Europe Hyperspectral Imaging Market Size, Growth, Trends | Report 2022-2030

According to Vision Research Report, the Europe hyperspectral imaging market was valued at USD 2.94 billion in 2021 and it is predicted to surpass around USD 7.52 billion by 2030 with a CAGR of 11.0% from 2022 to 2030

Report Highlights

• The camera product segment dominated the industry in 2021 and accounted for the maximum share of more than 52.99% of the overall revenue.
• The military segment held the largest market share of more than 25.9% in 2021.The segment is expected to expand further at a steady CAGR from 2022 to 2030.
• The medical diagnostics segment is expected to register the fastest CAGR from 2022 to 2030.

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The HSI technology is highly useful in detecting a broad spectrum of light rather than simply assigning the primary colors (red, green, and blue) to each pixel. It is used in a variety of applications, including the chemical, pharmaceutical, medical diagnostic, food, agricultural, aerospace, and defense industries. The growing use of HSI in these applications is expected to boost industry growth. Furthermore, the technological advancements in instrumentation and data analysis of HSI are expected to contribute to market growth.

The industry is expected to develop in the coming years as a result of rapid industrialization and the demand for high bandwidth communication. In addition, to obtain a competitive edge, leading competitors are shifting to product upgrades, regional expansions, portfolio diversifications, and mergers & acquisitions. For instance, in May 2022, Specim, a leading HSI instruments & systems manufacturer, in partnership with Grupo Álava, strengthened its presence in Spain and Portugal. In addition, industry expansion is predicted to be fueled by the increased R&D and growth prospects in Europe as well as efforts to uphold international product quality standards.

Growing chemical, pharmaceutical, food, aerospace, medical diagnostics, and defense industries coupled with increasing awareness about precision diagnosis across the region are also expected to contribute to the industry growth. Furthermore, there has been growing adoption of hyperspectral technologies in hospitals for the identification and diagnosis of solid tumors and imaging guidance tools during the joining of tissues after tumor removal, especially in gastric cancer. This is expected to boost the demand for HSI technology. Cancer has become one of the leading causes of death in Europe, thus augmenting the adoption of HSI. For instance, according to the International Agency for Research on Cancer, Europe accounted for about 4,398,443 new cancer cases and 1,955,231 deaths in 2020.

Scope of The Report

Product Insights

On the basis of products, the industry has been further sub-segmented into cameras and accessories. The camera product segment dominated the industry in 2021 and accounted for the maximum share of more than 52.99% of the overall revenue. The segment is anticipated to expand further at the fastest growth rate maintaining its leading position in the industry during the forecast period. The high share of this segment can be attributed to factors like recent developments in sensor technology. High-speed and inexpensive circuits, sophisticated manufacturing techniques, and unique signal processing techniques are some of the recent innovations.

The quality, economic efficiency, and reliability of technical products are expected to enhance as a result of these improvements. The hyperspectral camera measures light intensity throughout a broad spectrum of spectral bands; as a result, each pixel in the image contains a continuous spectrum that may be utilized for accurate and thorough object identification. In addition, it is anticipated that the availability of inexpensive cameras and expanding computer power would further accelerate the use of these devices, which, in turn, will augment the segment growth during the forecast period.

Application Insights

Based on application, the industry has been further segmented into military, remote sensing, medical diagnostics, machine vision & optical sorting, and others. The military segment held the largest market share of more than 25.9% in 2021 owing to the improvements in component manufacture and data handling. The segment is expected to expand further at a steady CAGR from 2022 to 2030 owing to factors, such as improved consistency and accuracy compared to other traditional imaging modalities. Furthermore, growing uses of HSI, such as the detection of night time enemy activity, the depth measurement of hidden bunkers, and the location of improvised explosive devices, are expected to contribute to the segment expansion. The medical diagnostics segment is expected to register the fastest CAGR from 2022 to 2030.

The presence of disorders that are challenging to detect using other tools can be precisely pinpointed by healthcare professionals using HSI. The diagnostic information regarding the tissue physiology, morphology, and composition is provided by spatially resolved spectrum imaging produced by HSI. Hyperspectral imaging has enormous potential for non-invasive disease diagnosis and surgical guidance in a wide range of applications, such as ophthalmology, procedures of the gastrointestinal tract, wound analysis, fluorescence microscopy, cell biology, and vascular systems. In addition, the non-invasive nature of HSI serves as an advantage for evaluating burns and skin inflammation. During the forecast period, it is projected that the technology’s high clarity and accuracy would open up new growth prospects in the field of medical diagnostics.

Key Players

• Imec
• XIMEA GmbH
• Resonon, Inc.
• Headwall Photonics, Inc.
• Telops, Inc.
• Corning, Inc.
• Norsk Elektro Optikk AS
• Cubert GmbH
• EVK DI Kerschhaggl GmbH
• Inno-spec GmbH
• SPECIM Spectral Imaging Ltd.
• Diaspective Vision GmbH

Market Segmentation

• Product Outlook
  • Camera
  • Accessories
• Application Outlook
  • Military
  • Remote Sensing
  • Medical Diagnostics
  • Machine Vision & Optical Sorting
  • Others

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