The global medical hyperspectral imaging market size was estimated to be USD 1.78 billion in 2023 and is expected to reach at USD 6.93 billion by 2034 with a CAGR of 13.16% during the forecast period 2024-2034. Rise in research & development efforts, growing utilization of hyperspectral imaging in healthcare, an increasing presence of pharmaceutical and biopharmaceutical companies incorporating hyperspectral imaging systems, a higher incidence of cancer, improved medical imaging results with hyperspectral imaging technology, a surge in technological advancements improving diagnostic outcomes, an increased adoption of these imaging systems, and key players introducing technologically advanced products to address potential challenges associated with other imaging techniques are some of the key factors boosting the market growth.
Key players introducing technologically advanced products to address potential challenges associated with other imaging techniques is predicted to boost the market growth during the forecast period. For instance, in March 2022, The Swift Ray 1 hardware gadget, from Swift Medical Inc., connects to a smartphone camera with ease. This device captures extensive clinical data, enhancing the evaluation, treatment, and monitoring of skin and wound conditions. Additionally, it seamlessly integrates with numerous Electronic Health Records (EHRs), aiding clinicians in enhancing clinical efficiency and ensuring comprehensive medical information is accurately documented in the patient's chart.
By component, hyperspectral camera was the highest revenue-grossing segment in the global medical hyperspectral imaging market in 2023 owing to the ability to capture a wide spectral range, with the hyperspectral camera being more costly compared to accessories, and rising launch of advanced products. For instance, in March 2022, Siemens Healthineers has unveiled distinctive offerings in its MRI and CT portfolio, introducing MAGNETOM Free.Star and NAEOTOM Alpha solutions. Additionally, accessories is predicted to grow at the fastest CAGR during the forecast period owing to the advancements in technology are on the rise, particularly in improving the light source and integrating microscopes into imaging systems. This facilitates the magnification and capture of images at a microscopic level.
By modality, push broom was the highest revenue-grossing segment in the global medical hyperspectral imaging market in 2023 owing to the widespread adoption due to its high spatial and spectral resolution, and there is an increased utilization of this technology in the pharmaceutical industry. Additionally, snapshot is predicted to grow at the fastest CAGR during the forecast period owing to the increase in data throughput and a growing number of product launches. For instance, in June 2022, Resonon Inc. has introduced the Pika IR-L and IR-L+ hyperspectral cameras, which operate in the spectral range of 925 to 1700 nm.
By application, quality assurance & drug testing was the highest revenue-grossing segment in the global medical hyperspectral imaging market in 2023 owing to the pharmaceutical industry is expanding, and there is an increasing investment in drug testing by pharmaceutical companies. Additionally, medical diagnostic is predicted to grow at the fastest CAGR during the forecast period owing to a growing focus on research to establish hyperspectral imaging for medical diagnostics, coupled with an increased introduction of advanced products. For instance, in January 2023, Imec presented a system featuring an integrated Visible and Near Infrared (VIS-NIR) spectral camera along with high-resolution RGB imaging for immediate data acquisition. The single-unit camera includes three sensors, enabling users to choose the suitable sensor and compare different spectral resolutions and ranges effortlessly. This integration eliminates the necessity for multiple devices and simplifies the process of evaluating various options.
By end-user, pharmaceutical & biopharmaceutical companies was the highest revenue-grossing segment in the global medical hyperspectral imaging market in 2023 owing to the growing trend among pharmaceutical companies to adopt hyperspectral imaging for in-house quality assurance, and surge in mergers and acquisitions among market players. For instance, in July 2022, Headwall Photonics has declared the acquisition of Holographix LLC, a move aimed at expanding its manufacturing capabilities to cater to anticipated future growth. Additionally, research institutes & organizations is predicted to grow at the fastest CAGR during the forecast period owing to the rising emphasis on research to investigate the medical applications of hyperspectral images and the development of methods for tissue diagnosis.
North America region is anticipated for the highest revenue share during the forecast period owing to the continuous advancement of technology, a high prevalence of cancer cases, the significant presence of key market players, a rising demand for early diagnosis to alleviate the healthcare burden, and an increase in research and development activities. For instance, in April 2022, Revenio, a health technology corporation, has granted an official license to VTT for the development of hyperspectral imaging technology. This technology, created by VTT, enables dermatologists to identify skin cancers and their early stages. The hyperspectral technology components designed by VTT are adaptable for integration into mobile devices. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the surge in technological advancements, a rise in both public and private investments in research and development, an increasing awareness regarding the application of medical hyperspectral imaging in the healthcare sector, heightened funding by major market players, and an increase in strategic initiatives by key industry participants. For instance, in August 2022, Pixxel has secured a strategic investment from Accenture Ventures for its advanced hyperspectral imaging satellite constellation project. The objective of this constellation is to utilize AI for industry insights, specifically addressing climate challenges. The anticipated outcome is the provision of efficient solutions at a considerably lower cost compared to conventional satellite systems.
Key players introducing technologically advanced products to address potential challenges associated with other imaging techniques is predicted to boost the market growth during the forecast period. For instance, in March 2022, The Swift Ray 1 hardware gadget, from Swift Medical Inc., connects to a smartphone camera with ease. This device captures extensive clinical data, enhancing the evaluation, treatment, and monitoring of skin and wound conditions. Additionally, it seamlessly integrates with numerous Electronic Health Records (EHRs), aiding clinicians in enhancing clinical efficiency and ensuring comprehensive medical information is accurately documented in the patient's chart.
By component, hyperspectral camera was the highest revenue-grossing segment in the global medical hyperspectral imaging market in 2023 owing to the ability to capture a wide spectral range, with the hyperspectral camera being more costly compared to accessories, and rising launch of advanced products. For instance, in March 2022, Siemens Healthineers has unveiled distinctive offerings in its MRI and CT portfolio, introducing MAGNETOM Free.Star and NAEOTOM Alpha solutions. Additionally, accessories is predicted to grow at the fastest CAGR during the forecast period owing to the advancements in technology are on the rise, particularly in improving the light source and integrating microscopes into imaging systems. This facilitates the magnification and capture of images at a microscopic level.
By modality, push broom was the highest revenue-grossing segment in the global medical hyperspectral imaging market in 2023 owing to the widespread adoption due to its high spatial and spectral resolution, and there is an increased utilization of this technology in the pharmaceutical industry. Additionally, snapshot is predicted to grow at the fastest CAGR during the forecast period owing to the increase in data throughput and a growing number of product launches. For instance, in June 2022, Resonon Inc. has introduced the Pika IR-L and IR-L+ hyperspectral cameras, which operate in the spectral range of 925 to 1700 nm.
By application, quality assurance & drug testing was the highest revenue-grossing segment in the global medical hyperspectral imaging market in 2023 owing to the pharmaceutical industry is expanding, and there is an increasing investment in drug testing by pharmaceutical companies. Additionally, medical diagnostic is predicted to grow at the fastest CAGR during the forecast period owing to a growing focus on research to establish hyperspectral imaging for medical diagnostics, coupled with an increased introduction of advanced products. For instance, in January 2023, Imec presented a system featuring an integrated Visible and Near Infrared (VIS-NIR) spectral camera along with high-resolution RGB imaging for immediate data acquisition. The single-unit camera includes three sensors, enabling users to choose the suitable sensor and compare different spectral resolutions and ranges effortlessly. This integration eliminates the necessity for multiple devices and simplifies the process of evaluating various options.
By end-user, pharmaceutical & biopharmaceutical companies was the highest revenue-grossing segment in the global medical hyperspectral imaging market in 2023 owing to the growing trend among pharmaceutical companies to adopt hyperspectral imaging for in-house quality assurance, and surge in mergers and acquisitions among market players. For instance, in July 2022, Headwall Photonics has declared the acquisition of Holographix LLC, a move aimed at expanding its manufacturing capabilities to cater to anticipated future growth. Additionally, research institutes & organizations is predicted to grow at the fastest CAGR during the forecast period owing to the rising emphasis on research to investigate the medical applications of hyperspectral images and the development of methods for tissue diagnosis.
North America region is anticipated for the highest revenue share during the forecast period owing to the continuous advancement of technology, a high prevalence of cancer cases, the significant presence of key market players, a rising demand for early diagnosis to alleviate the healthcare burden, and an increase in research and development activities. For instance, in April 2022, Revenio, a health technology corporation, has granted an official license to VTT for the development of hyperspectral imaging technology. This technology, created by VTT, enables dermatologists to identify skin cancers and their early stages. The hyperspectral technology components designed by VTT are adaptable for integration into mobile devices. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the surge in technological advancements, a rise in both public and private investments in research and development, an increasing awareness regarding the application of medical hyperspectral imaging in the healthcare sector, heightened funding by major market players, and an increase in strategic initiatives by key industry participants. For instance, in August 2022, Pixxel has secured a strategic investment from Accenture Ventures for its advanced hyperspectral imaging satellite constellation project. The objective of this constellation is to utilize AI for industry insights, specifically addressing climate challenges. The anticipated outcome is the provision of efficient solutions at a considerably lower cost compared to conventional satellite systems.
Segmentation: Medical Hyperspectral Imaging Market Report 2023 - 2034
Medical Hyperspectral Imaging Market Analysis & Forecast by Component 2023 - 2034 (Revenue USD Bn)
- Hyperspectral Camera
- Accessories
Medical Hyperspectral Imaging Market Analysis & Forecast by Modality 2023 - 2034 (Revenue USD Bn)
- Snapshot
- Push Broom
- Others
Medical Hyperspectral Imaging Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Medical Diagnostics
- Quality Assurance & Drug Testing
- Others
Medical Hyperspectral Imaging Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Research Institutes & Organizations
- Pharmaceutical & Biopharmaceutical Companies
- Others
Medical Hyperspectral Imaging Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Medical Hyperspectral Imaging Market: Component Estimates & Trend Analysis
8. Medical Hyperspectral Imaging Market: Modality Estimates & Trend Analysis
9. Medical Hyperspectral Imaging Market: Application Estimates & Trend Analysis
10. Medical Hyperspectral Imaging Market: End-user Estimates & Trend Analysis
11. Regional Market Analysis
12. North America Medical Hyperspectral Imaging Market
13. Europe Global Medical Hyperspectral Imaging Market
14. Asia Pacific Global Medical Hyperspectral Imaging Market
15. Latin America Global Medical Hyperspectral Imaging Market
16. MEA Global Medical Hyperspectral Imaging Market
17. Competitor Analysis
18. Company Profiles
Companies Mentioned
- Headwall Photonics
- Imec
- BaySpec Inc
- ClydeHSI
- Resonon Inc.
- XIMEA GmbH
- Diaspective Vision
- Cubert
- Specim (Konica Minolta Inc.)
- HyperMed Imaging Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | March 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 1.78 Billion |
| Forecasted Market Value ( USD | $ 6.93 Billion |
| Compound Annual Growth Rate | 13.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
