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Global Medical Hyperspectral Imaging Market to reach USD 4.21 billion by the end of 2030.

Global Medical Hyperspectral Imaging Market Size study & Forecast, by Component (Hyperspectral Cameras, Accessories ) by Modality(Push Broom, Snapshot, Others), by Application(Quality Assurance & Drug Testing, Medical Diagnostics, Others), by End User (Pharmaceutical & Biopharmaceutical Companies, Research Institutes & Organizations, Others) and Regional Analysis, 2023-2030

Product Code: HLSMD-42424745
Publish Date: 20-05-2023
Page: 200

Global Medical Hyperspectral Imaging Market is valued approximately USD 1.58 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 13.1% over the forecast period 2023-2030 Medical hyperspectral imaging is a specialized imaging technique used in the field of medicine to capture and analyze detailed information about the spectral properties of biological tissues. It combines principles of conventional imaging with spectroscopy to provide a wealth of information about the chemical and structural composition of tissues. The Medical Hyperspectral Imaging market is expanding because of factors such as increasing prevelance of cancer and increasing research to explore medical applications.

The rising prevalence of cancer globally is fostering market growth, according to estimates from the International Agency for Research on Cancer (IARC), The estimated increase in the worldwide burden of cancer is to 27.5 million new cases by 2040 from 1.9 million new cases in year 2021. Furthermore, Multiple studies’ findings support the efficacy of hyperspectral imaging in cancer diagnosis. For instance, according to a research paper that appeared in Springer Nature in 2022, hyperspectral imaging may accurately diagnose breast cancer from breast tissue removed following surgery with a sensitivity of approximately 84%. Additionally, within a few minutes, medical hyperspectral imaging could analyse the tissue, allowing for the possibility of determining whether any tumour cells remained at the edges of the resection sites. One of the key reasons propelling the market expansion during the forecast period is the benefits and accuracy of this technology in the detection of cancer. In addition, rising expenditure on drug testing by pharmaceutical companies and rising technological advancements is creating a lucrative opportunity to the market. However, the high cost of Medical Hyperspectral Imaging stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Medical Hyperspectral Imaging Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to rising prevalence of cancer, rising research and development activities, and presence of key market players. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as rising cancer prevelance, an increase in the number of collaborations for product development, geographic expansion of key players, and active participation of government and nonprofit organizations in the market space.

Major market player included in this report are:
Specim Private Limited
BaySpec, Inc.
Resonon Inc.
Headwall Photonics Inc
HyperMed Imaging, Inc.
XIMEA GmbH
Cubert Inc
Diaspective Vision gmbh
ClydeHSI Imaging and Technology Limited
Imec

Recent Developments in the Market:
Ø In July 2022, Headwall Photonics announced its plans for the acquisition of Holographix LLC. This acquisition would result in expanding the company manufacturing capabilities to address future growth.
Ø In August 2022, the Europe government allocated roughly USD 27,711,189.54 to the research project HyPPOCRATES. By utilizing machine learning concepts, the research aims to develop a potent mHS image interpretation software platform for processing mHS data.

Global Medical Hyperspectral Imaging Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Component, Modality, Application, End User Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Component offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Component:
Hyperspectral Cameras
Accessories

By Modality:
Push Broom
Snapshot
Others

By Application:
Quality Assurance & Drug Testing
Medical Diagnostics
Others
By End User:
Pharmaceutical & Biopharmaceutical Companies
Research Institutes & Organizations
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Medical Hyperspectral Imaging Market, by Region, 2020-2030 (USD Billion)
1.2.2. Medical Hyperspectral Imaging Market, by Component, 2020-2030 (USD Billion)
1.2.3. Medical Hyperspectral Imaging Market, by Modality, 2020-2030 (USD Billion)
1.2.4. Medical Hyperspectral Imaging Market, by Application, 2020-2030 (USD Billion)
1.2.5. Medical Hyperspectral Imaging Market, by End User, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Medical Hyperspectral Imaging Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Medical Hyperspectral Imaging Market Dynamics
3.1. Medical Hyperspectral Imaging Market Impact Analysis (2020-2030)
3.1.1. Market Drivers
3.1.1.1. Increasing prevelance of cancer
3.1.1.2. Increasing Research to Explore Medical Applications
3.1.2. Market Challenges
3.1.2.1. High Cost of Medical Hyperspectral Imaging
3.1.3. Market Opportunities
3.1.3.1. Rising expenditure on drug testing by pharmaceutical companies
3.1.3.2. Rising technological advancements
Chapter 4. Global Medical Hyperspectral Imaging Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Medical Hyperspectral Imaging Market, by Component
5.1. Market Snapshot
5.2. Global Medical Hyperspectral Imaging Market by Component, Performance – Potential Analysis
5.3. Global Medical Hyperspectral Imaging Market Estimates & Forecasts by Component 2020-2030 (USD Billion)
5.4. Medical Hyperspectral Imaging Market, Sub Segment Analysis
5.4.1. Hyperspectral Cameras
5.4.2. Accessories
Chapter 6. Global Medical Hyperspectral Imaging Market, by Modality
6.1. Market Snapshot
6.2. Global Medical Hyperspectral Imaging Market by Modality, Performance – Potential Analysis
6.3. Global Medical Hyperspectral Imaging Market Estimates & Forecasts by Modality 2020-2030 (USD Billion)
6.4. Medical Hyperspectral Imaging Market, Sub Segment Analysis
6.4.1. Push Broom
6.4.2. Snapshot
6.4.3. Others
Chapter 7. Global Medical Hyperspectral Imaging Market, by Application
7.1. Market Snapshot
7.2. Global Medical Hyperspectral Imaging Market by Application, Performance – Potential Analysis
7.3. Global Medical Hyperspectral Imaging Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
7.4. Medical Hyperspectral Imaging Market, Sub Segment Analysis
7.4.1. Quality Assurance & Drug Testing
7.4.2. Medical Diagnostics
7.4.3. Others
Chapter 8. Global Medical Hyperspectral Imaging Market, by End User
8.1. Market Snapshot
8.2. Global Medical Hyperspectral Imaging Market by End User, Performance – Potential Analysis
8.3. Global Medical Hyperspectral Imaging Market Estimates & Forecasts by End User 2020-2030 (USD Billion)
8.4. Medical Hyperspectral Imaging Market, Sub Segment Analysis
8.4.1. Pharmaceutical & Biopharmaceutical Companies
8.4.2. Research Institutes & Organizations
8.4.3. Others
Chapter 9. Global Medical Hyperspectral Imaging Market, Regional Analysis
9.1. Top Leading Countries
9.2. Top Emerging Countries
9.3. Medical Hyperspectral Imaging Market, Regional Market Snapshot
9.4. North America Medical Hyperspectral Imaging Market
9.4.1. U.S. Medical Hyperspectral Imaging Market
9.4.1.1. Component breakdown estimates & forecasts, 2020-2030
9.4.1.2. Modality breakdown estimates & forecasts, 2020-2030
9.4.1.3. Application breakdown estimates & forecasts, 2020-2030
9.4.1.4. End User breakdown estimates & forecasts, 2020-2030
9.4.2. Canada Medical Hyperspectral Imaging Market
9.5. Europe Medical Hyperspectral Imaging Market Snapshot
9.5.1. U.K. Medical Hyperspectral Imaging Market
9.5.2. Germany Medical Hyperspectral Imaging Market
9.5.3. France Medical Hyperspectral Imaging Market
9.5.4. Spain Medical Hyperspectral Imaging Market
9.5.5. Italy Medical Hyperspectral Imaging Market
9.5.6. Rest of Europe Medical Hyperspectral Imaging Market
9.6. Asia-Pacific Medical Hyperspectral Imaging Market Snapshot
9.6.1. China Medical Hyperspectral Imaging Market
9.6.2. India Medical Hyperspectral Imaging Market
9.6.3. Japan Medical Hyperspectral Imaging Market
9.6.4. Australia Medical Hyperspectral Imaging Market
9.6.5. South Korea Medical Hyperspectral Imaging Market
9.6.6. Rest of Asia Pacific Medical Hyperspectral Imaging Market
9.7. Latin America Medical Hyperspectral Imaging Market Snapshot
9.7.1. Brazil Medical Hyperspectral Imaging Market
9.7.2. Mexico Medical Hyperspectral Imaging Market
9.8. Middle East & Africa Medical Hyperspectral Imaging Market
9.8.1. Saudi Arabia Medical Hyperspectral Imaging Market
9.8.2. South Africa Medical Hyperspectral Imaging Market
9.8.3. Rest of Middle East & Africa Medical Hyperspectral Imaging Market

Chapter 10. Competitive Intelligence
10.1. Key Company SWOT Analysis
10.1.1. Company 1
10.1.2. Company 2
10.1.3. Company 3
10.2. Top Market Strategies
10.3. Company Profiles
10.3.1. Specim Private Limited
10.3.1.1. Key Information
10.3.1.2. Overview
10.3.1.3. Financial (Subject to Data Availability)
10.3.1.4. Product Summary
10.3.1.5. Recent Developments
10.3.2. BaySpec, Inc.
10.3.3. Resonon Inc.
10.3.4. Headwall Photonics Inc
10.3.5. HyperMed Imaging, Inc.
10.3.6. XIMEA GmbH
10.3.7. Cubert Inc
10.3.8. Diaspective Vision gmbh
10.3.9. ClydeHSI Imaging and Technology Limited
10.3.10. Imec
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

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Data Collection:
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Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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