Allied Market Research published a report, titled, “Medical Hyperspectral Imaging Market by Application (Cancer Diagnostics, Image Guided Surgery, and Others), Product Type (Camera and Accessories) End User (Diagnostic Centers, Hospitals, and Research Centers): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global medical hyperspectral imaging market was worth $272.10 million in 2020, and is anticipated to reach $408.80 million by 2030 manifesting a CAGR of 4.1% from 2021 to 2030.
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Key drivers of the market growth
Increase in R&D activities in the medical field and rise in the number of chronic diseases fuel the global medical hyperspectral imaging market. On the other hand, high cost and low frame rate of hyperspectral imaging systems create challenges for the market. On the contrary, growth potential of developing economies creates lucrative market opportunities.
- The COVID-19 pandemic outbreak led to the complete shutdown of production facilities.
- The outbreak disrupted and forced several industries to halt their activities, including subdomains of healthcare.
- Major players in the market faced supply chain interruptions during the pandemic and demand for products was significantly reduced.
- During the pandemic, hospitals and clinics experienced a notable decline in surgical procedures. This impacted the global medical hyperspectral imaging market.
The emulsifying bases segment will maintain the leading position throughout the forecast period
Based on application, the image guiding surgery segment contributed to the largest market share in 2020, accounting for nearly two-fifths of the global medical hyperspectral imaging market, and is projected to maintain the leading position during the forecast period. This growth is due to increase in the level of surgery in the market. On the other hand, cancer detection segment is anticipated to manifest the highest CAGR of 4.2% from 2021 to 2030. This is due to increase in various cancer cases and recent technological advancements.
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The camera segment will maintain the leading position throughout the forecast period
Based on product type, the camera segment contributed for the highest market share in 2020, accounting for more than half of the global medical hyperspectral imaging market, and is anticipated to lead the market during the forecast period. This growth is due to technological advancements in hyperspectral image analysis methods and cameras. The segment is anticipated to manifest the highest CAGR of 4.3% from 2021 to 2030.
North America to lead the market during the forecast period.
Based on region, North America held the highest market share in 2020, contributing to nearly two-fifths of the global medical hyperspectral imaging market, and is expected to dominate the market by 2030. This growth is owing to the presence of well-established healthcare systems in the U.S. and Canada, rise in funding and investments, growth in industrial applications of hyperspectral imaging, and developments in hardware and software for image processing and analysis. On the other hand, Asia-Pacific is expected to manifest the highest CAGR of 5.4% from 2021 to 2030. This growth is due to progress in healthcare infrastructure and rise in demand for the accuracy of surgical procedures.
Leading Market Players
- Diaspective Vision GmbH
- Cubert, Headwall Photonics Inc.
- Norsk Elektro Optikk A/S
- Specim Spectral Imaging Ltd.
- Resonon, Inc.
- Surface Optics Corp
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