Holographic Imaging Market Size By Product (Holographic Display, Holography Software, Holography Microscopes, Holographic Prints), By Application (Medical Imaging, Medical Education, Biomedical Research), By End-user (Pharmaceutical & Biotechnology Companies, Research Organizations, Academic Medical Centers, Hospitals & Clinics) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2018 - 2024
Holographic imaging market will exceed USD 2.5 billion by 2024; as per a new research report.
Growing awareness regarding usage of holographic imaging in medical education will significantly boost holographic imaging market growth over forthcoming years. Newly developed holographic imaging systems possess high efficiency and clear 3D images that helps in research processes. Moreover, government in developed countries implement several initiatives that facilitates the research process for studying orthopedic and cardiovascular disorders that will augment demand for holographic imaging market growth over the coming years.
Technological advancements integrated within holographic imaging systems is also a contributing factor for industry growth. Moreover, implementation of various growth strategies by industry players for business expansion will fuel industry growth. For instance, Phase Holographic Imaging entered into a collaboration agreement with the University of California, San Francisco (USCF) for accelerating skin cancer research process by using holographic imaging cytometry technology. Furthermore, there has been a considerable increase in the adoption of holographic imaging system for conducting biomedical research process that will further stimulate holographic imaging market growth in coming years.
Holographic display segment was valued at USD 201.5 million in 2017 and is projected to grow significantly over the forecast timeframe. Holographic displays are 3D displays that rely on coherent light for projection of objects virtually in real space. It allows viewers to look around objects with a different perspective, offering a more naturalistic and comfortable viewing experience irrespective of the details associated with stereo 3D display. Technological advances and enhancements in the field of display is projected to stimulate segmental growth.
Biomedical research segment will witness 35.3% CAGR by 2024 due to extensive use of holographic imaging systems for various research purposes. Deployment of holography techniques in biomedical research that offer digital holograms of DNA, cells as well as entire organs that can be holographically printed for a range of 3D analysis applications. Furthermore, increasing adoption of holographic imaging systems in research institutes will further favor business growth.
Research organizations segment accounted for 14.1% revenue share in 2017 owing to rising prevalence of cardiovascular and neurological disorders among geriatric population. As per WHO 2017 report, 17.9 million people died due to cardiovascular disorders in 2016 across the globe. Rising disease prevalence results in development of innovative imaging techniques for diagnosis. Research organizations are steadily working on developing innovative diagnostic tools thereby stimulating holographic imaging business expansion during projected timeframe.
U.S. holographic imaging market will experience 32.6% CAGR by 2024 due to increasing biomedical research initiatives in holographic image technology coupled with adoption of holographic products by research academics and laboratories. Moreover, increasing focus of prominent industry players on innovative holographic imaging leads to introduction of holographic products in the market.
China holographic imaging market was valued at USD 16.9 million in 2017 due to rising R&D expenditure on healthcare and availability of excellent technological training for medical education. As per World Bank Data 2015, the R&D expenditure in China was 2.07 % of GDP, comparatively higher than other countries. Rising R&D expenditure results in production of innovative diagnostic and imaging techniques that should drive holographic imaging business.
Some of the prominent competitors operating in holographic imaging market include EON Reality, Holotech, Holoxica Limited, Lyncee Tec, Nanolive, Ovizio Imaging Systems NVSA, Phase Holographic Imaging, RealView Imaging, Vision Optics and zSpace. Industry competitors are mainly focusing on inorganic strategies such as partnership, merger and acquisitions to escalate their market position as well as strengthen product offerings.
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