---

Market Overview

---

The global hyperspectral imaging market was valued at $791 million in 2021 and is projected to grow at a CAGR of 13.17% to reach $1,640 million by 2027. This growth is driven by various factors, including the widespread applications of hyperspectral imaging technology, increasing demand and investments from the military and defense sectors, government focus on research and development activities, rising prevalence of chronic disorders and aging population, growing awareness of early disease diagnosis, and global food safety concerns.

Hyperspectral imaging (HSI) technology captures a wide range of light frequencies, from ultraviolet to infrared, creating a three-dimensional dataset with one spectral dimension and two spatial dimensions. It operates across different electromagnetic spectrums and enables in-depth analysis of the subject being examined. HSI has numerous applications in medical diagnostics, image-guided surgery, drug analysis, defense, agriculture, food quality monitoring, mining, geology, environmental monitoring, and biological research.

While the hyperspectral imaging market is still in its early stages, there is ongoing research and development to enhance HSI products. Technological advancements in hospitals, diagnostic centers, defense sectors, agriculture practices, and research centers present significant opportunities in the global market. Additionally, the growing demand in developing regions contributes to market growth.

The COVID-19 pandemic had a negative impact on the global ecosystem, including the hyperspectral imaging market. Production facilities were shut down for non-essential goods, leading to disruptions in the supply chain and reduced demand. However, ongoing research on HSI’s application in detecting COVID-19 and the resumption of non-essential activities are expected to mitigate the short-term impact. As the recovery phase progresses, the adoption rate for hyperspectral devices is expected to increase due to their unique benefits in multiple industries.

The drivers for the hyperspectral imaging market include the wide range of applications, increased investments from the military and defense sectors, government funding for research and development, growing prevalence of chronic diseases and aging population driving medical HSI, and rising awareness of early disease diagnosis and global food safety concerns.

However, the market faces limitations such as the high cost of hyperspectral devices, insufficient infrastructure and skilled professionals to support their implementation, and the large volume of data produced by these devices.

---

Market Segmentation

---

The market is segmented based on various factors, including application, technology, spectral range, product, and region.

Segmentation by Application
Healthcare (Medical Imaging/Diagnostics, Pharmaceuticals, Image-Guided Surgery, Others)
Defense
Environmental Monitoring and Agriculture
Mining and Material
Food Inspection
Others (Art Conservation, Machine Vision, and Optical Sorting)

Segmentation by Technology
Push-broom
Snap-shot
Others (Whiskbroom (Point Scanning), Tunable Filters (Wavelength Scanning), and Imaging FTIR (Time Scanning))

Segmentation by Spectral Range
Visible Hyperspectral Imaging
Visible Near-Infrared (VNIR) Hyperspectral Imaging
Short-Wave Infrared (SWIR) Hyperspectral Imaging
Mid-Wave Infrared and Long-Wave Infrared Hyperspectral Imaging
Others

Segmentation by Product
Hyperspectral Imaging Cameras
Other Accessories

Segmentation by Region
North America – U.S., Canada
Europe – Germany, France, U.K., Italy, Spain, Rest-of-Europe
Asia-Pacific – Japan, China, India, Australia, South Korea, Rest-of-Asia-Pacific
Latin America – Brazil, Mexico, Rest-of-Latin America
Middle East and Africa – U.A.E., South Africa, Rest-of-Middle East and Africa

In the application segment of the global hyperspectral imaging market, it is expected that the mining and material sector will dominate. During the period from 2021 to 2027, the mining and material segment is projected to create the highest incremental opportunity of $194 million, followed by the defense segment at $178 million. Hyperspectral imaging (HSI) is a rapidly evolving technology that enables the mapping of minerals in a rapid and systematic manner, allowing for exploration of the Earth’s surface across various sizes and platforms. New sensors provide accurate information on the quantity and spatial distribution of ore and minerals in drill-core, hand samples, and outcrops, covering a broad spectral range. Hyperspectral remote sensing effectively captures information on mineral composition, rock and mineral classification, and mapping. For example, a study published in the Nature Journal in 2021 titled Application of Hyperspectral Remote Sensing for supplementary investigation for Polymetallic Deposit in Huaniushan ore Region, North-western China demonstrated that Chinese experts achieved around 80% classification accuracy by utilizing hyperspectral imaging with minimum noise fraction transformation for qualitative and quantitative analysis.

The push-broom technology segment dominates the global hyperspectral imaging market. Valued at $495 million in 2021, the push-broom segment is expected to reach $997 million by the end of 2027, with a CAGR of 12.63% during the period from 2022 to 2027. The push-broom approach detects spectra of pixels on a single spatial line at each point in time, forming a two-dimensional array of measurements for each spatial line. One array dimension corresponds to the spatial axis, while the other corresponds to the spectral axis. Push-broom microscopic hyperspectral imaging systems are widely used due to their low cost and ease of use. However, the spatial resolution of push-broom HSI systems is limited by the width of the optical entrance slit.

The visible near-infrared (VNIR) hyperspectral imaging segment dominates the global hyperspectral imaging market. During the period from 2021 to 2027, the VNIR segment is expected to create the highest incremental opportunity of $502 million, followed by the short-wave infrared (SWIR) segment at $165 million. VNIR hyperspectral imaging accounted for a 56.34% share in 2021 and is projected to account for 57.77% by the end of the forecast period from 2022 to 2027. VNIR refers to the spectral range from 400 to 1,000 nanometers, providing highly spatial resolute images and depth penetration for colored or non-metallic surfaces.

The global hyperspectral imaging market is segmented into hyperspectral imaging cameras and other accessories. During the period from 2021 to 2027, the hyperspectral imaging cameras segment is expected to create the highest incremental opportunity of $684 million, followed by the other accessories segment at $166 million. Hyperspectral imaging cameras operate in various spectral ranges from visible to LWIR and can be used for different applications. They collect information across the electromagnetic spectrum, enabling in-depth analysis of the objects being examined.

North America held the largest share in the global hyperspectral imaging market in 2021, and this trend is expected to continue during the forecast period from 2022 to 2027. The dominance of North America is attributed to the presence of numerous companies in the region engaged in the development of hyperspectral solutions and significant investments in research and development. The region offers diverse opportunities for hyperspectral imaging companies and boasts top-notch diagnostic centers, hospitals, agricultural practices, and defense investments.

---

Competitive Landscape

---

The selection of the profiled companies was based on inputs collected from primary experts and an analysis of their company coverage, product portfolio, and market penetration.

Key companies profiled in this report include BaySpec, Inc., Corning Incorporated, CytoViva, Inc., Headwall Photonics, Inc., HORIBA Ltd., HyperMed Imaging, Inc., IMEC International, Inno-spec GmbH, Konica Minolta, Inc., Norsk Elektro Optikk A/S, Photon Etc., Resonon, Inc., Swift Medical Inc., Teledyne FLIR LLC, Clyde Hyperspectral Imaging and Technology Ltd., Cubert GmbH, Diaspective Vision GmbH, Emberion, GAMAYA, HAIP Solutions GmbH.

---

Recent Industry Developments

---

In April 2022, an alliance was formed between IMEC International and Bühler Group’s Leybold Optics. The purpose of this partnership is to manufacture next-generation hyperspectral imaging sensors with high resolution at a reduced cost.

In March 2022, Swift Medical introduced its latest medical device, the Swift Ray-1, which utilizes hyperspectral imaging technology. This device aims to enhance accessibility to healthcare services.

In January 2022, Emberion secured funding amounting to €6 million ($6.36 million) from Nidoco AB, Tesi, and Verso Capital. These funds will be utilized to accelerate the expansion of Emberion’s infrared imaging business.

In December 2021, Emberion unveiled its VS20 VIS-SWIR 400-2000 nm hyperspectral imaging camera. This camera, suitable for medical diagnostics and image-guided surgeries, offers a comprehensive range of wavelengths.

In November 2021, Diaspective Vision and OmniVision joined forces to develop a new medical hyperspectral imaging camera specifically designed for endoscopes.

In May 2021, Diaspective Vision GmbH released a new series of products, including TIVITA, TIVITA Mini, and TIVITA Mobile, targeting the European market. TIVITA Mini provides color images of human tissue for diagnostic purposes, while TIVITA Mobile allows non-invasive analysis of wounds, making it suitable for mobile and outpatient facilities.

In March 2021, IMEC International collaborated with scientists and engineers from Katholieke Universiteit (KU) Leuven, Universitair Ziekenhuis (UZ) Leuven, and the research organization VITO. The goal of this collaboration is to conduct research on early detection of Alzheimer’s disease using hyperspectral imaging technology.

In June 2019, Gamaya formed an alliance with Mahindra & Mahindra. As part of this collaboration, Mahindra & Mahindra invested $4.3 million for an 11.35% stake in Gamaya.

---

Key Questions Answered

---

What are the main drivers, challenges, and opportunities in the global hyperspectral imaging market?

What factors contribute to the emerging trends in the global hyperspectral imaging market?

How is each segment of the global hyperspectral imaging market expected to grow throughout the forecast period?

What is the projected revenue for each segment by the end of 2027?

What significant strategies have major players implemented to maintain competitiveness in the market?

Which regulatory bodies govern the entry of hyperspectral imaging products into the market?

Who are the leading players that offer significant contributions to the global hyperspectral imaging market?

What is the current market dominance for each of these leading players?

What compound annual growth rate (CAGR) is expected for the leading players during the forecast period of 2022-2027?

What are the major technological and regional adoption trends in the global hyperspectral imaging market?

What are the primary technologies used in the global hyperspectral imaging market?

Which technology holds the highest level of dominance?

Who are the key manufacturers in the global hyperspectral imaging market and what are their contributions?

What is the growth potential of different applications for hyperspectral imaging in the market?