Medical Holography Market: Increase in Geriatric Population to Bolster the Market
Holography is a technique through which light is recorded and scattered through holographic display objects even when the source of light is not available due to the absence of original images. Medical holography includes utilization of holographic technology in the field of medicine, by creating virtual images of physical body parts, which help surgeons diagnose severe chronic diseases at an early stage. Medical holography technique is also widely utilized by students and teachers in academic centres to understand the anatomy and complexity of a disease in a better way. Presently, holographic imaging technology is extensively employed in the healthcare industry for body scanning, medical check-up, and research, which in turn has led to significant expansion of the global medical holography market. The advent of inexpensive processors and high-performance imagers has prompted a majority of industries to acknowledge the benefits of adopting medical holographic imaging technology.
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The global medical holography market was valued at around US$ 240.0 Mn in 2017 and is anticipated to reach around US$ 3500.0 Mn by 2026, expanding at a CAGR of more than 30.0% from 2018 to 2026. Rise in prevalence of chronic diseases, such as cancer and cardiovascular events, increase in the geriatric population, and intensive research activities being performed to determine the various applications of holographic techniques in different surgical procedures are key factors that are estimated to propel the market during the forecast period.
Holographic technology is widely utilized for virtual display of images of the internal organs, heart, gastric organs, such as pancreas, liver, and the developing embryo for diagnosis of cancer and other chronic disease conditions. Applications of medical holography, such as medical imaging of different parts of body organs suspected of disease, possess potential for the medical holography market in the near future. Thus, further research in the field of medical holography for further utilization offers significant opportunities to the market in the near future.
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The global medical holography market has been segmented based on product, application, end-user, and region. In terms of product, the market has been divided into holographic display, holography microscope, holographic prints, and holography software. The holographic display segment is likely to account for a leading share of the global medical holography market during the forecast period, owing to wide usage of holographic display in displaying final holographic images. Technological developments in holographic display are estimated to boost the holographic display segment during the forecast period. Based on application, the medical holography market has been segregated into medical imaging, medical education, and biomedical research. Increasing utilization of holography technique in biomedical research is likely to fuel the biomedical research segment in the next few years. Based on end-user, the market has been split into academic centers, pharmaceutical & biotechnology companies, and hospitals. The pharmaceutical & biotechnology companies segment is estimated to expand at a significant growth rate during the forecast period, owing to increase in research and development in these centers.
In terms of region, the global medical holography market has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Developed regions such as North America and Europe accounted for a leading share of the global medical holography market in 2017. The large base of patient population and presence of major medical devices companies in these regions can be attributed to major share held by these regions. Furthermore, increasing prevalence of chronic diseases, such as cancer, diabetes, and neurological diseases, and rising geriatric population are further driving the medical holography market in these regions. The market in North America is projected to expand at an exponential growth rate, owing to rapidly rising demand for advanced health care technologies in developed countries such as the U.S. Moreover, increase in investment by leading market players and healthcare providers is expected to fuel the market in the region. These factors are likely to drive the demand for medical holography in the near future. The market in Latin America and Middle East & Africa is projected to expand at a sluggish pace during the forecast period.
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Majority of the medical holography products are being manufactured by key players covered in this report, which include RealView Imaging Ltd., EchoPixel, Inc., Integraf LLC, Koninklijke Philips N.V., Holoxica Ltd., HoloTech Switzerland AG, EON Reality Inc., Lyncée Tec SA, Nanolive SA, and zSpace, Inc.
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