Market Trends of Medical Holography Industry
The Holographic Display Segment is Expected to Witness Considerable Growth 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. For instance, in June 2021 Xenco unveiled a glasses-free holographic surgical simulation platform known as HoloMedX. This advanced platform has been designed to support users simulate an entire spine surgery in holographic space. Similarly, in January 2023, ThirdEye, a leader in Augmented Reality and Artificial Intelligence (AR/AI) solutions launched a fully integrated healthcare hardware and software package that includes solutions for telehealth AR, AR Holographic Display, AI remote surgery.
In addition, increasing R&D expenditure by the medical companies is also expected to accelerate the research activities related to holographic display is also expected to propel the segment growth. The increasing research work may lead to the introduction of new technologically advanced product lines, which in turn may help the segment to grow over the forecast period.
Hence, owing to product launches, increasing investments, and strategic initiatives, considerable segment growth is expected over the forecast period.
North America is Estimated to Witness Significant Growth Over the Forecast Period
The North American medical holography market is driven by the high adoption of technologically advanced devices, product launches and innovations, and the growing prevalence of chronic diseases. For instance, according to the Centers for Disease Control and Disease Prevention(CDC) in July 2021, About 20.1 million adults aged 20 and older had coronary artery disease in the United States. Furthermore, as per the Canadian Institute for Health Information (CIHI) data published in July 2022, about 2.4 million Canadians had some form of heart disease in 2022. Also, as per the same source, about 95.9 thousand percutaneous coronary intervention (PCI) procedures were performed in the country in 2020-21. Similarly, according to the Canadian Cancer Statistics 2021 report released in November 2021, an estimated 229,200 Canadians were diagnosed with cancer in 2021 and the incidence of cancer is increasing in the country at a rapid pace. Thus, owing to the high incidence of chronic diseases, the number of surgical procedures is expected to rise in the region. In surgery, medical holography provides multidimensional images of various organs and tissues of the human body. These images allow doctors to see the anatomy of the human body without any incisions. Thus, owing to these factors, considerable market growth is expected in the North American region over the forecast period.
The product launches by the key players in the United States are one of the major factors propelling the market growth. For instance, in August 2021, RealView Imaging received the Food and Drug Administration approval for its HOLOSCOPE-i holographic system. The system creates partially accurate, three-dimensional interactive medical holograms, based on data scans and 3D ultrasound systems, granting physicians direct and precise interaction with dynamic holograms of a patient's true anatomy. Thus, the aforementioned factors are likely to drive the North American medical holography market during the forecast period.
