Rising investments by medical device manufacturers in Latin America to boost hyperspectral imaging system market growth
According to a research report published by Zion Market Research, the global hyperspectral imaging system market had accounted for around USD 6.51 billion in 2016 and is expected to reach approximately USD 11.34 billion by 2022, growing at a CAGR of around 10.9% between 2017 and 2022. The major factor responsible for the growth of the hyperspectral imaging system market is increasing use of hyperspectral imaging system technology in research. The hyperspectral imaging technology is now being used in industry and research to determine temperatures, moisture, chemical compositions, sugar content and fat in the food industry as well for a range of applications in biology, defense, forensics, pharmaceuticals and industrial inspection. In addition, the emerging technologies for the hyperspectral imaging system is largely contributing to the growth of the hyperspectral imaging system market. However, high cost and reimbursement issues are majorly affecting the growth of the hyperspectral imaging system market. North America is expected to generate the highest amount of revenue at the global level and account for around 45% of the overall market share by 2022-end. In Asia Pacific, India and China are the leading countries in the hyperspectral imaging system market, and both are expected to grow at a healthy rate in the forecast period. The rapidly increasing healthcare infrastructure is a major attributing factor for the growth of the hyperspectral imaging system market in Latin America and Middle East & Africa.