The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Holography is processed to record and display three-dimensional information without the use of the lenses, therefore it is of immense use and creates large possibilities of applications across the field of science, engineering, graphics as well as 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 organs dysfunctionality raises the need for proper visualization of the affected area, where the usage of holographic devices plays a significant role. With the growth of high investment in healthcare facilities, technological advancements in surgical rooms, as well as, growing need for personalized medications, drives the growth of holography market in the medical field. However, the 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 a hospital. Moreover, the shortage of skilled professionals is among the major restraint for holography usage in the medical domain.
Key Market Trends
Medical Education Sector is Expected to Grow Fastest Over the Forecast Period
The three-dimensional illustrations of medical cases are expected to grow at the fastest rate in the medical education sector. As per several universities across Europe and the United States, the virtual reality hologram based practical studies and explanations are estimated to be more adopted as a real part of medical education. With the advances in lasers and optics ability in the medical field, the growth in distribution of these holographic devices is expected to rise significantly across a large number of medical education facilities especially across the developed markets, followed by the steady adoption rate in emerging markets of the world. With large usage possibilities to improve the anatomical structures understanding such as the structure of blood vessels across multiple organs are expected to increase the adoption rate of these devices in medical education field.
North America is Estimated to Have Largest Share in the Global Market
The United States and Canada are highly advanced in terms of new technology procurement, early release in the market, better reimbursement policies and home to headquarters of several medical devices and pharmaceutical companies. Since, there is a large set of the international population which also approach these countries for one of the best medical treatments, the quick adoption of new technology such as medical holography is of many advantages across all end users. The need to ease the treatment and procedures has evolved significantly in past one decade which has given rise to several R&D investments and venture partners funding to new start-ups which drive the medical holography market in North America.
The major market players are focusing on technological advancements and improving the material quality used in sutures and better treatment of the injury site. Some of the major players in the market are RealView Imaging Ltd, zSpace, Inc, EON Reality Inc, Lyncee Tec, Phase Holographic Imaging PHI AB, among others.
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