Holographic Imaging Market Top Trends, COVID-19 Impact Analysis 2021-2024
The holographic imaging market worldwide will make a significant headway despite the economic instability induced by the Covid-19 pandemic and lockdown, thanks to groundbreaking technological advancements. Although it is undeniable that the outbreak has resulted in massive economic losses, the situation has also created significant opportunities for selective domains. One of these is the medical and healthcare sector, which has been witnessing extraordinary proliferation lately due to the introduction of several new devices with hologram technology with advanced features.
The holographic imaging market is expected to progress considerably in the coming times as this technology finds numerous applications not just in the area of medicine, but also other end-use segments. Recently, scientists have invented a new method that involves holographic imaging technology for detecting antibodies and viruses. The instrument xSight, created by a New York based company, Spheryx, is used to perform holographic video microscopy. This high-end technology is capable of not only counting viruses diffused in the saliva of patients but also identifying antibodies dissolved in their blood. Moreover, the introduction of this device has reduced costs, prevented misdiagnosis, and speeded up patients’ treatment during the pandemic.
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The holographic imaging market size, by 2024, is anticipated to register around USD 2.5 billion by revenue.
The following are the key top trends in the market for holographic imaging:
Increasing number of R&D activities will boost growth
Recently introduced technologies that ensure high efficiency and clarity are being deployed by the leading market players across multiple end-users, applications, and geographies. Numerous governments globally are implementing initiatives undertaking research for studying cardiovascular and orthopedic diseases. This involves the deployment of 3D technology and advanced holographic imaging in medicine. As a result, the holographic imaging market size is expected to depict a steady rise.
Biomedical research segment to compel expansion
Registering a CAGR of 35.3% through 2024, the biomedical research segment is likely to dominate the holographic imaging market. The tremendous growth of this segment can be attributed to research activities in medicine. The employment of holographic imaging in medicine, and in biomedical research in particular, can provide digital holograms of the DNA, different kinds of cells and even entire organs.
These holographically printed images can be useful across several 3D analysis applications, enabling early and accurate detection of diseases. Research institutes and universities, especially in the developed nations, will further stimulate growth of the holographic imaging market in the next few years.
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Holographic display assures advancement
In 2017, the holographic display segment held a valuation of $201.5 million and is likely to keep growing considerably over the forecast period. Technological advances and breakthroughs in hologram technology are responsible for the growth of the holographic display segment, which in turn will reinforce demand for holographic imaging.
For instance, Sony has launched a new product, Spatial Reality Display, a wedge that uses holographic imaging for creating high quality stereoscopic 3D images. The automotive sector is also expected to grow at a substantial rate because of the incorporation of holographic imaging in cars. For instance, Envisics, a leading car manufacturer, has successfully raised $50 million to fund its project that seeks to revolutionize holographic imaging technology in its next generation of cars.
The topmost competitors in the holographic imaging market are Phase Holographic Imaging, Holoxica Limited, EON Reality, Lyncee Tec SA, Zebra Imaging, zSpace, Ovizio Imaging Systems NVSA, EchoPixel, Nanolive SA, and RealView Imaging.