The global holographic imaging market was valued at USD 35.4 million in 2020 to USD 303.06 million by 2027, at a CAGR of 35.9% from 2021 to 2027. The medical imaging landscape has undergone numerous significant transformations since the humble beginnings with the discovery of X-ray by Wilhelm Roentgen in 1895. Medical imaging now plays a critical role in patient healthcare, scientific research, and patient medical education. A look at the growth in the number of MRI units per million people in developed countries suggests that the figure has been growing at a CAGR of 10.9% during the last 20 years. Similarly, CT Scans and ultrasound technologies have also registered impressive growth in the past couple of decades.
Technology-enabled education is also on a constant rise. The prototypes and products of market players are installed in universities for educational purposes and scientific visualization. On this front, volumetric displays and light field displays have more advantages over AR and VR since multi-user viewing is supported by the former. The cost component and risks associated with AR and VR devices are higher than volumetric and light field displays.
The need for holograms also stems from the demand for an efficient PACS storage system. There may be alternative methods to improve the efficiency of PACS storage. Although the use of holograms for the same is currently a concept and has been in research for several years now, it will likely be considered when RD is in full swing. For data to be stored in holograms, there is an intensive need for increased computing power. This is expected to be a long-term driver for market growth, and the timeline for achieving the necessary computing power could be pushed into the 2030s.
Global Holographic Imaging Market Dynamics
Drivers: Growing Demand and Preference for Minimally Invasive Surgeries
Surgical procedures have undergone a substantial transformation after the introduction of minimally invasive surgeries. A significant amount of effort in research for the same is centered around patient convenience. In regions such as Europe and North America, there is a growing demand for reducing patient stay and increasing the number of surgeries performed in a given period. Moreover, minimally invasive surgeries have a high rate of acceptance among patients in these regions.
Holographic imaging can significantly reduce the complexity of a surgical process by eliminating any need to perform invasive surgeries. Several companies such as Holoxica Ltd, Looking Glass Factory, and Holografika Kft sell light field technology to display 3D medical models that do not require doctors to make an incision. Holographic imaging is being tested for applications such as Coloscopy. This increases the chances of applying holograms in medical imaging, despite other approaches also being in the research and development phase in the present scenario.
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Restraints: Near-Term Limited Applications with Significant Benefits
Although holographic imaging is expected to bring about a revolutionary change in imaging and viewing techniques, its adoption is rather sluggish in the industry. According to industry perception, holographic imaging, although new, offers very little improvement in terms of insights obtained from imaging data. There are limited applications that provide significant improvements, such as the use of holograms to study the interiors of a patient’s colon before performing colonoscopy. The traditional method involves the insertion of a tube along the length of the colon. However, holographic imaging eliminates the need for that and leads to detecting any ‘polyps,’ i.e., cancerous lesions, before they turn into cancer. Despite these positive factors, several senior experts and doctors being conservative, prefer traditional methods. It is anticipated that market acceptance for holographic imaging will be gradual.
Opportunities: Future MA Deals
The holographic imaging market consists mostly of tech startups due to the nature of the technology. The key factor behind the initial slow growth of the market is the lack of funds to push RD projects. Most of the companies in the market rely on external funding and grants to acquire the capital needed for RD. One of the ways in which the market growth could get a significant boost is the entry of current market leaders such as Koninklijke Philips N.V. and Siemens AG in the industry and this field. So far, the market has witnessed very limited participation from the medical industry giants. This could be attributed to skepticism regarding the commercial viability of the technology and increased focus on core competencies. Therefore, it makes more sense for large businesses to wait and acquire a tech company later. The possibility of a large merger between an industry leader and a small company dealing in volumetric displays could lead to a situation wherein every imaging modality being rolled out by the big company is integrated with the volumetric display technology. In such a case, the market size for the successive year could increase by ten folds. This is an optimistic scenario with a high possibility of such a merger happening within the next decade is significant.
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Scope of the Report
The study categorizes the holographic imaging market based on product type, nature, technology, application, end user, and regions.
By Product Type Outlook (Sales, USD Million, 2017-2027)
- Integrated Systems Accessories
By Nature Outlook (Sales, USD Million, 2017-2027)
By Technology Outlook (Sales, USD Million, 2017-2027)
- Volumetric Displays
- Light Field Displays Other Autostereoscopic Displays
By Application Outlook (Sales, USD Million, 2017-2027)
- Anatomy Patient Education
- Surgical Support
- Medical Research
By End User Outlook (Sales, USD Million, 2017-2027)
- Diagnostic Clinics
- Operating Rooms Interventional Suites
By Region Outlook (Sales, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia New Zealand, Rest of Asia Pacific)
- The Middle East Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
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Volumetric display and light field display technologies, by Technology, have the largest revenue share in the market
The global holographic imaging market has been segmented into two key segments on the basis of technology – volumetric displays and light field displays, and other autostereoscopic displays. In 2020, Volumetric display and light field display technologies accounted for the largest revenue share of 98.30%. LightSpace Technologies Inc. is another company based in Eastern Europe that is into volumetric displays. The company uses a combination of headgear and volumetric display technology in its product.
The net result of a light field display is an autostereoscopic 3D display, which is screen-based. These systems consist of a screen that the viewer can look at and do not require glasses to view the image. In this technology, a user is essentially looking through a window into a 3D display with a finite range of view. One of the leading companies in this space is Light Field Lab, Inc. Currently, they do not sell any product and are still in the RD phase. However, their idea of light field displays is considered revolutionary, and recently, in August 2019, the company raised $28 million in funding. The company is working on large lenticular displays in generations 2 and 3 of their concepts. Light field technology mainly uses perspective and depth to create a holographic experience for the user. Most of the holographic imaging market companies use light field technology in some form or the other, making this the dominant technology in the market. Apart from Light Field Lab, Inc., other companies either offer or are working on products that use this technology, such as Looking Glass Factory, Leia, Inc., and Avegant Corporation.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on region, the global holographic imaging market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East Africa. The Asia Pacific has a growth rate of 50% during the forecast period 2021-2027. The Asia-Pacific holographic imaging market is analyzed across Japan, China, India, Australia, and the rest of Asia Pacific. These countries offer lucrative opportunities for players operating in the holographic imaging market.
In the Asia Pacific, it was increasing healthcare expenditure by governments expected to improve healthcare quality in most of the countries in the region. This will lead to higher chances of adoption of next-generation imaging technologies. However, most countries in this region are not keen on being early adopters of this technology for medical imaging. Lack of awareness about holographic technology among most of the regional population might lead to skepticism. Moreover, Increased efforts on patient education regarding holographic and advanced imaging techniques. Collaboration between a start-up and a medical industry giant could lead to significant growth.
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Key Market Players
The companies profiled comprise key holographic imaging systems and software manufacturers. The list of companies profiled in this report includes EchoPixel, Inc., RealView Imaging Ltd., Holoxica Ltd., Looking Glass Factory, Voxon Photonics Pty. Ltd., LightSpace Technologies Inc., Leia Inc., Holografika Kft, Avegant Corporation, Light Field Lab, Inc. Microsoft Corporation, Coretec Industries LLC and SeeReal Technologies S.A.
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