Holograms are on the verge of penetrating deeper into the medical fraternity. Holographic Imaging Market is likely to experience a steep growth over the next few years, subject to the extensive product application in medical academia, medical imaging, and healthcare research. Many companies have been developing holographic technologies for biomedical imaging. For instance, Zebra Imaging, a renowned Texas-based holographic imaging industry player, has developed the ZScape Holographic Motion Display, a technology that is designed to produce true holograms. Through this technology, Zebra Imaging intends to prove that holography can substitute for the lack of cadavers in medical schools. The company has even partnered with the Zygote Media Group with an intention of getting this technology commercialized and deployed at major medical schools across the United States. Similar efforts by other companies, such as EchoPixel, RealView Imaging, and NanoLive is likely to propel holographic imaging market, slated to cross a revenue of USD 3 billion, with a CAGR anticipation of 30% over 2017-2024.
Of late, the holography technology has been increasingly adopted by research institutions, surgeons, and biomedical scientists, pertaining to the fact that holograms allow doctors to undertake extensively minute colonoscopies virtually, eliminating the need of a physical testing procedure. They also help detect serious issues with sensitive organs such as the brain, the abnormalities of which are particularly difficult to interpret. In addition, the increasing prevalence of cardiovascular and neurological disorders among the growing global geriatric population will spur holographic imaging market trends.
Technological advancements that have taken place in holographic technology and the rising availability of medical devices for interpreting the holographic interferograms will enhance the end-use landscape of holographic imaging industry. Subject to its high-grade interpretation techniques, this technology finds applications in ophthalmology, urology, pathology, and orthopedics, thereby stimulating the demand for holographic imaging market.
Large-scale corporations operating in holographic imaging industry engage in novel product launches coupled with the deployment of the latest technologies, to stay ahead of their rivals. Recently, toward the end of 2016, renowned holographic imaging market player Holoxica had launched a holographic 3D digital human anatomy atlas prototype, that has given clinicians and neuroscience medical experts an insight into the detection, diagnosis, and treatment of neurological disorders. Notable participants of holographic imaging industry include NanoLive, Mach7 Technologies, Holoxica, RealView Imaging, Echopixel, and Ozivio Imaging Systems.
Biomedical research dominated the application landscape of holographic imaging market in 2016, pertaining to the advancements occurring in holographic interferometric techniques that are utilized heavily in biomedical applications. Biomedical research uses holography to provide 3D digital holograms of various cells, organs, and DNA. Besides, this technology helps create 3D holograms of myriad biomedical datasets, which will stimulate holographic imaging industry.
Holography is extensively deployed across the field of medical education, as it enables medical students to understand the anatomy of the human body with a 3D view. Growing deployment of this technology across medical academia for studying the complex images of the nervous, vascular, and musculoskeletal systems will accelerate the holographic imaging market.
The United States has always been at the forefront as far as the technological advancements in holographic imaging are considered. In 2016, in fact, the U.S. accounted for the largest chunk of regional holographic imaging industry, subject to the extensive research undertaken by the numerous universities and academic & research institutes in the region and the presence of market players such as Zebra Imaging and EchoPixel. Increasing number of initiatives undertaken by biomedical research institutes will further complement the regional holographic imaging market, especially for medical imaging applications.
The healthcare fraternity has been increasingly adopting holography, since it has practically revolutionized the techniques of diagnosis and treatment for cardiovascular and neurological disorders. On these grounds, holographic imaging industry from medical imaging applications will witness a significant growth over the forecast timeframe.
Holographic display accounted for the largest product segment in 2016, pertaining to the increasing application of 3D holographic display. Thus, holographic imaging industry from holographic display products is anticipated to grow at a CAGR of 30% over 2017-2024, subject to the increasing usage of 3D holography in medical education. Another lucrative product segment, holographic microscopes, are also extensively utilized for 3D imaging. The significant growth in technologies such as image processing, numerical computation, and electronic detection will propel holographic imaging market from holographic microscopes.
Holographic imaging is heavily utilized across research organizations, biotech & pharma sectors, hospitals & clinics, academic medical centers. Pharma & biotech companies accounted for the largest share in holographic market revenue in 2016 and are predicted to depict excellent growth prospects over the years ahead. This growth can be attributed to the increasing adoption of advanced technologies and the acceptance of medical imaging for the diagnosis of numerous disorders, across various geographies.
Holographic imaging industry is in the process of strongly establishing its footprints across the globe. Geographically, Japan is one of the leading regions as far as the adoption of this technology is concerned. Subject to the increasing lifestyle changes, excellent healthcare facilities, rising expenditure on healthcare, and the availability of excellent technological training for medical education, Japan holographic imaging market is forecast to register an excellent growth rate over 2017-2024. Other regions, such as Brazil, are not far behind either, as far as medical research on holographic imaging is concerned.
While holography, as a technology, has found widespread popularity and is a subject of research for scientists, its deployment as a full-fledged technique will face complications. This is primarily due to the high implementation costs and the lack of convenient accessibility. In addition, the existing holographic display technique has poor spatial resolution. These constraints can be overcome as more and more companies are coming up with highly advanced and cost-effective technologies, thereby propelling global holographic imaging market.