Hyperspectral Imaging Poised for Growth

The global hyperspectral imaging market is projected to reach $90 million by 2021 with a compound annual growth rate of 9.8 percent, according to a report by Mordor Intelligence.

Hyperspectral imaging is a part of many medical procedures such as gastrointestinal tract, mucosal membrane, ophthalmology, vascular systems and surface tissue applications. The market has been segmented into agriculture, surveillance, life sciences, environmental testing, food industry, mining and mineralogy, machine control, physics and astronomy and others.

Use in military surveillance contributed to the largest market share of nearly 21 percent in 2015. Mining, mineralogy and meteorological applications have contributed greatly toward a high market share. Health-care applications, especially in diagnostics, are increasing rapidly, and the hyperspectral imaging market for life sciences is expected to grow at the highest compound annual growth rate. Untapped markets in emerging economies, elucidation of newer application areas of hyperspectral imaging and increasing adoption in the health-care industry are expected to bring other market opportunities.