Medical Hyperspectral Imaging Systems Market Growth & Trends
The global Medical Hyperspectral Imaging Systems Market size is expected to reach USD 6.3 billion by 2030, registering a CAGR of 11.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. One of the main factors driving market growth is the rising prevalence of chronic diseases. For instance, according to the National Center for Biotechnology Information (NCBI) in January 2023, the population of individuals aged 50 years and above in the U.S. is anticipated to surge by 61.11%, reaching 221.13 million by 2050 from 137.25 million in 2020.
Among this demographic, the estimated count of individuals with at least one chronic ailment is projected to soar by 99.5%, escalating from 71.522 million in 2020 to 142.66 million by 2050. Simultaneously, the number of individuals with multimorbidity is forecasted to rise by 91.16%, climbing from 7.8304 million in 2020 to 14.968 million in 2050. Moreover, the increasing popularity of non-invasive treatments and diagnostic techniques, along with advancements in imaging technology, is steadily growing. This trend showcases a preference for medical approaches that reduce patient discomfort and risks while ensuring accurate diagnoses.
Improvements in imaging technology, such as better resolution and flexibility, also play a significant role in the expansion of non-invasive medical practices. These developments enable healthcare professionals to diagnose and treat various conditions more efficiently, leading to better patient outcomes and enhanced quality of care. In 2023, North America led the market with a share of 34.7% as the region's advanced healthcare system allows for the integration of innovative imaging technologies, facilitating precise diagnosis and treatment. Moreover, North America's proactive approach to embracing medical advancements contributes to the rapid expansion of the medical hyperspectral imaging systems market.
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Medical Hyperspectral Imaging Systems Market Report Highlights
- Based on product, the hyperspectral camera segment accounted for the largest share in 2023 and is expected to grow at the fastest CAGR of 11.9% from 2024 to 2030 as it facilitates thorough examination of materials and objects, leveraging their distinct spectral characteristics for analysis
- Based on the technology, the snapshot segment accounted for the largest revenue share in 2023 and is expected to grow at the fastest CAGR of 12.2% from 2024 to 2030. Snapshot systems can gather all the spectral data for a scene at once without scanning it bit by bit. This makes the imaging process faster and more efficient
- The medical diagnostics application segment is expected to grow at the fastest CAGR of 12.0% from 2024 to 2030. Medical diagnostics involves using advanced imaging technology to detect and diagnose various diseases and conditions, offering precise and detailed insights for improved patient care and treatment decisions
- The hospitals & clinics end-use segment captured the largest share of 48.6% in 2023. The pharmaceutical & biotechnology companies segment is expected to grow at the fastest CAGR of 12.4% from 2024 to 2030
Medical Hyperspectral Imaging Systems Market Segmentation
Grand View Research has segmented the global medical hyperspectral imaging systems market based on product, technology, application, end-use, and region:
Medical Hyperspectral Imaging Systems Product Outlook (Revenue, USD Million, 2018 - 2030)
- Hyperspectral Camera
- Accessories
Medical Hyperspectral Imaging Systems Technology Outlook (Revenue, USD Million, 2018 - 2030)
- Snapshot
- Push Broom
- Others
Medical Hyperspectral Imaging Systems Application Outlook (Revenue, USD Million, 2018 - 2030)
- Medical Diagnostics
- Quality Assurance & Drug Testing
- Others
Medical Hyperspectral Imaging Systems End-use Outlook (Revenue, USD Million, 2018 - 2030)
- Hospitals & Clinics
- Research & Academic Institutes
- Pharmaceutical & Biotechnology Companies
Medical Hyperspectral Imaging Systems Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Norway
- Sweden
- Denmark
- Asia Pacific
- Japan
- China
- India
- Thailand
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
- Kuwait
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