Global Market

• The global market size for hyperspectral imaging systems was estimated to be $11.1 billion in 2019 and was expected to grow at a CAGR of 17.8% to $25.2 billion in 2024. This report mentions that the camera segment will witness the highest growth but does not mention the specific size of this segment.
• Key growth drivers for the overall market are the "increasing funding and investments in this field and the growing industrial applications of HSI. The untapped market opportunities in emerging markets are also expected to provide growth opportunities for players in the market."
• Factors limiting the market growth are "data storage issues and the high costs associated with HSI systems" and "attaining super-resolution in a cost-effective manner."
• Key growth drivers specific to the camera segment are "technological advancements, the development of affordable hyperspectral imaging cameras, and the increasing adoption of hyperspectral technology for defense and industrial applications."
• Especially the life sciences and medical diagnostics segment is expected to contribute to the highest growth in this segment. In this segment, "hyperspectral imaging provides real-time imaging data and is accessible to the physician during the surgery, a key advantage over other advanced imaging techniques, such as PET scanning or MRI scans. The application of hyperspectral imaging analysis for the early detection of various types of cancer and retinal diseases is currently under research."
• Main players mentioned in diverse reports are Headwall Photonics, Inc. (US), Applied Spectral Imaging, Inc. (US), Corning Incorporated (US), Surface Optics Corporation (US), Norsk Elektro Optikk AS (Norway), Resonon, Inc. (US), Specim, Spectral Imaging Ltd. (Finland), Telops, Inc. (Canada), BaySpec, Inc. (US), Cubert GmbH (Germany), inno-spec GmbH (Germany), XIMEA GmbH (Germany), imec (Belgium), and ChemImage Corporation (US), Brandywine Photonics (US), Photon Etc (Canada), Galileo Group, Inc. (US), Hypermed Imaging, Inc. (US), Camlin Group (Ireland), and Raytheon (US).

Summary of Findings

• During the initial hour of research, we attempted to find the market size and key players for hyperspectral imaging cameras specifically for academic and research purposes.
• We found that market information available in the public domain was on the total market and not the specific segment requested. While there were indications that the cameras segment formed the largest portion of this market, we could not find a percentage that would allow us to estimate the size of this segment. Paid reports, however, do provide insight into the market by segment and by end-user.