Healthcare Sector Will Be the Fastest-Growing Segment for the Global Hyperspectral Imaging Market until 2020, Reports Technavio

Based on end-user, the global HIS market is segmented into the following: defense, environment monitoring, mining and mineralogy, healthcare, food and agriculture, and machine vision. The top four segments are explained below.

Organizations such as NASA, the US Naval Research Laboratory, and the US Army NVESD have been making use of HSI devices for a long time to track down and destroy enemy targets. The world-famous operation conducted by the US Navy SEALs to track down Osama Bin Laden was conducted with the help of information extracted through an HSI device.

The environment monitoring segment generated revenue of USD 82.5 million in 2015, which is likely to reach USD 135.3 million by 2020. HSI is playing a key role in forestry management, precision agriculture, and pollution control, all of which come under the umbrella of environment monitoring. Global warming has become a matter of serious concern for the entire planet, and countries across the globe are trying to control it. Fixed-wing aircraft and hand-launched, low-altitude unmanned aerial vehicles help analysts determine the suitability of croplands and detect diseases and other stress-related conditions.

HSI technology can play a major role in tackling this challenge. HSI devices quickly survey the land below them with the help of the information obtained through specific spectral signatures. Such data helps farmers make the right decisions regarding the time and place for planting crops.

The mining and mineralogy segment is expected to reach USD 141.7 million by 2020, should the sector sustain a CAGR of 12.01% during the forecast period.

HSI was initially used at finer scales for areas of several hundred square kilometers and mapped at resolutions of 10-20 meters. With the help of advanced computing systems and algorithms for geo-correction and material identification, mapping and visualization of several thousands of square kilometers at resolutions of 3.5 meters has been possible since 2010. Further innovation has been done in the form of co-acquired high-resolution airborne hyperspectral data with orthophotographs and derived digital terrain models. For example, since 2010 hyperspectral surveys have been done on the terrain of the northern Yilgarn Craton in Western Australia for uranium exploration, which was previously very difficult due to the weathered landscape.

The top vendors highlighted by Technavio’s research analysts in this report are:

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.