The global medical holography market features an extremely competitive market landscape with numerous market players focusing on the development of new products, reports Transparency Market Research. Key companies operating in the market comprise RealView Imaging Ltd., Lyncée Tec SA, Integraf LLC, EchoPixel, Inc., HoloTech Switzerland AG, Holoxica Ltd., EON Reality Inc., and Koninklijke Philips N.V. These companies are focusing on strategic mergers and acquisitions and enhancing their production capacities to meet the growing demand. The intense competition between these players is mainly driven by new innovations in the medical holography market.
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As per TMR analysts, the global medical holography market is expected to usher at an astounding CAGR of 30% during the forecast period which is 2018 to 2026. Growing at this pace, the market is expected to rise from its initial value of US$ 240.0 Mn to reach the mark of US$ 3500.0 Mn by 2026.
On the basis of product, the global medical holography market is segmented into holography microscope, holographic display, holography software, and holographic prints. Out of these, the holographic display segment is expected to hold dominance over the market owing to recent innovations in holographic display and wide use in displaying holographic images.
On the geographical front, the global medical holography market is divided into Europe, North America, Latin America, Asia Pacific, and Middle east and Africa. Of these, Europe and North America have emerged as leaders in the market owing to the presence of large patient base and high incidence of chronic diseases.
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High Demand from Academic Centers to Boost Growth
The medical holography technique is booming incessantly in the light of recent technological developments. It finds extensive usage in academic centers to get a better understanding of the anatomy of diseases. Moreover, there is a high demand for holography imaging from healthcare and research industries. These factors have impacted the global medical holography market positively, thus stimulating growth.
Furthermore, factors such as rise in the number of chronic diseases and growing geriatric population are perceived to cause a spur in the market’s growth. In addition to this, innovations in the design of imaging equipment such as introduction of 4D imaging techniques may present significant growth opportunities for the market’s growth.
Additionally, improvements in hologram recording techniques have strengthened the growth ground of the global medical holography market. Moreover, rise in the funding and investment for the development of new medical holographic products has propelled the market’s growth.
However, along with the numerous drivers, there are a few restraints that may cause a downfall in the global medical holography market. Factors such as high initial investment and processing costs may cause an impediment in the market’s growth. Nonetheless, the benefits offered by medical holography technology over the conventional techniques may reduce the effects of the restraints. Moreover, focus on new product developments may create numerous growth opportunities for the market.
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Advancements in Technology to Create New Avenues
Microsoft has recently developed “Hololens 2”, a virtual reality technology featuring holograms. It offers an excellent mixed reality experience with the scalability of cloud and AI services. With the help of Hololens 2 you can see the intricate details of a 3D image with a high resolution. Moreover, it offers excellent ease of use with its dial-in fit system. Such technological developments have presented lucrative growth opportunities for the global medical holography market.
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