PUBLISHER: Orion Market Research | PRODUCT CODE: 1123147
PUBLISHER: Orion Market Research | PRODUCT CODE: 1123147
Global Holographic Imaging Market Size, Share & Trends Analysis Report By Product Type (Holographic Display, Microscopes, and Others), By Application (Medical Imaging, Medical Education, And Biomedical Research), By End-Users (Pharmaceutical and Biotechnology Companies, Research Institutes, and Others) Forecast, 2021-2027
The global holographic imaging market is anticipated to grow at a CAGR of around 12.5% during the forecast period. A hologram can be the encoded material or the resulting image. A holographic image can be seen by looking into an illuminated holographic print. A 3D image of the object is produced by holographic imaging devices by recording a split light beam from a laser. Holographic imaging enables healthcare professionals, keeping their diagnosis infection-free. The data from the magnetic resonance imaging (MRI) and computed tomography (CT) scans are collected by holographic systems and converted into 3D visualization, and a virtual object in 3D space. In addition, heart conditions and colon cancer can be examined with holographic imaging without the need to cut the skin. The increasing adoption of holographic imaging in medical education and medical research is the factor driving the growth of the market. In addition, the technique has been adopted significantly by surgeons and biomedical researchers, further fueling the holographic imaging market growth.
Furthermore, the rising demand for non-invasive measurements inside human organs is contributing to the growth of the market as this technique can be used to examine heart conditions without cutting the skin. However, there are certain factors such as high cost, lack of accessibility, and issues regarding projection under the sunlight that are hampering the growth of the market. Further development in holographic imaging techniques to reduce their cost can offer lucrative opportunities in the market.
Impact of COVID-19 on Global Holographic Imaging Market
Due to the impact of the COVID-19 pandemic, the global holographic imaging market has experienced less growth. As coronavirus infection directly affects the lungs due to which the demand and adoption for CT imaging and RT-PCR techniques in diagnostic centers have increased during the pandemic. Due to these, the healthcare sectors have experienced considerable growth. However, holographic imaging manufacturers have experienced a downfall in business about the fact that disruption in the supply chain of the hardware material for manufacturing and the unavailability of skilled laborer's. Manufacturers were mainly focusing on after-sales services during that time.
Segmental Outlook
The global holographic imaging market is segmented based on product type, application, and end-users. Based on product type, the market is segregated into holographic display, microscopes, software, and holographic print. On the basis of application, the market is categorized into medical imaging, medical education, and biomedical research. The use of holographic imaging in biomedical research is expected to hold the largest share in the market during the forecast period. Holographic imaging can generate the 3D images of the data related to MRI and CT scan due to this their use by healthcare professionals is increasing, which will drive their demand. Based on end-users, the holographic imaging market is classified into pharmaceutical and biotechnology companies, research institutes, and hospitals and clinics. Among these, holographic imaging in hospitals and clinics is expected to increase their demands, which in turn further drives the market growth.
Global Holographic Imaging Market Share by Product Type, 2020 (%)
Global Holographic Imaging Market Share by Product Type
The Holographic Display Segment is Projected to Hold the Largest Share in Holographic Imaging Market
Based on product type, the holographic display segment is anticipated to dominate the market by accounting largest share in the market. Holographic display technology can create the illusion of 3D objects in volumetric space. The rising demand for these technologies in biomedical imaging and medical education has to crate its value and demand. Keeping this trend in mind, many medical device manufacturing companies are now focusing on developing holographic technologies for medical imaging. For instance, Zebra Imaging, a Texas-based company has developed the ZScape Holographic Motion Display, specially designed to produce real holograms. Besides, the use of these technologies in the consumer application and professional media market is gaining popularity, which is further expected to drive market growth.
Regional Outlook
Geographically, the global holographic imaging market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, ASEAN, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). Asia-Pacific is projected to witness the fastest growth in the global holographic imaging market. The significant adoption of holographic imaging techniques medical training and surgeries in emerging economies of the Asia-Pacific region such as Japan is the factor boosting the market value. The increase in population coupled with cardiovascular disease in the region such as India, and China is creating demand for holographic imaging techniques which is further expected to drive the market growth. Development in healthcare infrastructure and advancement in 3D technologies are the other driving factors.
Global Holographic Imaging Market Growth, By Region 2021-2027
Global Holographic Imaging Market Growth, By Region
North America is Projected to Dominate the Global Holographic Imaging Market
Geographically, North America dominated the market by accounting largest share in the global holographic imaging market, and it is anticipated to grow at significant CAGR during the forecast period. The market growth in the region is mainly attributed to the increase in the number of cardiovascular disease cases and advancement in medical facilities. Moreover, the region has a large number of geriatric populations; hence, propelling the demand for minimally invasive cardiac disorder treatment and diagnostic devices in the region. The US accounted for the largest market share due to the growing initiatives by the government in healthcare infrastructure development and adoption of holographic imaging technologies and products by research academics centers and laboratories.
Market Players Outlook
The key players in the holographic imaging market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include Eon Reality Inc., Holoxica Ltd., LEIA Inc, Lyncee Tec., Mach7 Technologies Ltd., Ovizio Imaging Systems SA/NV, Phase Holographic Imaging PHI Inc., RealView Imaging Ltd., among Others. These market players are adopting several market strategies including product launch and approvals, merger and acquisition, partnership collaboration, business, and capacity expansion, and others. For instance, in July 2019, EON Reality Inc., in collaboration with Jinshui Science and Technology Bureau and Zhengzhou Jinda Real Estate Development Co., Ltd, launched an Interactive Digital Center (IDC) in the Jinshui District of Zhengzhou city, Henan Province, China. The center comprises EON Reality's Augmented and Virtual Reality (AVR) solutions to provide exclusive technological access to augmented and virtual reality technology for the entire province.
The Report Covers
Market value data analysis of 2020 and forecast to 2027.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global holographic imaging market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where' in the market.