Medical Holography Market Size

Medical Holography Market Analysis

The medical holography market is expected to register a CAGR of about 25% over the forecast period.

The outbreak of COVID-19 impacted the medical holography market. The increasing use of medical holography in detecting various side effects caused by COVID-19 has helped the market grow during the pandemic. For instance, according to the study published by the NCBI in September 2021, a 3D hologram with mixed reality techniques can help medical professionals, especially medical students, and newly recruited doctors, better identify lung lesions caused by COVID-19. It can be used in medical education to improve spatial awareness, increase interest, improve comprehensibility, and reduce the learning curve. In addition, the introduction of new product lines to combat post-COVID-19 health issues has also favored market growth. For instance, in July 2022, HoloMed was launched, which is a line of holographic inserts developed by Holo Industries for medical carts, patient monitors, and other healthcare products. Once installed, HoloMed transforms traditional surfaces and touchscreens into holographic displays that can then be controlled through mid-air interaction, protecting patients and hospital staff by virtually eliminating surface contact. This helps to reduce the transmission of Health Associated Infections (HAIs) in hospitals and patient anxiety caused due to COVID-19. Thus, the market witnessed healthy growth during the pandemic and is expected to maintain an upward trend over the forecast period.

The increasing usage of holography products in medical facilities, technological advancements, and rising biopharmaceutical companies' research and development investments are the major drivers for the market.

The increasing application of holography products in medical facilities owing to its several advantages is one of the key drivers for the market. For instance, according to the research journal published by BioSpectrum in April 2022, medical holography has emerged as one of the most promising applications in the medical industry. Holographic imaging technology is advancing healthcare, life sciences, biomedical research, as well as medical training and education. Mixed reality (MR) applications are progressively impacting healthcare delivery with precise quantitative measurement of elements of internal human anatomy in 3D hologram geometries displayed in real physical space. The same source also stated that holographic 3D technology renders medical professionals with advanced diagnostic capabilities and surgical planning by allowing them to slice virtual tissue, organs, and other body parts at various angles.

Furthermore, holomedicine improves access to percutaneous procedures without invasive needle techniques. Surgeons around the world are now curious to explore medical holograms to increase the efficiency of complex surgeries. Thus, surgeons are now investigating more on medical holograms to enhance the efficiency of complex surgeries. Thus, increasing adoption of medical holography in various medical facilities owing to its several advantages is expected to impact the market over the forecast period positively.

The increasing investment in research and development by the medical sectors and approvals of advanced technological products in the market are also expected to contribute to market growth. For instance, according to the data published by the Congressional Budget Office, in 2021, it has been observed that pharmaceutical industries have spent nearly USD 200.0 billion on research and development globally compared to USD 83.0 million in previous years. Similarly, according to the report published by Statistics Canada in June 2022, in-house spending on research and development in 2021 is expected to grow by 3.5%, reaching USD 23.4 billion. Pharmaceutical companies in Canada expect more modest growth in their in-house research and development spending in 2022, with total R&D spending anticipated to increase by 1.7% to USD 23.8 billion. The increasing investment in R&D may accelerate the research activities related to medical holography, which may lead to greater adoption in the upcoming years.

Furthermore, in August 2021, FDA approved a system, RealView Imaging's Holoscope-i, that creates accurate, three-dimensional holograms of a patient's organs, giving surgeons a new opportunity to interact with their anatomy and orient themselves before any procedure. RealView Imaging's Holoscope-i assembles its holograms from CT and 3D ultrasound scans and projects them from a device suspended above the surgeon's head. This allows the user to manipulate the image with their hands without wearing an augmented reality headset or other equipment. Thus, approvals of such technologically advanced products may boost market growth over the forecast period.

However, high initial investments in healthcare facilities and a shortage of skilled professionals will likely impede market growth over the forecast period.