LONDON, Jan. 10, 2017 /PRNewswire/ -- The medical holography market is expected to reach USD 4.04 billion by 2025, according to a new study by Grand View Research, Inc. The medical holography market is predominantly driven by the increasing penetration of holographic displays in diagnostic imaging for educational and training purposes due to the generation of high quality 3D images, which provide a better insight into disease progression.
The unprecedented penetration rate of holography products is attributable to the inherent benefits of this technology over conventional alternatives, which influence companies to work further toward developing these products for subsequent commercialization.
Furthermore, the high physician demand to gain deep insights during diagnosis is widening the scope for sector growth. In addition, heightening technological sophistication is presumed to accentuate the market uptake of holography products and encourage high participation by the companies.
Further Key Findings from the Study Suggest:
In 2015, holographic displays accounted for the dominant share in the product segment owing to surging demand for precision in assisted surgeries. In addition, consistent advancements in this field are presumed to further present this segment with opportunities in the future. For instance, in December 2014, Bristol University developed a touchable holographic display through the generation of air disturbances using ultrasound to create 3D haptic shapes
Medical imaging is expected to grow at a constant rate during the forecast period due to the consistent efforts of major companies to promote the incorporation of holographic products in clinical applications. For instance,in October 2014, Zebra Imaging entered into a partnership with Zygote Media Group to develop advanced 3D biomedical models to visualize human anatomy
In 2015, North America held a substantial share of the overall market with a share of over 38.0%. This is attributed to the consistent number of investments in the R&D sector. Consequently, the technological advances in the medical holography market space has led to a significant increase in the adoption of these products owing to the better diagnostic outcomes
Asia Pacific is anticipated to exhibit an exponential CAGR of over 32.0% during the forecast period. The lucrative growth rate is attributable to the rising healthcare spending, consistently growing healthcare infrastructure, and growing awareness levels with respect to the usage of holography products in medical applications
The key players are consistently undertaking new product development and collaborative strategies to attain a higher market share and gain a competitive position in this sector. For instance, in October 2013, RealView Imaging Ltd. and Royal Philips completed an assessment of live 3D holographic imaging, which facilitates 3D interaction and facilitates minimally-invasive structural heart disease procedures
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