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.
What will the Healthcare Hyperspectral Imaging (HSI) Systems Market Size be During the Forecast Period?
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Healthcare Hyperspectral Imaging (HSI) Systems Market: Key Drivers, Trends, and Challenges
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.
Parent Market Analysis
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.
Who are the Major Healthcare Hyperspectral Imaging (HSI) Systems Market Vendors?
The report analyzes the market’s competitive landscape and 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
- Resonon Inc.
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.
Product Insights and News
- Applied Infrared Sensing - The company offers a wide range of hyperspectral systems such as Airborne hyperspectral imaging systems, benchtop hyperspectral imaging systems among others.
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.
Healthcare Hyperspectral Imaging (HSI) Systems Market Value Chain Analysis
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:
- Inputs
- Inbound logistics
- Operations
- Outbound logistics
- Marketing and sales
- Service
- Support activities
- Innovation
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
Which are the Key Regions for Healthcare Hyperspectral Imaging (HSI) Systems Market?
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40% of the market’s growth will originate from North America during the forecast period. The US is the key market for healthcare hyperspectral imaging (HSI) systems market in North America. Market growth in this region will be slower than the growth of the market in regions.
Increasing awareness coupled with safety and ease of use will facilitate the healthcare hyperspectral imaging (HSI) systems market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic had a significant impact on high-contact industries, including healthcare equipment. As a result of strict social distancing guidelines imposed in 2020, most hospital services were temporarily stopped to keep doctors and patients safe from the adverse health effects of COVID-19. The rising number of deaths due to COVID-19 led to lockdowns in several countries, including the US, Canada, and Mexico, in the first half of 2020. However, all these activities have resumed with the lifting of lockdown restrictions, and the market is expected to enhance during the forecast period. Moreover, research is going on for HSI systems to detect COVID-19, so if this can be found as a useful method for corona detection, this might positively impact the growth of the regional market during the forecast period.
What are the Revenue-generating Product Segments in the Healthcare Hyperspectral Imaging (HSI) Systems Market?
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The healthcare hyperspectral imaging (HSI) systems market share growth by the Healthcare HSI cameras segment will be significant during the forecast period. In a healthcare hyperspectral imaging camera, the light is reflected on the image from a one-line segment of the target sample onto the opening of the spectrograph slit. The light is then dispersed in different wavelengths in the spectrograph by the dispersing element (grating/prism).
This report provides an accurate prediction of the contribution of all the segments to the growth of the healthcare hyperspectral imaging (hsi) systems market size and actionable market insights on post COVID-19 impact on each segment.
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Healthcare Hyperspectral Imaging (HSI) Systems Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 16.41% |
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Market growth 2021-2025 |
$ 163.84 million |
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Market structure |
Fragmented |
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YoY growth (%) |
18.97 |
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Regional analysis |
North America, Europe, Asia, and ROW |
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Performing market contribution |
North America at 40% |
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Key consumer countries |
US, Germany, China, France, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
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. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Healthcare Hyperspectral Imaging (HSI) Systems Market Report?
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive healthcare hyperspectral imaging (HSI) systems market growth during the next five years
- Precise estimation of the healthcare hyperspectral imaging (HSI) systems market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the healthcare hyperspectral imaging (HSI) systems industry across North America, Europe, Asia, and ROW
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of healthcare hyperspectral imaging (HSI) systems market vendors
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