Hyperspectral Imaging Systems Market Growth & Trends
The global hyperspectral imaging systems market size is anticipated to reach USD 27.76 billion by 2030, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 10.1% during the forecast period. New product launches coupled with advancements in technology, designs, and features are driving the demand from various fields, such as military, remote sensing, healthcare, mining, vision and optical, and meteorology. There are certain advantages of hyperspectral imaging, such as the non-requirement of prior knowledge of the spectrum and sample.
In addition, it provides extensive information for analyzing and processing the image. These advantages are anticipated to drive investments from market players, which is anticipated to drive the demand during the forecast period. Hyperspectral imaging is being used extensively in the healthcare sector, mainly for ophthalmology, gastrointestinal procedures, tissue diagnosis, fluorescence microscopy, and vascular system imaging. The increasing application can be attributed mainly to the high clarity and accuracy of this imaging method.
Rapid industrialization along with demand for high bandwidth communication is poised to fuel the growth of the hyperspectral imaging systems market in the forthcoming years. In addition, existing market players are switching to advanced technologies to gain competitive advantages. A rise in R&D and growth opportunities in emerging countries and the aim to maintain international product quality standards are anticipated to drive market expansion.
Affordable electronic circuits and high-speed technologies have cascaded into the introduction of advanced sensor technologies. Furthermore, advancements in sensor technologies have improved the image quality, economic efficiency, and reliability of the technical products and thus, are anticipated to fuel the market growth.
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Hyperspectral Imaging Systems Market Report
Hyperspectral Imaging Systems Market Report Highlights
- Hyperspectral camera is estimated to hold the largest market share in the near future due to the recent advancements in sensor development, which have led to the growth of the camera segment
- The military segment accounted for the largest market share due to advancements in data management of hyperspectral imaging along with component fabrication techniques, better accuracy, and consistency compared to other conventional imaging techniques
- Asia Pacific has been estimated to be the fastest growing region due to the presence of a large pool of patients, increasing healthcare awareness, rising government funding for R&D, and upcoming research projects
