Analysis of Medical Holography market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The medical holography market was valued at US$ 447.8 Million in 2019 and is projected to reach a value pool US$ 3.5 Billion by 2026, registering a stellar CAGR of 34.0% throughout the forecast period. This is in response to increasing demand for medical holography imaging.
Medical holographic imaging provides diagnosis of various diseases such as cancer, cardiovascular diseases and gynecological disorders. Undergoing medical holographic procedures offers various benefits. These include early diagnosis which results in timely treatment and less duration of hospital stays.
The ongoing coronavirus pandemic is poised to provide an expansion opportunity for the medical holography market. Research is underway to develop a possible diagnostic testing mechanism based on holographic techniques for the efficient and timely detection of the SARS-CoV-2 in asymptomatic patients. Moreover, rising government and private body initiatives to encourage the increased adoption of medical holography are anticipated to leverage market prospects.
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The diagnostic imaging industry has evolved considerably, from bedside monitoring to high-end digital scanning. The increasing healthcare burden globally has generated a demand for advancements in medical imaging from two-dimensional to three-dimensional scanning. The upcoming four-dimensional technique is also anticipated to further streamline diagnostic imaging capabilities.
Examples of technological advancements in medical holographic imaging which are anticipated to drive the market during the forecast period include virtual reality imaging, live 3-D imaging that allows rapid and easier diagnosis of cancer and holography microscope that detects cancer in the initial stage and helps doctors design the course of the treatment.
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Holographic displays are poised to dominate the market, accounting for nearly 70% of the overall medical holography market and expanding at a CAGR of 33.5%. Holography microscopes are projected to grow the fastest, at a CAGR of 36.2% and capturing a market share greater than two-fifths.
Increasing demand for technologically enhanced displays is augmenting the market share of the holographic displays segment. Holographic displays enable the interlinking of various sources and images. Holographic microscopes are valuable resources for surgical treatments and diagnosis in many pathologies as these provide the ability to visualize minute and important anatomical structures.
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Biomedical research shall find the maximum application of medical holographic devices during the forecast period, accounting for more than three-fifths of the market. This is followed by the medical education segment, capturing around a quarter of the medical holography market.
Demand for advanced research fields such as drug discovery and clinical diagnostics to analyze trace components is increasing globally. To fulfill this demand, the biomedical research field provides applications in medical services with the help of advanced research institutions and research laboratories, for which medical holography technologies are in high demand. In medical education, holographs are used to study detailed anatomical structures by students and surgeons.
North America is anticipated to expand the fastest, registering a CAGR of 35.5% and capturing over two-fifths of the market share. Europe is not far behind, expanding at a CAGR of 34.0% and capturing nearly one-third of the market.
Early penetration of the latest technologies and considerable research and development activities in the U.S. are primary factors driving the growth of the medical holography market in North America. Likewise, the European market is driven by applications in different chronic disease conditions such as cancer and cardiac diseases.
Key Comapnies Profiled
The medical holography market consists of the following market players: RealView Imaging Ltd., EchoPixel Inc., Integraf LLC, Koninklijke Philips N.V, Holoxica Ltd., HoloTech Switzerland AG, EON Reality, Inc., Lyncee Tec SA, Nanolive SA and zSpace, Inc. Out of these, the dominant market players are RealView Imaging Ltd., Koninklijke Philips N.V. and Holoxica Ltd.
These players focus primarily on technological developments in order to launch new products in the market, thereby consolidating their foothold. The products offered by the dominant players include HOLOSCOPE-i Holographic Augmented Reality Medical System (RealView Imaging), the Philips interventional X-ray and ultrasound systems (Koninklijke Philips N.V) and the Interactive Holographic 3D display (Holoxica Ltd.).
The ongoing novel coronavirus pandemic is projected to generate growth opportunities for the medical holography market. Healthcare practitioners are in the process of investigating a bead-based holography technique that detects biological particles by imaging their binding to microscopic beads which could lead to a faster and cheap test for current and past infections.
The idea is to detect the virus using tiny plastic beads coated with antibody proteins that bind only to characteristic proteins of SARS-CoV-2. These would then be mixed into a fluid sample taken from a patient and would bind them to the virus particles in the fluid. This binding would cause the diameters of the beads to increase a few nanometers, a change that the researchers can detect. Such an advanced technique is anticipated to improve accuracies and help in proper diagnostic of the disease.
“The medical holography market demonstrates impressive growth prospects, driven by rising technological advancements in imaging techniques to detect chronic conditions. The current pandemic is also anticipated to leverage market prospects as holographic based tests shall yield more accurate results.”
The recent study by Fact.MR on the medical holography market incorporates a six-year forecast period ranging from 2020 to 2026. The report explicates on key dynamics such as the drivers, opportunities and restraints associated with the expansion of the medical holography market. A detailed segmentation, based on product type, application and end-users, has been incorporated. The segmental analysis provides information regarding the revenue, market share and future growth prospects for each segment.
A regional landscape has also been mapped, inclusive of the abovementioned segmental analysis. The regional landscape is based on the following five geographies: North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Moreover, a competition landscape has been included in the scope of this report. This section elaborates on key players’ market share, revenue, product portfolio, collaborations and future outlook. The future outlook is mapped through each player’s SWOT analysis to provide a realistic picture.
Fact.MR has studied the medical holography market with detailed segmentation on the basis of product, application, end-user, and region.
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The medical holography market is projected to reach a value of US$ 3.5 Billion by 2026.
virtual reality imaging, live 3-D imaging, and holography microscope are the technological advancements driving growth.
Holographic displays tend to dominate the market capturing nearly 70% of the overall medical holography market and 33.5% growth rate.
North America is expected to grow the fastest, with a CAGR of 35.5%, capturing nearly one-third of the market share.
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