Healthcare Hyperspectral Imaging Market Forecast: 2018–2024

Healthcare Hyperspectral Imaging Market: Global Drivers, Restraints, Opportunities, Trends, and Forecast: 2018–2024

Overview

Hyperspectral imaging (HSI) has a similar information collection process like other spectral imaging across the electromagnetic spectrum. The primary goal of hyperspectral imaging is to achieve the spectrum for every pixel in the image scene captures and identify the target with high precision and details. Hyperspectral imaging, also known as imaging spectrometry, provides high accuracy and detailed information. HSI has a wide range of applications in vegetation, archaeology, forensic, crime detection, food quality, diagnosis, and many more. The emerging application has led to an increase in the demand for HSI in non-invasive diagnosis, especially in surgical guidance.

Hyperspectral imaging assists in distinguishing spectrally unique materials and also helps to extract the detailed information that is not possible with other types of remotely sensed technique. It is a type of imaging with a large number of narrow wavebands, where each scene contains information about the radiation reflected/absorbed range of wavelength. This has become one of the key methods for evaluating any target in non-destructive and remote-based imaging.

Market Scenario:The global healthcare hyperspectral imaging market has immense growth opportunities in both developed and developing regions. The manufacturers are focusing on developing healthcare hyperspectral imaging systems to support image analysis and fasten the process of various imaging facilities, especially during surgeries. There is increased adoption of imaging systems for high-quality imaging, screening, and diagnosing due to improved access and encouragement from the government & other healthcare institutions, especially in the US, Canada, France, Germany, and the UK.

Imaging mass spectrometry and functional magnetic resonance imaging are the forms of hyperspectral imaging with a wide range of applications in healthcare. The advancements in hyperspectral imaging systems have changed the way the diagnoses in healthcare are being done, and a significant change is witnessed in the optical imaging market.

A majority of the leading healthcare hyperspectral imaging companies focus on developing high-quality cameras that provide an assessment of diagnosis and treatment for various chronic diseases. The manufacturers are emerging with different strategies to compete in the market along with various brands, models, and designs.

The factors such as the rise in the aging population, increased incidence of chronic diseases, the introduction of portable/handheld hyperspectral imaging systems with high operability and safety, and an increase in the number of diagnostic procedures are expected to positively impact the growth of the healthcare hyperspectral imaging market, thereby leading to the high demand for advanced healthcare hyperspectral imaging devices.

Key Players-Headwall Photonics, Specim Spectral Imaging, Norsk Elektro Optikk, IMEC, and Surface Optics have the maximum revenue generation in the global healthcare hyperspectral imaging market.

Market Analysis –The global healthcare hyperspectral imaging market is estimated to witness a CAGR of 14.4% during the forecast period 2018–2024. The market is analyzed based on four segments: product type, application type, end-users, and regions.

Regional Analysis – The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). In North America, the US and Canada are the leading countries owing to the highest number of diagnostic cases in 2017. This region dominates the overall presence of healthcare hyperspectral imaging and has the most diversified devices available in the market. It has the highest percentage of the elderly population with many individuals suffering from chronic diseases such as CVD, neurovascular disorders, orthopedic surgeries, and other urology-related disorders. This has helped most of the vendors to sustain and grow over the period and maintain their product presence in the market. Europe is the second leading region and held more than 30% of the market share in 2017. The market in Europe was largely driven by advancements in medical device technologies. The factors such as an increase in the prevalence of diseases, continuous adoption of advanced technologies, and increasing aging population are driving the market. The leading countries in Europe include Germany, France, the UK, and Italy.

Key Competitive Facts

• The market is highly competitive with all the players competing to dominate. Intense competition, rapid advancements in technology, and frequent changes in government policies are the key factors that confront the market.
• The manufacturers have formulated various strategies for developing innovative healthcare hyperspectral imaging devices in the market.

Benefits – The report provides complete details about the usage and adoption rate of healthcare hyperspectral imaging devices. Thus, the key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives toward the medical devices segment in the upcoming years along with the details of the pureplay companies entering the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals and to analyze before investing or expanding the business in this market.

Table of Contents

1 Industry Outlook 10
1.1 Orthopedic Devices 10
1.1.1 Overview 10
1.1.2 Geography 11
1.1.3 Medical Technologies 11
1.1.4 Increase in Mergers & Acquisitions 11
1.1.5 Industry Trends 12
1.2 Healthcare Spending in the US 13
1.3 Regulatory Bodies & Standards 13
1.4 Reimbursement Scenario 14
1.5 Third-party Reimbursement 15
1.6 Emerging Global Markets 16
1.7 Patient Demographics 17
1.8 Definition: Foot and Ankle 19
1.8.1 Overview 19
1.8.2 Statistics 20
1.9 PESTLE Analysis 22
2 Report Outline 24
2.1 Report Scope 24
2.2 Report Summary 24
2.3 Research Methodology 25
2.4 Report Assumptions 26
3 Market Snapshot 27
3.1 Total Addressable Market (TAM) 27
3.1.1 Importance of Orthopedic Devices 28
3.2 Segmented Addressable Market (SAM) 30
3.3 Related Markets 33
3.3.1 Surgical Devices Market 33
3.3.2 Biomaterial Market 34
3.3.3 Arthroscopy Devices Market 34
3.3.4 Hip Replacement Market 34
3.3.5 Dental Implant Market 34
3.3.6 Energy-based Aesthetic Devices Market 35
3.3.7 Spine Orthopedic Devices Market 35
3.4 Porter 5 (Five) Forces 35
4 Market Characteristics 37
4.1 Market Segmentation, By Product Type 37
4.1.1 Joint Implants 39
4.1.2 Support and Braces 40
4.1.3 Prosthetics 41
4.1.4 Fixations 41
4.1.5 Consumables 42
4.2 Foot and Ankle Devices Market, By Application Type 44
4.2.1 Osteoporosis 45
4.2.2 Rheumatoid arthritis 45
4.2.3 Hammertoe 45
4.2.4 Bunions 46
4.2.5 Others 46
4.3 Market Dynamics 46
4.3.1 Drivers 47
4.3.1.1 Increase in the prevalence of osteoporosis 47
4.3.1.1 Increasing in number of road accidents 48
4.3.1.2 Increase in number of diabetic foot reconstruction 48
4.3.1.3 Rise in elderly population 48
4.3.1.4 Rise in the number of outpatient procedures 49
4.3.2 Restraints 49
4.3.2.1 Huge cost of foot and ankle devices 49
4.3.2.2 Complications and risks associated with foot and ankle procedures 49
4.3.2.3 Inadequate reimbursement policies 49
4.3.2.1 Product recall 50
4.3.2.1 Dearth of skilled professionals 50
4.3.2.1 Stringent regulatory framework and labeling requirement 50
4.3.3 Opportunities 51
4.3.3.1 Technological advancement in foot and ankle devices 51
4.3.3.2 In-depth transformation in prosthetic care 51
4.3.3.3 Growing popularity of minimally invasive surgeries 51
4.3.3.4 Rise in use of biomaterial in ortho-related surgeries 51
4.3.3.5 Increase in healthcare spending in improvising healthcare facilities 52
4.3.3.6 Market expansion opportunities in emerging nations 52
4.3.4 DRO – Impact Analysis 53
4.4 Key Stakeholders 54
5 End-Users 55
5.1 Overview 55
5.2 Hospitals 55
5.3 Ambulatory Care 56
5.4 Trauma Centers 56
6 Regions 58
6.1 Overview 58
6.1.1 North America 60
6.1.1.1 Market overview 60
6.1.2 Europe 61
6.1.2.1 Market overview 61
6.1.3 APAC 62
6.1.3.1 Market overview 62
6.1.4 Rest of the World 64
6.1.4.1 Market overview 64
7 Competitive Landscape 67
7.1 Competitor Comparison Analysis 67
7.1.1 M&A Analysis 68
8 Vendor Profiles 69
8.1 Johnson & Johnson (DePuy Synthes, Inc) 69
8.1.1 Business Units 74
8.1.2 Geographic Revenue 74
8.1.3 Business Focus 75
8.1.4 SWOT Analysis 76
8.1.5 Business Strategies 76
8.2 Zimmer Biomet Holdings, Inc 77
8.2.1 Overview 77
8.2.2 Business Units 83
8.2.3 Geographic Revenue 84
8.2.4 Business Focus 84
8.2.5 SWOT Analysis 85
8.2.6 Business Strategies 85
8.3 Stryker 86
8.3.1 Overview 86
8.3.2 Business Units 91
8.3.3 Geographic Revenue 92
8.3.4 Business Focus 92
8.3.5 SWOT Analysis 93
8.3.6 Business Strategies 93
8.4 Smith & Nephew, Inc 94
8.4.1 Overview 94
8.4.2 Business Units 99
8.4.3 Geographic Revenue 101
8.4.4 Business Focus 101
8.4.5 SWOT Analysis 102
8.4.6 Business Strategies 102
8.5 Arthrex, Inc. 103
8.5.1 Overview 103
8.5.2 Business Focus 105
8.5.3 SWOT Analysis 105
8.5.4 Business Strategies 106
8.6 Wright Medical Group N.V. 106
8.6.1 Overview 106
8.6.2 Business Units 111
8.6.3 Geographic Revenue 111
8.6.4 Business Focus 112
8.6.5 SWOT Analysis 112
9 Companies to Watch for 114
9.1 Orthofix International N.V. 114
9.1.1 Overview 114
9.1.2 Key Highlights 114
9.1.3 Business Strategies 114
9.2 B. Braun 115
9.2.1 Overview 115
9.2.2 Key Highlights 115
9.2.3 Business Strategies 115
9.3 OMNIlife Science 116
9.3.1 Overview 116
10 Other Vendors 117
Annexure 118
Ø Abbreviations 118

List of Tables

TABLE 1 GLOBAL HEALTHCARE HYPERSPECTRAL IMAGING MARKET BY END-USERS 47
TABLE 2 GLOBAL HEALTHCARE HYPERSPECTRAL IMAGING MARKET REVENUE BY REGIONS FORECAST, 2018–2024 ($MILLION) 50
TABLE 3 HEADWALL PHOTONICS INC.: PRODUCT OFFERINGS 60
TABLE 4 HEADWALL PHOTONICS INC.: RECENT DEVELOPMENTS 60
TABLE 5 SPECIM SPECTRAL IMAGING LTD.: PRODUCT OFFERINGS 64
TABLE 6 SPECIM SPECTRAL IMAGING LTD.: RECENT DEVELOPMENTS 64
TABLE 7 NORSK ELEKTRO OPTIKK AS: OFFERINGS 68
TABLE 8 IMEC: OFFERINGS 70
TABLE 9 IMEC: RECENT DEVELOPMENTS 71
TABLE 10 SURFACE OPTICS CORP.: OFFERINGS 74
TABLE 11 SNAPSHOT OF TELOPS 77
TABLE 12 SNAPSHOT OF APPLIED SPECTRAL IMAGING 78
TABLE 13 SNAPSHOT OF CORNING INC. 79

List  of  Charts

CHART 1 GLOBAL MEDICAL DEVICES MARKET SEGMENTATION 10
CHART 2 IMPERATIVES OF EMERGING MARKETS 18
CHART 3 PESTLE ANALYSIS OF HEALTHCARE HYPERSPECTRAL IMAGING MARKET 19
CHART 4 RESEARCH METHODOLOGY OF GLOBAL HEALTHCARE HYPERSPECTRAL IMAGING MARKET 22
CHART 5 GLOBAL MEDICAL IMAGING MARKET, GEOGRAPHICAL SPLIT, 2017 24
CHART 6 GLOBAL HEALTHCARE HYPERSPECTRAL IMAGING MARKET REVENUE, 2017–2024 ($MILLION) 28
CHART 7 PORTER 5 FORCES ON HEALTHCARE HYPERSPECTRAL IMAGING MARKET 30
CHART 8 HEALTHCARE HYPERSPECTRAL IMAGING MARKET SEGMENTATION BY PRODUCTS 31
CHART 9 GLOBAL HEALTHCARE HYPERSPECTRAL IMAGING MARKET SHARE BY PRODUCTS, 2017 & 2024 (%) 31
CHART 10 GLOBAL HEALTHCARE HYPERSPECTRAL IMAGING MARKET OVERVIEW BY PRODUCTS, 2017 32
CHART 11 GLOBAL HYPERSPECTRAL CAMERAS MARKET REVENUE, 2017–2024 ($MILLION) 33
CHART 12 GLOBAL HYPERSPECTRAL COMPONENTS AND ACCESSORIES MARKET REVENUE, 2017–2024 ($MILLION) 34
CHART 13 GLOBAL HEALTHCARE HYPERSPECTRAL IMAGING MARKET REVENUE BY PRODUCTS, 2017–2024 ($MILLION) 34
CHART 14 GLOBAL HEALTHCARE HYPERSPECTRAL IMAGING MARKET SEGMENTATION, BY PRODUCT, 2017-2024 (%) 35
CHART 15 GLOBAL HEALTHCARE HYPERSPECTRAL IMAGING MARKET SEGMENTATION BY APPLICATION 35
CHART 16 GLOBAL HEALTHCARE HYPERSPECTRAL IMAGING MARKET SHARE BY APPLICATION, 2017 (%) 36
CHART 17 MARKET DYNAMICS – DRIVERS, RESTRAINTS & OPPORTUNITIES 37
CHART 18 DRO - IMPACT ANALYSIS OF HEALTHCARE HYPERSPECTRAL IMAGING MARKET 42
CHART 19 KEY STAKEHOLDERS 42
CHART 20 GLOBAL HEALTHCARE HYPERSPECTRAL IMAGING MARKET SHARE BY END-USER SEGMENTATION, 2017 (%) 45
CHART 21 GLOBAL HEALTHCARE HYPERSPECTRAL IMAGING MARKET SHARE BY GEOGRAPHICAL SEGMENTATION, 2017 AND 2024 (%) 49
CHART 22 GLOBAL HEALTHCARE HYPERSPECTRAL IMAGING MARKET OVERVIEW BY REGIONS, 2017 50
CHART 23 HEALTHCARE HYPERSPECTRAL IMAGING MARKET REVENUE IN NORTH AMERICA, 2017–2024 ($MILLION) 51
CHART 24 HEALTHCARE HYPERSPECTRAL IMAGING MARKET REVENUE IN EUROPE, 2017–2024 ($MILLION) 53
CHART 25 HEALTHCARE HYPERSPECTRAL IMAGING MARKET REVENUE IN ASIA PACIFIC, 2017–2024 ($MILLION) 55
CHART 26 HEALTHCARE HYPERSPECTRAL IMAGING MARKET REVENUE IN REST OF THE WORLD, 2017–2024 ($MILLION) 56
CHART 27 GLOBAL HEALTHCARE HYPERSPECTRAL IMAGING MARKET SEGMENTATION BY GEOGRAPHY, 2017-2024 ($MILLION) 57
CHART 28 GLOBAL HEALTHCARE HYPERSPECTRAL IMAGING MARKET SEGMENTATION BY GEOGRAPHY, 2017-2024 (%) 57
CHART 29 HEADWALL PHOTONICS INC.: OVERVIEW SNAPSHOT 61
CHART 30 HEADWALL PHOTONICS INC.: APPLICATIONS 61
CHART 31 HEADWALL PHOTONICS INC.: SWOT ANALYSIS 62
CHART 32 SPECIM SPECTRAL IMAGING LTD.: OVERVIEW SNAPSHOT 65
CHART 33 SPECIM SPECTRAL IMAGING LTD.: APPLICATIONS 66
CHART 34 SPECIM SPECTRAL IMAGING LTD.: SWOT ANALYSIS 67
CHART 35 NORSK ELEKTRO OPTIKK AS: OVERVIEW SNAPSHOT 68
CHART 36 NORSK ELEKTRO OPTIKK AS: SWOT ANALYSIS 69
CHART 37 IMEC: OVERVIEW SNAPSHOT 71
CHART 38 IMEC: OFFERINGS 72
CHART 39 IMEC: SWOT ANALYSIS 73
CHART 40 SURFACE OPTICS CORP.: OVERVIEW SNAPSHOT 74
CHART 41 SURFACE OPTICS CORP.: SWOT ANALYSIS 75