Medical Hyperspectral Imaging Market

The global Medical Hyperspectral Imaging Market is valued at USD 1.3 Billion in 2022 and is projected to reach a value of USD 3.1 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 13.5% between 2023 and 2030.

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The need for medical hyperspectral imaging systems has increased due to the rising cancer incidence, fueling the market's expansion. For instance, The International Agency for Research on Cancer (IARC) estimates that more than 1.9 million new instances of colorectal cancer will be diagnosed worldwide in 2020, resulting in 930,000 fatalities. By 2040, the numbers are expected to rise by 63% (3.2 million additional cases) and 73% (1.6 million), respectively. Additionally, the results of numerous studies support the efficacy of hyperspectral imaging in cancer detection. For instance, a study published in Springer Nature in 2022 showed that breast cancer could be detected using hyperspectral imaging from breast tissue removed before surgery with an accuracy of more than 849%. Additionally, within a few minutes, medical hyperspectral imaging may scan the tissue, allowing for the possibility of determining whether any tumor cells remained at the edges of the excision sites. One of the key reasons propelling the market expansion during the forecast period is the benefits and accuracy of this technology in detecting cancer.

Key Highlights

• By the Product segment, the high demand for the hyperspectral imaging systems segment will increase the medical hyperspectral imaging market from 2023 to 2030.
• By the Technology segment, the push broom category dominated the largest market share globally from 2023 to 2030.
• By application, the quality assurance & drug testing segment holds the largest share globally from 2023 to 2030.
• In 2022, North America dominated the market with the highest revenue share of 48.5%.
• The Asia Pacific region is expected to grow at a high CAGR from 2023-2030.

Moreover, the increasing healthcare expenditure in developed and emerging economies is also fueling the market’s growth. Governments are allocating significant funds towards developing advanced medical technologies, boosting the adoption of hyperspectral imaging in healthcare facilities. For instance, the Australian Government's Medical Research Future Fund supported the Australian start-up company Enlightens Imaging in December 2019 as part of the BioMedTech Horizons 2.0 program run by MTPConnect. The money was utilized to create a method of scanning the retina for indications of eye and brain disorders using hyperspectral imaging.

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Economic Insights

With advancements in technology and increasing clinical evidence supporting the benefits of hyperspectral imaging, there is growing awareness and acceptance of this imaging modality among healthcare providers and patients. This increased awareness is contributing to market growth. For instance, according to information released by the Congressional Budget Office in 2019, the pharmaceutical industry spent USD 83 billion on R&D to find and test new drugs, create incremental innovations like product extensions, and conduct clinical testing for marketing or safety-monitoring purposes. Europe is also a significant market for medical hyperspectral imaging due to technological advancement in the region and increasing public & private investments in R&D. Moreover, the increasing need for early disease detection and diagnosis is driving the market growth in this region. For instance, the EU allocated around USD 27,711,189.54 (€25,980,864) to the research project HyPPOCRATES in August 2022. The study aims to develop a potent mHS image interpretation software platform for processing mHS data using machine learning techniques.

Top Market Trends

1. Increasing Demand for Non-invasive Diagnostic Techniques: Hyperspectral imaging combines imaging and spectroscopy to provide detailed information about tissues and organs. It allows healthcare professionals to detect abnormalities and diagnose diseases without requiring invasive procedures. One of the major factors driving the market growth is the rising prevalence of chronic diseases, such as cancer, cardiovascular diseases, and gastrointestinal disorders. Hyperspectral imaging enables early detection and accurate diagnosis, leading to timely treatment and improved patient outcomes. Moreover, technological advancements have led to the development of portable and handheld hyperspectral imaging devices, further enhancing this technology's adoption. However, high costs associated with hyperspectral imaging systems and needing more skilled professionals may hinder market growth. The global medical hyperspectral imaging market is expected to grow significantly in the coming years, driven by the increasing demand for non-invasive diagnostic techniques.
2. Advancements in Imaging Technology to Augment Growth: Advancements in imaging technology have revolutionized the medical field, and one such advancement is the use of hyperspectral imaging. Hyperspectral imaging combines traditional and spectroscopy techniques to capture spatial and spectral data. This allows for identifying unique spectral signatures of tissues and cells, providing information about their composition and function. The medical hyperspectral imaging market has grown significantly in recent years, with applications ranging from cancer diagnosis and surgical guidance to wound assessment and dermatology. The technology offers several advantages over traditional imaging methods, including enhanced accuracy, improved contrast, and increased depth of analysis. As the field's research and development continue, this market is expected to expand further, leading to more precise and personalized healthcare solutions.

Market Segmentation

The global Medical Hyperspectral Imaging market can be categorized as Product, Technology, Application, and Region. Based on the Product segment, the market can be categorized into Hyperspectral Imaging Systems and Hyperspectral Imaging Accessories. Furthermore, based on the segment Technology, the market can be split further into Push Broom, Snapshot, and Other Technologies. Additionally, based on the Application, the market can be categorized into Medical Diagnostics, Quality Assurance & Drug Testing, and Other Applications. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Product

Hyperspectral Imaging Systems to Accommodate Maximum Market Share Due to Their Diverse Range of Applications in the Medical Field

In 2022, hyperspectral imaging systems dominated the market. This can be attributed to their diverse range of applications in the medical field. Hyperspectral imaging systems can capture data across a wide range of wavelengths, providing detailed information about an object or area of interest. This technology detects subtle differences in the composition and characteristics of tissues and cells, making it ideal for various medical applications. One of the key applications of hyperspectral imaging in healthcare is disease diagnosis and monitoring. By analyzing the spectral signatures of different tissues, hyperspectral imaging can help identify abnormal tissues or lesions that may indicate the presence of diseases such as cancer. This non-invasive and real-time imaging technique can aid early detection and improve patient outcomes.

Based on Technology

Push Broom to Express Dominion Owing to Its Wide Range of Applications in Various Medical Fields Such as Dermatology, Ophthalmology, and Oncology

Between 2023 and 2030, the push broom category is anticipated to grow fastest. Push broom hyperspectral imaging systems are widely used in the medical field for various purposes, such as cancer detection, tissue analysis, and blood analysis. These imaging systems provide high-resolution spectral images, allowing doctors and researchers to analyze tissues and cells' chemical and structural composition. This information can be used for diagnostic purposes, treatment planning, and monitoring the progression of diseases. The push broom technique involves scanning a target area line by line, which provides a detailed and accurate representation of the spectral data. This technique also allows for faster image acquisition compared to other techniques, making it more suitable for real-time applications such as surgical procedures and intraoperative imaging.

Based on Application

Quality Assurance & Drug Testing to Accommodate Maximum Market Share Due to Increasing Efforts in Drug Discovery & Development

Hyperspectral imaging (HSI) is a non-invasive imaging technique that can capture and analyze the spectral information of a biological sample. This technology has gained significant attention in the medical field due to its potential applications in various areas, such as disease detection, surgical guidance, and drug development. There has been a growing emphasis on quality assurance and drug testing in the healthcare industry in recent years. The demand for accurate and reliable testing methods has increased due to the rising concerns about drug safety and efficacy. HSI has emerged as a promising tool for quality assurance and drug testing, as it can provide detailed information about the chemical composition of a sample. One of the key advantages of HSI in quality assurance and drug testing is its ability to identify and quantify different compounds in a sample. This can help pharmaceutical companies ensure the quality and consistency of their products and identify any potential impurities or contaminants.

Based on Region

North America to Lead Global Sales Owing to Advanced Healthcare Infrastructure, And A Strong Focus on Technological Advancements in the Medical Field

The North American region is the largest market for medical hyperspectral imaging due to several factors. Firstly, the region has a well-established healthcare infrastructure and a high adoption rate of advanced medical technologies. This allows for easy integration of hyperspectral imaging systems into healthcare facilities. Additionally, North America has a large patient population, increasing the demand for innovative diagnostic tools. The region is also home to numerous key players in the medical imaging industry, further driving market growth. Moreover, governments in North America are supportive of research and development in the healthcare sector, leading to increased investments in hyperspectral imaging technologies. Overall, these factors contribute to North America being the largest market for medical hyperspectral imaging.

In 2022, the market in Asia-Pacific was growing rapidly. The region witnessed an increasing demand for advanced imaging technologies in the healthcare sector and the rising prevalence of chronic diseases. The adoption of hyperspectral imaging technology in medical diagnostics and surgeries is gaining traction, as it provides high-resolution imaging for accurate and real-time analysis of tissues and organs. Moreover, governments like China, India, and Japan invest heavily in healthcare infrastructure and technological advancements. These factors drive the growth of the medical hyperspectral imaging market in Asia-Pacific and are expected to continue to propel its growth in the coming years.

Competitive Landscape

The competitive landscape of the medical hyperspectral imaging market is highly fragmented, with several players vying for market share. Some of the key players in the market include Headwall Photonics, Resonon Inc., Specim Spectral Imaging Ltd., Norsk Elektro Optikk AS, and Telops Inc. These companies focus on product innovation, partnerships, and collaborations to gain a competitive edge in the market. The market is witnessing increased investment in research and development activities, further intensifying the competition. The market players are also expanding their geographical presence to capture untapped opportunities and increase their customer base.

The key players in the global Medical Hyperspectral Imaging market include - Clyde HIS (Scotland), Cubert (Canada), Diaspective Vision GmbH (Germany), Headwall Photonics Inc. (U.S.), Specim Spectral Imaging Ltd. (Finland), Imec (Belgium), Norsk Elektro Optikk A/S (Norway), Resonon Inc. (U.S.), Surface Optics Corp. (U.S.), Ximea GmbH (Germany) among others.

Recent Market Developments

• July 2022: Headwall Photonics has announced the acquisition of Holographix LLC to boost production and prepare for future growth.
• June 2022: The introduction of the Pika IR-L and IR-L+ hyperspectral cameras (925–1700 nm) was announced by Resonon Inc.
• May 2022: Diaspective Vision announced that its TIVITA 2.0, TIVITA Mini, and TIVITA Mobile products have been registered as medical devices.

Segmentation of the Global Medical Hyperspectral Imaging Market