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The healthcare hyperspectral imaging (HSI) systems market share is expected to increase by USD 163.84 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 16.41%.
This healthcare hyperspectral imaging (HSI) systems market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers healthcare hyperspectral imaging (HSI) systems market segmentations by product (healthcare HSI cameras and accessories) and geography (North America, Europe, Asia, and ROW). The healthcare hyperspectral imaging (HSI) systems market report also offers information on several market vendors, including Applied Infrared Sensing, BaySpec Inc., Corning Inc., Galileo Group Inc., Gooch and Housego Plc, Headwall Photonics Inc., imec VZW, Konica Minolta Inc., Norsk Elektro Optikk AS, and Resonon Inc. among others.
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The increasing awareness coupled with safety and ease of use of systems is notably driving the healthcare hyperspectral imaging (HSI) systems market growth, although factors such as high investment and installation costs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the healthcare hyperspectral imaging (HSI) systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Healthcare Hyperspectral Imaging (HSI) Systems Market Driver
Increasing awareness coupled with safety and ease of use is one of the key factors driving the growth of the global healthcare hyperspectral imaging (HSI) systems market. HSI has been used for more than a decade now, but until 2015, it was relatively unknown compared with other imaging technologies such as infrared, multispectral, and light detection and ranging (LiDAR). Earlier, it was mostly deployed by government agencies such as NASA and other defense sectors. However, the scenario started to change slowly. Now, manufacturers deploy this technology for several applications such as medical imaging and life sciences, food and agriculture, mineralogy, machine vision, and environment monitoring due to its high-resolution imaging capabilities. Institutions and research centers are also adopting HSI technology across the globe. However, HSI devices are very safe to use, as they do not emit any unwanted radiation or other dangerous rays that may harm the operator. Thus, this safety capability, coupled with increasing awareness about its usage, will further boost its adoption during the forecast period.
Key Healthcare Hyperspectral Imaging (HSI) Systems Market Trend
The emergence of portable HSI cameras will fuel the global healthcare hyperspectral imaging (HSI) systems market growth. HSI technology has been used in remote sensing applications for over 30 years, and sectors such as healthcare, agriculture, and mining are adopting it at an increasing rate. Earlier, these sectors have been using huge, bulky HSI cameras that are attached to some instruments for their operations. However, manufacturers are coming up with portable, lightweight, handheld hyperspectral cameras that are being adopted for commercial use by environmental researchers, civil engineers, and remote sensing organizations. For instance, Headwall Photonic, a leading manufacturer of hyperspectral instruments, has a wide range of portable, compact, and handheld hyperspectral instruments with advanced machine systems such as Hyperspec INSPECTOR, Raman Explorer, and Raman Discovery that have the best application in the pharmaceutical industry. Similarly, another key vendor, Norsk Elektro Optikk, has a line of hyperspectral cameras that are compact, robust, and have proven performance with a wide range of applications. The hyperspectral camera xiSpec based on USB3.0 by XIMEA is the world's smallest hyperspectral camera that has broad healthcare applications, including medical applications, endoscopy, microscopy, and other life sciences research instrumentation applications.
Key Healthcare Hyperspectral Imaging (HSI) Systems Market Challenge
High investment and installation costs are major challenges for the global healthcare hyperspectral imaging (HSI) systems market growth. HSI technology is still emerging and therefore requires a significant investment for its deployment at the user's end. The cost of an HSI camera ranges from $50,000 to $1 million, depending on the use and requirements. Also, the investments involved in the laboratory setup will be additional for end-users. With the current market prices, most small- and medium-sized end-users are not able to implement HSI solutions for their research activities due to high installation and maintenance costs. The countries such as Mexico, China, India, and South Africa, where the hospital infrastructure is still in the developing stage, require huge investments for setting-up of imaging modalities. Also, reimbursements for its implementation are not in place by regional governments. This poses a challenge to vendors and hinders the HSI market from growing at a fast pace.
This healthcare hyperspectral imaging (HSI) systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global healthcare hyperspectral imaging (HSI) systems market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the healthcare hyperspectral imaging (hsi) systems market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the healthcare hyperspectral imaging (HSI) systems market encompasses successful business strategies deployed by the key vendors. The healthcare hyperspectral imaging (HSI) systems market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The healthcare hyperspectral imaging (HSI) systems market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the healthcare hyperspectral imaging (HSI) systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global healthcare equipment market includes the following core components:
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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