The hyperspectral market is still in the nascent phase. Increased research and development activities are underway to develop more hyperspectral imaging products.

The global hyperspectral imaging market was estimated to be at $791.2 million in 2021, which is expected to grow with a CAGR of 13.17% and reach $1,640.3 million by 2027.The growth in the global hyperspectral imaging market is expected to be primarily driven by increased awareness of the technology in different sectors such as agriculture, healthcare, and mining.

Recent Developments in Global Hyperspectral Imaging Market

•    In April 2022, IMEC International established a partnership with Bühler Group’s Leybold Optics for the production of new generation, low-cost hyperspectral imaging sensors with high resolution.
•    In March 2022, Swift Medical launched a hyperspectral imaging medical device to make healthcare more accessible, Swift Ray-1.
•    In January 2022, Emberion received funding of €6 million ($6.36 million) from Nidoco AB, Tesi, and Verso Capital, to step up the expansion of its infrared imaging business.
•    In December 2021, Emberion announced the launch of its VS20 VIS-SWIR 400-2000 nm hyperspectral imaging camera, which can be used in the application of medical diagnosis and image-guided surgeries.
•    In November 2021, Diaspective Vision and OmniVision partner to develop a new medical hyperspectral imaging camera for endoscopes.
•    In May 2021, Diaspective Vision GmbH launched a new series of TIVITA, TIVITA Mini, and TIVITA Mobile for the European market. The TIVITA Mini provides colored images of human tissue for diagnosis and the TIVITA Mobile allows non-invasive analysis of a wound and can be used in mobile and outpatient facilities.
•    In March 2021, IMEC International established a collaboration with scientists and engineers from Katholieke Universiteit (KU) Leuven, Universitair Ziekenhuis (UZ) Leuven, and the research organization VITO for research on the early detection of Alzheimer’s using hyperspectral imaging technology.
•    In June 2019, Gamaya entered an alliance with Mahindra Mahindra as the company invested $4.3 million for an 11.35% stake in Gamaya.

Market Segmentation

Demand – Drivers and Limitations

Following are the drivers for the hyperspectral imaging market:

•    Wide-Spread Applications of Hyperspectral Imaging Technology
•    Increasing Demand and Investments from the Military and Defense Sectors
•    Increasing Investments by the Government for Research and Development Activities
•    Increasing Prevalence of Chronic Disorders and Geriatric Population Boosting the Growth of Medical Hyperspectral Imaging
•    Growing Awareness Regarding Early Diagnosis of Diseases
•    Increased Global Food Safety Concerns

The market is expected to face some limitations too due to the following challenges:

•    High Cost of The Hyperspectral Devices
•    Lack of Infrastructure and Skilled Professionals to Support Hyperspectral Devices
•    High Volume of Produced Data

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analysing company coverage, product portfolio, and market penetration.

Some of the prominent names established in this market are:

Company Type 1: Established Companies
•    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

Company Type 2: Emerging Companies
•    Clyde Hyperspectral Imaging and Technology Ltd.
•    Cubert GmbH
•    Diaspective Vision GmbH
•    Emberion
•    GAMAYA
•    HAIP Solutions GmbH