Specim (Konica Minolta, Inc.) (Japan)
  • BaySpec, Inc. (U.S.)
  • Resonon Inc. (U.S.)
  • Headwall Photonics (U.S.)
  • HyperMed Imaging, Inc. (U.S.)
  • XIMEA GmbH (Germany)
  • Cubert (Germany)
  • Diaspective Vision (Germany)
  • ClydeHSI (U.K.)


Report Scope & Segmentation:

Report Coverage Details
Forecast Period 2023 to 2030
Forecast Period 2023 to 2030 CAGR 13.1%
2030 Value Projection USD 4.21 Billion
Base Year 2022
Medical Hyperspectral Imaging Market Size in 2022 USD 1.58 Billion
Historical Data for 2019 to 2021
No. of Pages 140
Segments covered Service, Service Provider and Geography


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Drivers & Restraints:

Increasing Number of Research Activities for Exploration of Medical Applications to Boost Market Trajectory

Increasing number of research activities for the exploration of medical applications is anticipated to drive the medical hyperspectral imaging market growth. Uses of hyperspectral systems in the medical field are still in the exploratory phase. A research study published in Springer Nature in January 2023 has revealed that hyperspectral imaging is a reasonable approach for quantifying systemic sclerosis-associated Raynaud phenomenon in the clinical setting. As it is a non-invasive technique, it measures oxygenated and deoxygenated hemoglobin concentrations and oxygen saturation in the skin and showcases data as oxygenation heat maps.

However, complexity of data requires huge storage spaces, which is estimated to limit the market growth.


Segmentation:

By Component

  • Hyperspectral Cameras
  • Accessories

By Modality

  • Push Broom
  • Snapshot
  • Others

By Application

  • Quality Assurance & Drug Testing
  • Medical Diagnostics
  • Others

By End User

  • Pharmaceutical & Biopharmaceutical Companies
  • Research Institutes & Organizations
  • Others


Regional Insights:

North America to Lead Market Share with Highest Market Valuation

North America is expected to govern the medical hyperspectral imaging market share with valuation of USD 0.79 billion in 2022. It is also expected to dominate the market share due to technological developments and high cases of cancer.  Europe is also expected to have a substantial CAGR with the increasing number of public and private investments in R&D and technological advancements. Asia Pacific is anticipated to have a strong CAGR due to increasing awareness about the use of hyperspectral imaging in the healthcare industry and rising funding. 


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Competitive Landscape:

ClydeHSI Announced a Partnership with BK Instruments for Technical Assistance

Key medical hyperspectral imaging players, such as Imec, Specim, BaySpec, Inc., and Resonon Inc., lead the market in 2022. Imec held the largest share in 2022 due to its strong product portfolio for hyperspectral cameras. Imec is involved in collaborations and partnerships for its distribution network. In November 2022, ClydeHSI announced the partnership with BK Instruments to provide all local sales, support, and technical assistance to South Korean customers.       


FAQs

How big is the Medical Hyperspectral Imaging Market?

Medical Hyperspectral Imaging Market size was USD 1.58 billion in 2022. It is expected to reach USD 4.21 billion in 2030.

How fast is the Medical Hyperspectral Imaging Market growing?

The Medical Hyperspectral Imaging Market will exhibit a CAGR of 13.1% during the forecast period, 2023-2030.

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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

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