May 04, 2020
As per the report titled ‘Holographic Imaging Market Size By Product, By Application, By End-user Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 - 2024’, available with Market Study Report LLC, global holographic imaging market is projected to surpass USD 2.5 billion by the year 2024.
Rising awareness about the use of holographic imaging in medical education will augment the market growth. High efficiency and improved 3D images of newly developed holographic imaging systems are improving the research processes. This factor coupled with several initiatives by government of various nations for facilitating research process to study orthopedic and cardiovascular disorders will bolster the market growth over the forecast period.
Based on the product type, holographic display segment was worth USD 201.5 million in 2017 and is anticipated to grow significantly over the forecast duration. Holographic displays are 3D displays that depend on coherent light for projection of objects virtually in real space. They allow viewers to observe objects from different angles, offering natural and comfortable viewing experience.
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Speaking of the application scope, biomedical research segment is slated to expand with 35.3% CAGR through 2024, owing to extensive use of holographic imaging systems for several research purposes. The device provides digital holograms of DNA, cells, and entire organs that can be holographically printed for a wide array of 3D analysis applications.
Elaborating on the end-user spectrum, research organizations held 14.1% revenue share of global holographic imaging market in 2017 and is anticipated show modest growth over the forecast timeline. Increased pervasiveness of cardiovascular and neurological diseases among the geriatric population is driving research organizations to develop innovative diagnostic tools, thereby stimulating holographic imaging business outlook.
Considering the geographical landscape, holographic imaging market in the United States is projected grow with a CAGR of 32.6% through 2024. Increase in number of biomedical research initiatives favoring the use holographic image technology along with rising adoption of holographic imaging devices by research academies and laboratories is driving the industry growth in U.S.
Whereas, China holographic imaging market was worth USD 16.9 million in 2017 and is primarily driven by increasing R&D expenditure on healthcare and availability of excellent technological training for medical education.
Major players in global holographic imaging market include Holoxica Limited, Holotech, Lyncee Tec, Nanolive, Phase Holographic Imaging, EON Reality, Ovizio Imaging Systems NVSA, RealView Imaging, zSpace, and Vision Optics. These industry leaders are implementing various growth strategies such as acquisitions and collaborations to expand their businesses. For instance, Phase Holographic Imaging announced collaboration with University of California, San Francisco (USCF) for advancing skin cancer research process through the use holographic imaging cytometry technology.