Medical Holography Market - Industry Analysis, Market Size, Share, Trends, Growth And Forecast 2021 - 2026
Medical Holography Market Overview
The medical holography market size is estimated to reach $3.8 billion by 2027. Furthermore, it is poised to grow at a CAGR of 23.8% over the forecast period of 2022-2027. Holography in the medical field often provides new insights to the doctor and physicians before going for medical intervention. Surgical planning is one of the primary applications for medical holography as it allows the physicians to understand the tissues and organs and it can allow the doctors to look for cavities and deformities in the internal organs. The holographic display opens the capability to understand the images as it is a non-contact high medical imaging and provides measurement. Some of the common application of medical holography in the medical field is to view the human skeleton, to identify abnormal growth or to detect any uncertain cancerous abnormalities, map the inside and outsides of the patient’s body, and lastly, in medical education it allows the institutions to teach the design and development of artificial bones, joints, and prosthetic limbs. Owing to a rise in the research and development infrastructure in the biotechnology field and the rising preference to opt for non-invasive procedures, act as key factors driving the medical holography industry in the projected period of 2022-2027.
The report: “Medical
Holography Market Forecast (2022-2027)", by Industry ARC covers an in-depth
analysis of the following segments of the Medical Holography Market.
By Product Type- Holographic Display, Holography Microscopes, Holographic Prints, Holographic Software.
By Application- Medical Education, Medical Imaging, Biomedical Research, and Others.
By End Users – Academic and Research Centers, Pharmaceutical and Biotechnology Companies, Hospitals and Clinics, Colleges and Schools.
By Geography- North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, and Rest of South America), and Rest of the World (the Middle East, and Africa).
- Geographically, North America’s medical holography market held a dominant market share. It is owing to the presence of robust medical technology companies and the inclination of government and private players to cater to the rising demand for patients’ non-invasive surgical requirements. However, Asia-Pacific is set to offer lucrative opportunities to the marketers owing to the rising inclination of various bodies to have a robust medical infrastructure present that can tackle the growing cases of chronic diseases.
- Product innovation and the rising need for non-invasive surgical requirements have been identified as key drivers. However, owing to the shortage of skilled professionals and low market penetration in low- and middle-income countries the market will face a ready challenge.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the medical holography market report.
Medical Holography Market Share, By Product Type, 2021(%)
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Medical Holography Market Segmentation Analysis- By Product Type
The medical holography market based on product type can be further segmented into Holographic Display, Holography Microscopes, Holographic Prints, Holographic Software. Holographic Displays held a dominant market share in the year 2021. It is owing to the advances seen in the product category across the globe. Moreover, holographic displays can allow better diagnosis and post-operative treatments. Additionally, a lot of investments were observed. For example, a UK Based deep-tech start-up known as VIVIDQ raised around $15 million to convert normal displays into holographic displays.
However, the holographic microscope segment is estimated to be the fastest-growing, with a CAGR of 24.6% over the forecast period of 2022-2027. It is owing to the technological capabilities which have the potential to be applied in various applications. Label-free cell cycle analysis, cell counting in cell cultures, morphological analysis of cells, nerve cell studies, RBC analysis, flow cytometry, and others are some of the common applications under which the holographic microscope is effective.
Medical Holography Market Segmentation Analysis- By Application
The medical holography market based on the application can be further segmented into Medical Education, Medical Imaging, Biomedical Research, and Others. Medical Imaging held a dominant market share in the year 2021. Medical imaging has been of pro-active use for a medical practitioner in a variety of fields. Medical imaging can allow doctors to adapt to various practices before the surgical intervention. Additionally, hormonal imbalances and other abnormal growth have been countered with the use of medical imaging. Additionally, it allows the practitioner to eliminate the need for a physical testing procedure.
Moreover, Medical Imaging is estimated to be the fastest-growing, with a CAGR of 24.7% over the forecast period of 2022-2027. Medical imaging can help in finding the tissue abnormalities, which can help in understanding the types of cancer and their progression rates. An estimated 1.8 million cases of cancer were diagnosed in the USA; additionally, around a third of cancer afflicted population will succumb to death. Owing to the use of medical imaging, cancer cell prognosis can be studied, and the rate of cell affliction in predominant regions can be understood. Radiologists and oncologists can potentially gain the maximum use of holography.
Medical Holography Market Segmentation Analysis- By Geography
The Medical Holography Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America’s medical holography market held a dominant share of 38% as compared to other regions in the year 2021. It is owing to the region’s preference to divide and provide heavy inclination for better medical infrastructure. Additionally, countries like the US allocated around 17% of their GDP for healthcare expenditure which has allowed for their position. Additionally, medical imaging has helped in diagnosing various cancer-related cases in Canada, which has a prevalence of around 250,000 new cases each year.
However, Asia-Pacific is set to grow at a lucrative pace in the projected period of 2022-2027. It is owing to the predominant position of various governments to allocate the majority of the funds for the development of medical infrastructure. For example, Korea has been a forefront leader in healthcare technology, and the majority of the innovations pertaining to healthcare have been seen from the said region. Lastly, countries like India have started increasing their medical infrastructure budgets, as a 137% increase was registered in 2021 as compared to 2020, and the region is allowing for new start-ups who are combining healthcare technology. The following factors would help in the ready growth of the market.
Medical Holography Market Drivers
The use of
holography to address the rising cases of heart surgeries has readily
supplanted the growth of the market
Heart diseases have been attributed as one of the leading causes of death globally. Moreover, close to 600,000 surgeries pertaining to the heart are performed in the USA every year. For procedures such as coronary bypass, valve surgeries, and amendment of the aneurysms, doctors prefer non-invasive procedures as it shortens up the hospital stay and the recovery pace is faster than traditional methods. Cardiologists use the 3D holography screens as they provide a better image than the 2D screens, and hence, doctors can understand the various aspects of the heart in a better manner. Additionally, holography post-heart surgeries can help them to understand the effectiveness of the procedure. As earlier data can be pulled back, and both images can be comprehended side-by-side, thereby helping the ahead procedural methodologies, and enhancing the patient care.
The use of holography by radiologists has acted as one of the key drivers for the market.
Radiologists use holography to understand and identify the complex injuries or any other fracture pertaining to the soft or hard tissue of the patient. It in turn eases the safety paradigm for patient care. As the images are saved in the cloud, the radiologists can easily pull out the required data and understand the complexity of the patient’s medical past. Within radiology, holography can be intended to be used in applications such as cardiovascular, chest, muscoskeletol, pediatric, and neck radiology. Moreover, as per the U.S bureau of labor statistics, the overall employment of radiologists is bound to grow by around 9% by 2030. The following aspect would allow more and more radiologists to use holographic technology and aid in better medical care.
Medical Holography Market Challenges
High initial investment and shortage of skilled
professionals have acted as a market challenge
The investment to create a holographic display can heavily dent one’s wallet. Moreover, there are a lot of variables that would affect the end price, but on rough estimates, an entire layout can cost $50,000 and upwards. Further, institutions and other authorities must manage series funding to procure such instruments and additionally hire professionals who can successfully run such technology. As per IndustryARC analysis, the skilled professionals within the following field in low, and government and other private agencies are rolling out courses to teach people about this technology and how it has the potential to change the course of medical treatments.
Medical Holography Market Competitive Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Medical Holography Market. The top 10- Medical Holography Market companies are-
- Holografika Kft
- EchoPixel Inc
- Ovizio Imaging systems
- Holoxica Ltd
- Realview Imaging Ltd
- Mach7 Technologies Pte. Ltd
- Zebra Imaging
- zSpace Inc
- Lyncee Tec
- Eon Reality
- In August 2021, NUHS demonstrated the use of holographic tech in assisting brain surgery. A group of neurosurgeons identifies the potential use of holograms to assist them in understanding the location of brain tumors, within the surgical procedure. Moreover, the program coordinator expects the demand for such tech to multiply in the coming times, as they hold the potential to emerge as the new pioneer in medical imaging.
- In August 2021, Real View Imaging received its FDA clearance for Holoscope TM -I Holographic System. The system has the potential to create spatially accurate- 3D interactive medical holograms, which in turn take data from the standard CT scans and 3D ultrasound systems. The physicians can experience direct and precise interaction with the patient’s anatomy. During the interventional procedures, the images would be floating in free space and will be in hand’s reach.
- In July 2021, VIVIDQ, a UK Based deep-tech start-up, raised $ 15 million to turn around any normal screen into a holographic display. The funding will be used to scale VividQ’s HoloLCD technology, which, claims the company, turns consumer-grade screens into holographic displays. Moreover, the investors quoted that- “Computer-Generated Holography recreates immersive projections that possess the same 3D information as the world around us. VividQ has the potential to change how humans interact with digital information.”
Report Code- HCR 0037
Report Code- HCR 0248
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