The global medical hyperspectral imaging market will reach nearly USD 300 million by 2030, according to a new market research study by Future Market Insights (FMI), an ESOMAR-certified firm.
Growing number of healthcare ailments continues to drive advancements in medical imaging landscape. As such, computational power, image analysis, and hyperspectral cameras are the technological innovations being implemented all across the healthcare industry.
Non-invasive diseases as well as surgeries are being precisely figured out by imaging sensors. Also, they do not emit any sort of radiation to harm the patient or operator. According to FMI’s analysis, these factors will provide impetus to the market during the assessment period.
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- Hyperspectral camera holds the largest market share owing to latest advancements with respect to sensor development
- High preference for accuracy to boost prospects of MHSI in healthcare
- US and Europe to collectively account for nearly 40% revenue share
- India’s growth as a medical tourism hub to create opportunities for market players
Although FMI’s report is bullish on the use of hyperspectral imaging in medical applications, initial investments and reluctance to experiment will lead to limited adoption, especially in the next couple of years.
FMI’s discussion with stakeholders across the value chain revealed that concerns related to data storage, and the subsequent associated cost has been a key restraint for end-users. Many providers are offering cloud-based storage options, and it is likely that over the course of the forecast period, adoption will gradually increase.
Hyperspectral imaging used in a range of sectors apart from healthcare. The key hyperspectral imaging players are continuously focusing on offering technologically-superior products, not just for the healthcare industry.
According to FMI, holistic advances in hyperspectral imaging will boost the confidence of healthcare industry and fuel adoption. However, manufacturers will need to maintain that elusive balance between quality offerings and competitive pricing.
Key Participant Insights
The global MSHI market exhibits higher growth potential along with entry of new players.
The players have been concentrating on offering software/accessories for further strengthening the market’s competitive environment.
The competitive factors include product differentiation, technology and image software upgrading, on-site and online servicing, and competitive pricing.
The players in the medical hyperspectral imaging market include IMEC, Norsk Elektro Optikk, Galileo, Gilden Photonics, Resonon, XIMEA, Gooch & Housego, Chemlmage, Applied Spectral Imaging, Cubert, EVK DI Kerschhaggl, Headwall Photonics, and FluxData.
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Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2030. The global medical hyperspectral imaging market is segmented in detail to cover every aspect and present a complete market intelligence approach to the reader.
The study provides compelling insights on medical hyperspectral imaging market on the basis of product type (healthcare hyperspectral cameras, accessories), application (medical diagnostics (ophthalmology, wound diagnostics, oncology, GI Diseases, others)), tissue and cell biology, drug discovery, others), technology (Visible Hyperspectral Imaging, Near-Infrared Hyperspectral Imaging, Ultraviolet Hyperspectral Imaging, Short-Wave Infrared Imaging, and Mid-Wave Infrared Hyperspectral Imaging), end-user (diagnostic centres, hospitals, research & academic centres, pharmaceutical & biotechnology companies) across seven regions.
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