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  • 14 August 2019 23:42

Hyperspectral Imaging System Market Valuation $22 Billion by 2026

The global hyperspectral imaging system market is expected to reach the market value of around $22 billion by 2026 and is expected to grow at a CAGR of around 8% in terms of revenue during the period 2018 - 2026.

Hyperspectral imaging systems have numerous applications in sectors such as research and development, defense sector, healthcare, food industry and others such as a calorimeter, remote sensing and night vision. There are types of hyperspectral imaging which differs from multispectral imaging based on the quality of the image and offers greater sensitivity than multispectral imaging or conventional. For instance, multispectral imaging provides 2 to 20 images per dataset, while hyperspectral imaging provides over 20 images per dataset. Also, multispectral imaging gives 4 to 20 data points per pixel, while hyperspectral imaging provides full spectrum per pixel. Increasing consumption of hyperspectral imaging in healthcare sector creates a favorable environment for the growth of the hyperspectral imaging market in the near future. Wide application of the technology in ophthalmology, medical imaging, and is also used in the procedures of the gastrointestinal tract, in vascular systems and in tissue diagnosis. It is also an essential part of wound analysis, cell biology, and fluorescence microscopy. Mainly, the wide application of the technology is mainly attributed to its high accuracy and clarity. However, purchasing cost is higher which one of the major factor hindering market growth.

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Rising Services Of Hyperspectral Imaging System Technology In R&D To Boost The Global Hyperspectral Imaging System Market

In research and industry, hyperspectral imaging technology is now used to determine moisture, temperature, sugar content, chemical compositions, and fat in the food sector, as well as for a series of applications in the fields of defense, biology, pharmaceuticals, forensics and industrial inspection, thus booming the market for hyperspectral imaging systems. In addition, emerging technologies for the hyperspectral imaging system contribute significantly to the development of the market for hyperspectral imaging systems. On the other hand, the development of the hyperspectral imaging system market is primarily affected by reimbursement problems and high costs. However, increasing player investment and the untapped market are likely to create new revenues for the market as well for hyperspectral imaging systems in the coming years.

Pharmaceuticals Sector Flourishing The Hyperspectral Imaging Market, Mainly In Emerging Countries

The worldwide hyperspectral imaging systems market globe is anticipated to observe twofold digit development during the upcoming year. In the healthcare sector, these systems are utilized to perform a different method in the pharmaceuticals industry. This incorporate market is used to perform quality control tests that assistance identify foreign material present in medications, and furthermore blended synthetic substances in counterfeit medications. Similarly, hyperspectral imaging system help in detection of targeted tumor tissue targeted tumor tissue, a blood vessel, lymph nodes, a nerve bundle by covering the surface area of the target and giving the picture, in which that pixels of the image contains data in regards to different light wavelength groups. Furthermore, hyperspectral imaging finds wide application in cancer treatment, as these systems provide continuous information and help in understanding the changes of tissue, which occur in the beginning stages of development of disease, additionally it separates healthy cells from carcinogenic cells.

Hyperspectral Imaging Industry North America Is Anticipated To Be The Largest Market

North America is likely to dominate the global hyperspectral imaging systems market, followed by Europe, in 2018. The large share of this region can be impute to the presence of highly developed research infrastructure; growing adoption of hyperspectral imaging in military surveillance, availability of technologically advanced imaging products, environmental monitoring, mining, machine vision, and life sciences & diagnostics.

Key Players

Attracted by this expanding hyperspectral imaging system market and crucial latent requirement, several vendors are expanding their business through new product development and strategic mergers and acquisitions and partnerships with several vendors. Some of the key players operating in the global adhesive and sealants market, profiled in the report include Headwall Photonics Inc., Resonon, Corning Incorporated, Norsk Elektro Optikk AS, Surface Optics Corporation, Bayspec Inc., Chemimage Corporation, Applied Spectral Imaging, Telops Inc. and among others.

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