Medical Holography Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The medical holography market is expected to register a CAGR of about 25.0% during the forecast period, 2021-2026.

A profound impact of COVID-19 was observed on the market. Due to the high risk of transmission, many countries have adopted lockdown measures, suspended some trade activities, implemented travel restrictions, etc., leading to supply chain disruptions, which led to the lack of stock in many pharmacies, including new device installations in diagnostic centers and hospitals. However, there is increased interest in medical imaging integrated with holographic technologies in the diagnosis of diseases. For instance, in October 2020, scientists from the New York University developed a new method based on their test on holographic video microscopy, which uses laser beams to record holograms of their test beads. Using this holographic imaging technology, scientists can detect both viruses and antibodies in patients affected by COVID-19, which can aid in their medical diagnoses. Apart from the medical imaging, one of the programs from the Case Western Reserve University used holographic headsets to provide academic programs through holograms.

Holography is processed to record and display three-dimensional information without the use of lenses; therefore, it is of immense use and creates large possibilities of applications across the field of science, engineering, graphics, and arts. The optical elements in holography perform the function of mirrors, lenses, gratings, and combinations of them. There is a range of medical diseases where the complexity of the diseases and organ dysfunctionality raise the need for proper visualization of the affected area, where the usage of holographic devices plays a significant role.

The growth of high investment in healthcare facilities, technological advancements in surgical rooms, and growing need for personalized medications drive the growth of the holography market in the medical field. Due to the advancements in product technologies, the usage of holography is likely to increase in medical facilities over the forecast period. Many medical systems generate complex data using advanced imaging technology, such as X-ray, magnetic resonance imaging (MRI), and ultrasound scans. For instance, the X-ray holography method can examine samples in an aqueous solution with very high resolution without sample preparation, which often results in structural alternations. An X-ray hologram with a resolution better than that of a detector can be obtained by Fourier transform holography with a zone plate.

However, factors such as limited expenditure by government facilities and healthcare facilities in hospitals of low and middle-income countries hinder the establishment of holography usage in specialty centers of hospitals. Moreover, the shortage of skilled professionals is among the major restraints for holography usage in the medical domain.

Scope of the Report

Holography widens the possibilities of imaging medical-related sites. It increases the information storage capacity and capability to meet the write-read-erase requirement in real-time. The market is segmented by product type (holographic displays, holography microscopes, holographic prints, holographic software, and other product types), application (imaging in medical indications, medical education, and other applications), end user (hospitals/clinics, biopharmaceutical companies, and other end users), and geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers the value (USD million) for the above segments.

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Key Market Trends

The Holographic Display Segment is Expected to Grow at a Good Rate Over the Forecast Period

A holographic display is a display that uses coherent light created by the laser to create a three-dimensional (3D) image in space. The advent of holographic technology is expected to have a colossal effect across medical and healthcare, owing to the profound potential of its applications.

The holographic display has had a potential impact on the medical imaging field and image-guided therapies, especially for the visualization and proper guidance during minimally invasive, non-surgical interventions, coronary interventions, catheter ablation therapy for arrhythmias, and catheter-based structural heart therapies, including heart valve replacements.

Moreover, the holographic display segment is expected to gain significant momentum in the overall market, owing to the presence of multiple players focusing on technological advancements and other different strategies, namely, acquisitions, partnerships, and joint ventures, through which only the top players are gaining the market share.

In May 2020, Looking Glass Factory upgraded its display technology with UE4 plugin, which can visualize designs using its holographic displays. The new feature is suitable to be used in a range of industries, like medical imaging.

In 2017, a UK-based company, Holoxica Limited, launched its 3D holographic display for interactive visualization of medical imaging data, in conjunction with scientists at ACTPHAST (the Access Center for Photonics Innovations Solutions and Technology Support). The company’s 3D holographic displays can display footage of internal organs and structures generated from MRI, CT, PET, or ultrasound data sets. Hence, owing to these factors, the market for holographic displays may register significant growth over the forecast period.

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