The global hyperspectral imaging system market is expected to reach $11.34 billion by 2022 up from $6.51 billion last year, at a CAGR of around 10.9 per cent from 2017, according to Zion Market Research. The firm reported that the market is being driven by newly emerging hyperspectral technologies and an increasing uptake of hyperspectral imaging in research.
Despite this forecast, according to Zion, high cost and reimbursement issues are still majorly affecting the growth of the hyperspectral market. The firm does predict however that current untapped markets and increasing investment from manufacturers are expected to generate new opportunities for the area over the next five years.
The market research firm predicts that North America is expected to generate the highest revenue over the forecast period, accounting for around 45 per cent of the overall market share by the end of 2022. Key operators in the US include Headwall Photonics, Resonon, Corning, Applied Spectral Imaging, BaySpec, Surface Optics and ChemImage.
The European hyperspectral imaging system sector is also growing at a healthy rate, and is expected to generate new opportunities in the coming years through advancements in hyperspectral technology being made by its key operators, such as NorskElektroOptikk and Specim Spectral Imaging.
Although the American and European markets are showing no signs of slowing, the highest growth rate over the forecast period is expected to come from the Asia Pacific market, with India and China leading the way. Both countries are predicted to grow considerably in the hyperspectral sector over the next five years, according to the market research firm.
In Latin America, the Middle East and Africa, a rapidly increasing healthcare infrastructure is contributing to growth. Zion believes that rising investment by the manufacturers of medical devices in these areas would further fuel the progression of the hyperspectral imaging system market.
Components for hyperspectral imaging systems are classified into hyperspectral cameras and accessories. In 2015, the hyperspectral cameras segment held the largest market share due to an increased demand for hyperspectral cameras in industrial inspection, biology and pharmaceutical research.
Hyperspectral applications are segmented into machine vision/optical sorting, military surveillance, remote sensing, life sciences and medical diagnostics, and other applications. The military surveillance segment held the highest market share in 2016, and is expected to grow at the fastest rate over the forecast period.