U.S. Medical Hyperspectral Imaging Market Size, Share, Analysis, By Component (Hyperspectral Camera and Accessories), By Modality (Push Broom, Snapshot, and Others), By Application (Quality Assurance & Drug Testing, Medical Diagnostics, and Others), By End User (Pharmaceutical & Biopharmaceutical Companies, Academic & Research Institutes, and Others), and Forecast, 2024-2032

The U.S. medical hyperspectral imaging market size was worth USD 544.4 million in 2022 and is anticipated to grow at a CAGR of 13.7% during the forecast period. 

Hyperspectral imaging is an advanced analytical technique that captures and analyzes a wide range of electromagnetic wavelengths throughout the light spectrum. Unlike conventional spectral imagers that only capture three spectrum bands called RGB (Red, Green, and Blue), hyperspectral imaging technology enables the collection of detailed spectral information for each pixel in an image. The primary component of a hyperspectral imaging system is a hyperspectral camera capable of covering a wavelength range of 200–2,500 nm and providing in-depth spectral information.

Moreover, the increasing applications of medical hyperspectral imaging in disease diagnosis, pharmaceutical research, and non-invasive imaging and monitoring drive the U.S. medical hyperspectral imaging market growth. However, the impact of COVID-19 pandemic on the market was slightly negative in 2020 due to the decline in demand leading to a delayed purchase cycle.

LATEST TRENDS

Integration of Deep Learning with Medical Hyperspectral Imaging for Enhanced Diagnosis 

The rising applications of medical hyperspectral imaging in research encourage developers to produce efficient output by integrating it with multiple technologies. Deep learning, a branch of machine learning influenced by the human brain's function, is one such technology. The technological integration with currently available products will likely enhance the disease diagnosis outcome with minimized cost.

• For instance, according to an article published in December 2022 by National Center for Biotechnology Information (NCBI), highlighted the integration of deep learning with a near-infrared hyperspectral imaging system to capture hyperspectral images of gastric tissue. The study achieved an accuracy rate of 97.6% in the diagnosis of stomach cancer.

DRIVING FACTORS

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Rising Incidence of Cancer to Augment Market Growth

Hyperspectral imaging plays a crucial role in the early detection and diagnosis of cancer. These cameras can analyze different aspects of tissue, such as tissue composition, vascularity, metabolism, and others, and can differentiate between healthy and cancerous tissue. The rising number of cancer cases in the U.S. is leading to increased demand for medical hyperspectral imaging. Furthermore, the non-invasive nature of diagnosis through these cameras further boosts product adoption leading to market growth.

• For instance, according to the 2023 Cancer Facts & Figures Report published by the American Cancer Society (ACS), an estimated 1.96 new cancer cases in the U.S. will lead to 0.61 million cancer deaths in 2023. The new cancer cases in 2023 indicate an increase of 2.2% compared to 2022.

Moreover, the rapidly expanding pharmaceutical industry has boosted the deployment of these cameras for drug discovery and development. Thus, the increasing incidence of cancer and the growing deployment of hyperspectral imaging cameras in pharmaceutical research are anticipated to boost the demand for medical hyperspectral imaging systems.

RESTRAINING FACTORS

High Cost of Medical Hyperspectral Imaging Systems to Limit the Adoption and Market Growth 

The components of a hyperspectral imaging system include light sources, hyperspectral camera, reflectance panel, microscope, software, and other accessories. Among these components, the hyperspectral camera is particularly sensitive and depending on the application, the cost of the camera varies widely.

• For instance, according to an article published in August 2021 in Springer Nature, the cost of Resonon Pika-NIR-320, an IR-hyperspectral camera, is approximately USD 50,000. Generally, the cost of a hyperspectral camera may range between USD 20,000 to USD 100,000. The high cost of these cameras acts as a limitation to their widespread adoption, thereby hindering the growth of the market during the forecast period.

SEGMENTATION

By Component Analysis

Based on component, the market is bifurcated into hyperspectral cameras and accessories.                                                                                                

The hyperspectral cameras segment accounted for a larger U.S. medical hyperspectral imaging market share in 2022. The larger market share is attributed to the rising product development by market players and the higher cost of hyperspectral cameras compared to accessories. Additionally, the wide range of applications for hyperspectral cameras suggests their potential to replace conventional cameras, further indicating the segment's high growth rate during the forecast period.

• For instance, according to Sutardja Center for Entrepreneurship & Technology, Berkeley's College of Engineering, at the University of California, there is a 75% likelihood that standard monochrome visible cameras will be replaced by hyperspectral cameras, as they offer superior image collection capabilities compared to other types of cameras.

By Modality Analysis

Based on modality, the market is segmented into push broom, snapshot, and others.

The push broom segment held a larger market share in 2022 owing to being the first modality introduced in the market, leading to increased adoption. The push broom modality offers a high spectral & spatial resolution, which enhances user orientation and contributes to the segment's growth during the forecast period.

• For instance, a study published in August 2022 in Frontiers Media S.A., revealed that during brain tumor resection surgery, the VNIR push broom modality showed an accuracy of 84%–85% in classifying healthy tissue, blood vessels, tumor, and dura mater.

The snapshot segment is anticipated to register a faster CAGR owing to its high data throughput capacity in a comparatively lesser timeframe.

By Application Analysis

Based on application, the market is segmented into quality assurance & drug testing, medical diagnostics, and others.

The quality assurance & drug testing segment held a larger share in 2022 driven by a growing emphasis on product quality and increasing expenditure on research and development for new drug discoveries. The above mention areas have a huge implication for hyperspectral imaging systems, directly contributing to the segment’s growth during the forecast period.

• For instance, according to an article published by Evaluate Ltd. in April 2023, Pfizer Inc., a U.S.-based pharmaceutical company, spent around USD 12.38 billion in R&D. Additionally, in 2022, Lilly spent 28.2% of sales in R&D of new drugs development.

The substantial investment in research and development leads to the rising adoption of hyperspectral imaging systems, thereby contributing to the segment's growth during the forecast period.

By End User Analysis

Based on end user, the market is segmented into pharmaceutical & biopharmaceutical companies, academic & research institutes, and others.

The pharmaceutical & biopharmaceutical companies segment held a larger share in 2022 owing to the rapid expansion of the pharmaceutical industry in the country. Moreover, the research institutes & organizations segment is anticipated to register a significant CAGR due to rising funding and grants provided to medical research institutes & organizations.

• For instance, according to an article published in August 2022 by the U.S. Department of Health and Human Services, the National Institute of Health (NIH) invested approximately USD 45 billion in medical research for U.S. residents. The NIH awarded around 50,000 grants, which constitute about 84.0% of the budget, to around 2,500 medical schools, universities, and other research institutions. Furthermore, approximately 10.0% of the budget was allocated to projects conducted by 6,000 scientists in their laboratories.

KEY INDUSTRY PLAYERS

The emerging players in the market are anticipated to contribute to market expansion by introducing new products. The competitive landscape indicates the presence of a huge opportunistic pool for new entrants in the market to capture larger market share. Major players, including Imec, Specim, BaySpec, Inc., and Resonon, Inc., accounted for a significant market share in 2022. Factors, such as a broad product portfolio and the adoption of organic and inorganic strategies, are likely to contribute to increasing the market shares of these players.

• For instance, in July 2022, Headwall Photonics, a U.S. based company, acquired Holographix LLC to expand its hyperspectral system manufacturing capabilities and address the country's rising demand for the product. Such strategic alliances are anticipated to further strengthen the market presence of these companies.

LIST OF KEY COMPANIES PROFILED:

• Imec (Belgium)


• Specim (Konica Minolta, Inc.) (Japan)


• BaySpec, Inc. (U.S.)


• Resonon Inc. (U.S.)


• Headwall Photonics (U.S.)


• HyperMed Imaging, Inc. (U.S.)


• XIMEA GmbH (Germany)


• Cubert GmbH (Germany)


• Diaspective Vision (Germany)


• ClydeHSI (U.K.)

KEY INDUSTRY DEVELOPMENTS: 

• January 2023 – Imec exhibited the novel application of its SNAPSCAN VNIR 150 for in-vivo detection of low-grade gliomas in the Biomedical Optics and Biophotonics Exhibition at SPIE Photonics West. The camera can generate accurate clinical data helping surgeons to detect intrinsic brain tumors’ exact demarcations without any label.


• November 2021 - OmniVision Technologies, Inc. entered into a partnership with Diaspective Vision to develop MALYNA system, a medical hyperspectral imaging camera for endoscopes. The camera has applications in robotic surgery, laparoscopy, and diagnostic endoscopy with the goal of potentially detecting tumor and intraoperative risk structure.


• May 20z1 - Diaspective Vision announced the launch of TIVITA 2.0, an extracorporeal camera for perfusion diagnostics. The camera captures a continuous live color image and various perfusion parameters of human tissue that support the disease diagnosis.

REPORT COVERAGE

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The U.S. medical hyperspectral imaging market research report provides a detailed market analysis. It focuses on key aspects such as technological advancement, incidence of cancer, and emerging hyperspectral imaging applications in medical domain. Additionally, it includes new product launches, key industry developments such as mergers, partnerships, & acquisitions, and the impact of COVID-19 on the market. Besides this, the report also highlights key industry dynamics.

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