With the exploration of potential contributions of holograms in medical space, holographic imaging market is likely to carve an escalating growth trajectory in the coming time frame. Until recently, medical images produced by MRI, CT scan, or X-ray, were mostly 2D slices of three-dimensional objects. The interpretation of these images requires spatial calculations which sometimes result in loss of appropriate clinical information. With the advent of holographic imaging, the calculation errors and the threats of losing vital clinical data have significantly reduced. Technological advancements in the healthcare fraternity have further stimulated the product penetration. Availability of medical devices that can efficiently interpret holographic interferograms are rising day by day, which in turn is enhancing the business landscape of the market. Statistics depict that Holographic imaging market is projected to take a giant leap in terms of its valuation in the next seven years, exceeding a revenue of USD 3 billion by 2024.
Of late, holograms have been increasingly adopted by surgeons, biomedical scientists, research associates subject to the fact that it allows doctors to effectively study the human anatomy virtually, eliminating the need for manual testing procedures. 3D imaging is the latest addition which is witnessing an upsurge in the holographic imaging market. Top notch companies involved in the market are engaging themselves in novel product launches and integration of latest technologies to stay ahead in the competitive landscape. Recently, Holoxica, a holographic imaging market giant, has launched world’s first ever 3D anatomy human atlas prototype that has claimed to offer a fresh insight into diagnosing, identifying, and treating to a variety of neurological disorders. This is profoundly one of the major breakthroughs in the neuroscience domain. Some other prominent names operating in holographic imaging market include Zebra Imaging, RealView Imaging, Ovizio Imaging, EON Reality and Mach7 Technologies.
U.S. Holographic Imaging Market size, By Product, 2013-2024 (USD Million)
Holographic imaging market finds its extensive deployment across medical academia, research organizations, hospitals & clinics, and biotech & pharmaceutical sectors. Biotech and pharmaceutical companies dominated the global holographic imaging industry share in 2016, and are forecast to chart an appreciable growth in the years ahead. Growing proliferation of minimally invasive treatments is catalyzing the market demand. Hospitals and Clinics will also cover a significant portion of the holographic imaging market subject to the increasing adoption of advanced imaging techniques across a majority of the clinical applications.
Based on product trends, holographic display contributed significantly toward the global share in 2016 and is likely to chart an exponential growth in the coming years at a CAGR of 30% over 2017-2024. The speedy growth of this product can be majorly grounded on the growing utilization of 3D holographic display in medical training. Another segment prominently driving the product landscape is holographic microscopes. With rapid progress in latest technologies, image processing and numerical computation have resulted in an improvement in disease diagnosis, which in a way is signaling a positive growth prospect for holographic imaging market in future.
The medical fraternity has been completely revolutionized with the introduction of holograms especially in the treatment of neurological and cardiovascular diseases. On these grounds, medical imaging is expected to contribute significantly toward holographic imaging industry share by 2024. Other than medical imaging, biomedical research is another prominent sector actively partaking in the market. As per estimates, biomedical research in 2016 dominated the application landscape. Subject to the developments in holographic interferometric techniques, holographic imaging market from biomedical research applications is expected to witness substantial growth in the years ahead. Speaking of technological progressions, U.S. has always established a strong ground influencing the market. In fact, the country accounted for the maximum holographic imaging market share in 2016. The extensive research activities initiated by numerous research institutes and medical universities in this region is the prime factor driving the market. Presence of renowned market players have further complemented the end use landscape. U.S holographic imaging market observes a prominent growth from medical imaging application, primarily due to the increasing initiatives that are continuously being undertaken by the biomedical research organizations.
Geographically, Japan is another lucrative belt which is likely to witness profitable road map in the holographic imaging market. Being one of the most progressive nations, the country beholds upgraded healthcare facilities and technologically equipped medical infrastructure. In addition to this, the initiatives taken by the regional government pertaining to biomedical research will further fuel holographic imaging market demand.
High capital investments associated with the process and the lack of proper accessibility of the technology owing to its computational complexities may hamper the holographic imaging market growth over the coming years. However, prominent industry participants are investing in research activities to come up with advanced cost-effective technologies. With holography as a technology having gained a global attention, the 3D holographic imaging market is poised to witness phenomenal gains in the coming years. As per a market analysis report by Global Market Insights, Inc., “holographic imaging market is slated to witness a striking CAGR of 30% over 2017-2024.”