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Global Hyperspectral Imaging Market

Global Hyperspectral Imaging Market

Hyperspectral Imaging Market
The market was accounted for USD 51.4 million in 2015. The market is projected to reach USD 90 million by 2021, growing at a CAGR of 9.80% during the forecast period. The aim of hyperspectral imaging is to identify and collect the spectrum for each pixel in the image of the scene. This imaging is performed to detect various objects and materials. Hyperspectral imaging is a combination of different spectral methods such as near infrared, fluorescence imaging, etc. This kind of imaging is dependent on the principle of spectral based contrast. The reflected light creates the spectral based contrast, which is then analysed.

Market Dynamics

The rapid technological advancement and success in deciphering applications across varied areas, from healthcare to military surveillance, are the primary factors propelling the growth of the market. Hyperspectral imaging has been adopted in different medical procedures related to the gastrointestinal tract, mucosal membrane, ophthalmology, vascular systems, surface tissue and other medical processes. However, lack of skilled technicians and lack of awareness are primary factors turning out to be constraints for the growth of the market.

Market Segmentation

The market has been segmented by application and geography. The applications segment has been subdivided into:

Agriculture
Colorimetry & Chemical Imaging
Eye Care
Environmental Testing
Food Industry
Life Sciences and Medical Diagnostics
Surveillance
Mining & Mineralogy
Meteorology
Machine control
Physics & Astronomy
Others
The usage in military surveillance has been the highest and has contributed to the largest market share of nearly 21% in 2015. Application in the mining, mineralogy, and meteorological segments have also contributed majorly to the market. Application in healthcare, especially in diagnostics, is also increasing rapidly. The life sciences also find varied applications for hyperspectral imaging. The hyperspectral imaging market for life sciences is expected to grow at the highest CAGR, during the forecast period.

Geographically, the market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the world. The segment on North America has been further divided into the USA, Canada, and Mexico. The European region has been subdivided into Germany, the UK, France, Spain, Italy and the Rest of Europe. The Asia-Pacific region has been further segmented into China, Japan, India, South Korea, Australia, New Zealand and the Rest of Asia-Pacific. The North American region accounted for the largest market share of 49.8% in 2015. The Asia-Pacific & Europe markets are expected to grow at a high CAGR while compared to North America, during the forecast period.

The global Hyperspectral imaging regional market share has been depicted in the following graph.

The untapped market in emerging economies, elucidation of more areas for application of hyperspectral imaging and increasing adoption in healthcare can be good opportunities for the market. However, the regulatory guidelines turn out to be among the primary challenges towards the growth of hyperspectral imaging in the healthcare market.

Some of the key players in the market include:

Applied Spectral Imaging
Headwall Photonics Inc.
Specim Spectral Imaging Ltd.
Imec
Norsk Elektro Optikk A/S
Surface Optics Corp
Telops Inc.
ChemImage Corporation
Cubert-GmbH
Brandywine Photonics LLC
Gilden Photonics Ltd.
Key Deliverables in the Study

Market analysis for the global hyperspectral imaging market, with region specific assessments and competition analysis.
Market definition along with the identification of key drivers, restraints opportunities and challenges.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with company profiles of key players with the analysis of their current strategic interests and key financial information.
Identification and analysis of the macro and micro factors that affect the global hyperspectral imaging market.
Insights of the market in the regions that have the highest potential for growth and also to identify the markets that are still untapped.


1. Introduction
1.1 Market Definition
1.2 Study Assumptions
1.3 Report Description
2. Research Methodology
2.1 Introduction
2.2 Analysis Methodology
2.3 Study Phases
2.3.1 Secondary Research
2.3.2 Discussion Guide
2.3.3 Market Engineering &Econometric Modelling
2.3.4 Expert Validation
2.4 Study Timeline
3. Executive Summary
4. Key Inferences
5. Market Overview and Industry trends
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threat of new entrants
5.2.4 Threat of substitute products and services
5.2.5 Competitive Rivalry within the industry
6. Market Drivers, Restraints, Opportunity and Challenge Analysis
6.1 Market Drivers
6.1.1 Technological Advancements
6.1.2 Increasing Applications in Agriculture & Lifesciences
6.1.3 Increasing Adoption in Opthalmology, Vascular System, etc.
6.1.4 High Use in Military Surveillance
6.2 Market Restraints
6.2.1 Lack of Awareness
6.2.2 Lack of Skilled Technicians
6.3 Market Opportunities
6.3.1 Untapped Market in Asia-Pacific
6.3.2 Novel Applications in Healthcare
6.4 Market Challenges
7. Market Segmentation
7.1 By Application
7.1.1 Agriculture
7.1.2 Colorimetry & Chemical Imaging
7.1.3 Eye Care
7.1.4 Environmental Testing
7.1.5 Food Industry
7.1.6 Life Sciences and Medical Diagnostics
7.1.7 Surveillance
7.1.8 Mining & Mineralogy
7.1.9 Meterology
7.1.10 Machine control
7.1.11 Physics & Astronomy
7.2 By Geography
7.2.1 North America
7.2.1.1 Introduction
7.2.1.2 United States
7.2.1.3 Canada
7.2.1.4 Mexico
7.2.2 Europe
7.2.2.1 Introduction
7.2.2.2 Germany
7.2.2.3 United Kingdom
7.2.2.4 France
7.2.2.5 Italy
7.2.2.6 Spain
7.2.2.7 Rest of Europe
7.2.3 Asia-Pacific
7.2.3.1 Introduction
7.2.3.2 China
7.2.3.3 Japan
7.2.3.4 India
7.2.3.5 Australia & New Zealand
7.2.3.6 South Korea
7.2.3.7 Rest of Asia-Pacific
7.2.4 Rest of the World
8. Competitive Landscape
8.1 Mergers and Acquisitions' Analysis
8.2 New Product Launches
8.3 Agreements, Collaborations and Parterships
9. Key Vendor Analysis
9.1 Applied Spectral Imaging
9.2 Headwall Photonics Inc.
9.3 Specim Spectral Imaging Ltd.
9.4 Imec
9.5 Norsk Elektro Optikk A/S
9.6 Surface Optics Corp
9.7 Telops Inc.
9.8 ChemImage Corporation
9.9 Cubert-GmbH
9.10 Brandywine Photonics LLC
9.11 Gilden Photonics Ltd
10. Analyst Outlook on Investment Opportunities
11. Future Outlook of the Market

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