Published: Nov, 2018
The global medical holography market was valued around US$ 240 Mn in 2017. It is anticipated to expand at a stable CAGR of more than 34% between 2018 and 2026, according to a new report published by Transparency Market Research (TMR) titled “Medical holography market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. Expansion of the global medical holography market is expected to be driven by technological advancements and increasing usage of 3D medical imaging technology during the forecast period. The medical holography market in North America is expanding at a significant CAGR of above 30.0%, due to high prevalence of chronic diseases, advancements in the health care sector, and increased focus on research and developmental activities.
Rise in geriatric population with increasing incidence of diseases that require medical imaging technology to drive market
Increase in healthcare reforms in Japan, the U.S., China, and the U.K., has improved access to various diagnostic and treatment services, resulting in raised life-expectancy of the population. It has been estimated by the WHO that, by 2050, the global elderly population would reach around 2 billion, which was around 524 million in 2010. Developed countries have a higher rate of the geriatric population as compared to that of developing countries. This is attributed to improved health care infrastructure, reimbursement policies, and advancements in health care facilities in these countries. Moreover, easy access to various diagnostic and treatment services has been improving in the last few years, especially in developed countries. This, in turn, has propelled the life-expectancy of the population in these countries. The geriatric population is a major end-user of cardiac surgeries, knee-hip implants, colonoscopy, and surgical procedures for the improvement in the quality of their lives. Increase in number of the geriatric population leads to high rate of ailments, which in turn is likely to propel the consumption and demand for medical holography technology.
High prevalence of chronic diseases such as cancer and cardiovascular disorders
Cancer was the second-leading cause of death, and in 2015, it was responsible for 8.8 million deaths worldwide. Helicobacter pylori infection is the best known carcinogen for gastric cancer. Most gastric cancer cases in Western countries are diagnosed at late stages, when the treatment remains less effective. Increasing prevalence of chronic diseases, such as cancer and cardiovascular diseases, has fueled the demand for diagnostic methods to detect cancer and cardiac diseases at an early stage. The progress of cancer depends upon its stage, and most advanced developments in diagnostics and medical holography technology and devices have therefore focused on early detection. These factors are expected to boost the medical holography market in the near future in order to identify chronic diseases such as cancers and cardiac disorders at an early stage.
Technological advancements in healthcare sector are likely to increase demand for medical holography technology
Technological advancements in the design of imaging equipment are likely to drive the demand for the same, which in turn is estimated to propel the market. The handheld mobile X-ray devices segment expanded at a higher growth rate, as compared to that of the conventional X-ray devices segment. This, in turn, drives the overall X-ray devices market.
Holography could also transform medicine, as an apparatus, for envisioning patient data while training students and surgical practitioners. Numerous medical systems create complex information utilizing advanced imaging technology; for instance, ultrasound scanning and Magnetic Resonance Imaging (MRI). Usually, electronic data is utilized to show a flat picture on a PC screen; however it can likewise be utilized to deliver full shading, and computer generated 3-D holographic pictures.
Introduction of 3D and 4D imaging devices has also led to an increase in the demand for medical imaging devices, since they improve the visibility of abnormalities in the fetus and enable medical practitioners to provide precise treatment for the same. These advancements in the design of medical holography equipment have driven the market and are expected to continue to do so with new and innovative introductions in the near future.
In terms of product, the market has been divided into holographic display, holography microscope, holographic prints, and holography software. The holographic display segment is likely to account for a leading share of the global medical holography market during the forecast period, owing to wide usage of holographic display in displaying final holographic images. Technological developments in holographic display are estimated to boost the medical holography market during the forecast period. Based on application, the medical holography market has been segregated into medical imaging, medical education, and biomedical research. Based on end-user, the medical holography market has been split into academic centers, pharmaceutical & biotechnology companies, and hospitals.
RealView Imaging Ltd., EchoPixel, Inc. and Holoxica Ltd. lead the medical holography market in 2017
Key players covered in this report include RealView Imaging Ltd., EchoPixel, Inc., Integraf LLC, Koninklijke Philips N.V., Holoxica Ltd., HoloTech Switzerland AG, EON Reality Inc., Lyncée Tec SA, Nanolive SA, and zSpace, Inc. Companies operating in the global market for medical holography are focusing on strategic collaborations for developing new products in emerging markets such as Asia Pacific and Latin America.
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