New York, Dec. 02, 2019 (GLOBE NEWSWIRE) -- Growing clinical applications of holography, rising adoption of holography products in biomedical research, improvement in medical education and training and development of holography as a promising technology in representing complex 3D structures are key factors contributing to high CAGR of Medical Holography during forecast period.
According to the current analysis of Reports and Data, the global Medical Holography market was valued at USD 269.7 million in 2018 and is expected to reach USD 2.09 billion by the year 2026, at a CAGR of 27.7%. Holography is a technique that provides a stereoscopic image of an object without the use of lenses. It is made up of a physical structure that diffracts light into an image. The demand for the market is majorly driven by the increased accessibility of technology along with increased investment in research and development activities, which further is expected to propel the market growth of medical holography. The adoption of the technology has rapidly increased in the medical and healthcare sector, owing to the benefits provided by this technique. These benefits include precise coordination in the diagnostic application, live image generation, detection with minimal invasion, and advanced training. Since more people prefer the technique associated with minimal invasion techniques, the demand for the device is expected to rise in the near future.
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The technology can be used in the healthcare education sector, as medical holograms increase the understanding of the anatomical studies as compared to the traditional methods textbooks and printed pictures. Expanding the application of holography is expected to revolutionize the education and training sectors in the medical and healthcare industry. With an increase in the geriatric population and prevalent chronic diseases that are expected to drive the demand for medical diagnosis, medical holography technology is expected to gain importance in the coming years. Holography technology is used over a wide range of applications in the healthcare industry, which is further anticipated to drive the demand for holograms across several applications. For example, EchoPixel deploys real 3D to assist their physicians in planning surgical and interventional procedures to treat heart-related issues. Heart defects, including Aortic Stenosis, Pulmonary Stenosis, Tetralogy of Fallot, Ventricular Septal Defect, and many others, can be visualized in 3D format for planning the interventional processes. Other than the healthcare industry, it is applicable in other industries such as military mapping, information storage, security, etc.
The major factors driving the market include growing geriatric population, increasing prevalence of chronic diseases, increasing adoption of holography technology among the patients and the healthcare professionals, need for minimal or non-invasive diagnosis coupled with increase in research and development activities associated with application of holography is expected to drive the growth for medical holography. However, lack of awareness and expensive treatments, are the major hindrance for market growth during 2019-2026.
Further key findings from the report suggest
- Medical Holography market is growing at a CAGR of 4% in North America followed by Asia Pacific and Europe, with 28.0% and 27.6% CAGR, respectively. Increased development advances in healthcare sector are the key factor to accelerate the market growth during forecast period across all regions.
- With advancements of technology, several high-tech holograms are used in healthcare sector. For instance, responsive holograms which are capable of changing color on coming in contact with certain compounds are being deployed into medical tests and devices, that are used to monitor health conditions such as diabetes, cardiac function, infections, electrolyte or hormone imbalance easily and inexpensively.
- Use of smart holograms are done to test blood, breath, urine, saliva or tear fluid for a wide range of compounds, such as glucose, alcohol, hormones, drugs, or bacteria.
- As holograms can be constructed in a very short duration of time, poses as a major advantage and makes the technology highly suitable for mass production.
- The market is led by the new launches that serve specific purpose, made by the key players. For example, the holographic sensors introduced by the Cambridge team are much faster, easier and cheaper to produce than current technologies. A single sensor is expected to cost just ten pence for its production, which would make it particularly useful in the developing economies, where the costs of current glucose tests can be prohibitive.
- Additionally, holographic projection can be used for copying the real pattersn of the brain and to fool the brain in thinking it has seen felt or sensed something by suppressing dozens and ultimately thousands of neurons at once, hundreds of times each second.
- Advanced technology has made it possible for the experts to use acoustic holograms that can be used for improvement of ultrasound diagnostic and material testing, which eventually is expected to drive the demand for holography technology in healthcare sector.
- Key participants include EchoPixel, Inc. (U.S.), Realview Imaging Ltd. (Israel), Mach7 Technologies Pte. Ltd. (Australia), Ovizio Imaging systems (Belgium), Holoxica Ltd. (U.K.), zSpace, Inc. (U.S.), Lyncee Tec (Switzerland), Eon Reality (U.S.), Zebra Imaging (U.S.), and NanoLive SA (Switzerland).
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Medical Holography market on the basis of product type, application type, end use, and region:
Product Type (Revenue, USD Million; 2016–2026)
- Holographic Display
- Holographic Microscope
- Holographic Print
- Holographic Software
- Others
Application Type (Revenue, USD Million; 2016–2026)
- Medical Imaging
- Medical Education
- Biomedical Research
- Others
End Use (Revenue, USD Million; 2016–2026)
- Medical Schools
- Pharmaceutical Companies
- Hospitals
- Others
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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