Market Trends of Hyperspectral Imaging Industry
Healthcare to be the Fastest Growing End User Segment
- The application of Hyperspectral Imaging in the healthcare sector constantly expands as researchers explore its potential in various medical fields. For the last twenty years, hyperspectral imaging has witnessed the potential to become a key tool for research and identifying diseases in the healthcare field as it has a non-contact, non-ionizing, and label-free imaging modality.
- The utilization of HSI technology in the healthcare sector is of utmost importance. Moreover, the increasing number of investments in the sector is expected to propel the growth of this domain. The healthcare sector is undergoing a large-scale digital transformation, and these technologies are expected to influence the domain significantly.
- The World Health Organization has estimated that more than 422 million adults have diabetes, and about 1.5 million deaths are caused due to diabetes. Retinal inspection is necessary due to the increasing counts of glaucoma and diabetic patients- skin scans to detect diseased or malignant cells. Specific wavelengths are better suited for penetrating deeper into the skin so a more detailed understanding of a patient's condition can be reached. Given the correct stimulation, cancers and other diseased cells would fluoresce or absorb light, making them easily distinguishable from healthy tissue.
- In some regions, cancer cases have increased yearly, which drives the studied market. For instance, the World Health Organization predicted that in 2040, there will be a total of 3,02,26,151 new cases of lung and bronchus cancer globally.
- Also, skin cancer has increased considerably worldwide, specifically among old and middle-aged individuals. This has increased early disease detection's significance in reducing mortality and morbidity. Hyperspectral microscopic imaging technology can be used for the effective diagnosis of skin cancer. This technology integrates hyperspectral imaging technology with microscopy to provide image and spectral information of the targeted tissue. The combination of machine learning and hyperspectral microscopic imaging can considerably improve the accuracy and efficiency of a skin cancer diagnosis.
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North America Holds Significant Market Share
- The presence of countries, such as the United States that have significant investments as far as surveillance is concerned. The surveillance is not limited to the military. It includes several law enforcement agencies that leverage advanced technology to monitor and track multiple individuals or vehicles during the day and at night and surveil the events in an area. Such new deployments are anticipated to increase the adoption of hyperspectral imaging systems and devices.
- The United States has a significantly high military expenditure compared to the rest of the world. In the budget proposed for the fiscal year 2023, released in March 2022, the Biden administration sought USD 813.3 billion for national defense. Furthermore, the Department of Defense sought USD 773 billion from Congress in the 2023 budget, an increase of USD 30.7 billion from its 2021 allocation. The USD 773 billion budget allocated to the Pentagon will fund weapons programs and critical national security priorities.
- As per Secretary of Defense Lloyd J. Austin III, the U.S. president's fiscal 2024 defense budget request is a strategy-driven document ensuring the U.S. military is the strongest in the world now and into the future. The USD 842 billion budget request ensures the military can perform its missions and be positioned to respond to myriad threats moving forward. China is America's pacing threat, and the budget request is driven by the seriousness of ITS strategic competition with the People's Republic of China. On land, the United States defense sector is investing in air and missile defense and in defenses to counter uncrewed aerial vehicles. It also requested USD 11 billion to deliver the right mix of long-range fires, including significant investments in hypersonics.
- The National Cancer Institute estimates that cancer-related direct medical costs in the United States will increase to USD 246 billion by 2030, an increase of 34% from 2015 based only on population growth and aging. However, the projection is expected to be an understatement to the real-time expenditure, factoring in the growing cost of prescription medicines, with the list price for many now more than USD 1 million annually.
- According to the American Cancer Society, in 2023, it was estimated that there would be nearly 935 thousand new cancer cases among women in the United States. The increased prevalence of cancer in the region is driving the growth of hyperspectral imaging in the healthcare industry to detect cancer at an early stage. Various organizations are collaborating to advance the technology and provide a cost-effective price for larger use for medical diagnosis.
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