The size of the Medical Holography Market in Europe is predicted to grow to USD 563.75 million by 2027 from USD 146.69 million in 2022, registering a CAGR of 30.9% during the forecast period.
Medical holography is one of the most promising tools for the medical industry; the use of holographic imagery and projections has led to enormous changes in the field of biomedical research and medical education and training, because of which holographic techniques have expanded their applications in life sciences, primarily due to its ability of 3D visualization, creating an exciting and interactive learning atmosphere in the educational institutions.
As more and more university centers are in Europe, the market is expected to experience healthy growth in the coming years, owing to the increasing adoption of medical holography for educational purposes. According to a recent study, medical holograms have improved their understanding of anatomy more than traditional methods. Other advantages are better medical instructions, collaborative visualization, intuitive visualization, and improved communication for complex anatomical data. These advantages are intended to stimulate the growth of the European medical holography market.
The major factors driving the growth of medical holography in Europe include increasing clinical applications of holography, increasing prevalence of chronic diseases, including cardiovascular disease and cancer, increased investment in the digital holography market, the benefit of enabling a less invasive procedure for various diagnostic purposes, growing adoption of holographic products in biomedical research and medical education, increasing clinical application of holography in the treatment of orthopedics, cardiac electrophysiology, radiological and surgical procedures, and dentistry, and the emergence of holography as a promising technology in the representation of complex 3D structures.
Furthermore, holographic display technology and digital holograms are being increasingly used in the teaching and hospital education industry in addition to medical imaging and research because it helps retain more information compared to other learning techniques, making it easier for medicos to learn and understand the system along with an increased emphasis on structural biology in medical schools. Also, increase in R&D efforts in the region of Europe, its typical application in various medical departments and research organizations for various purposes, increasing focus of several market players on the development of holographic fingerprints and holography software like advancements, increasing elderly population, intensive research initiatives were undertaken to identify the numerous ways of holograph uses in many surgical procedures. Furthermore, the ability of a holography device to improve the safety profile leading to better patient outcomes, is creating opportunities for the growth of medical hologram companies, further leading to market growth.
High initial and maintenance costs are the major factors limiting the European medical holography market growth. Furthermore, technological limits offered by various recently developed advanced medical holographic devices, the presence of other alternatives to holographic devices, the high computational cost of processing holograms, and the lower effectiveness of these holographic devices under projection in direct sunlight would further hamper the market growth for medical holography in Europe.
This research report on the European medical holography market has been segmented and sub-segmented into the following categories:
By Product Type:
By End User:
Based on the region, the European market is expected to be the second-largest regional market globally, followed by North America. Factors like the efficacy of holographic devices in the medical field and rising investment in innovation are expected to drive market growth in the region. The high health expenditure per capita, coupled with the high adoption of holography devices, are the key factors contributing to the high market share in the region. Germany is expected to experience considerable growth in the global market during the forecast period. The increasing prevalence of chronic diseases is a key factor in the growth of the medical holography market in Germany.
Germany held a leading position in the European market, with over 30.0% in 2020. The share gained by this region can be attributed to the in-depth research activities carried out by most of the major players based in the region. Furthermore, the increasing burden of disease and the clinical urgency of effective detection technologies such as medical holography, which is becoming increasingly accessible in the region, serve as an essential catalyst for growth in the region. In addition, the increased acceptance of holographic teaching tools in the region is expected to positively influence the overall European market.
The UK is expected to experience phenomenal growth during the forecast period. The increased disposable income, the growing healthcare expenditure, and advanced physician awareness of the product's benefits for diagnostic and interventional procedures will boost the regional market. In addition, in 2017, Holoxica Limited, a UK-based company, launched a 3D holographic display for interactive medical image data visualization with scientist collaborations at ACTPHAST. These 3D holographic displays can project internal organs and structures created by MRI, CT, PET, or ultrasound data sets. Hence, for these reasons, the market may experience significant growth for the forecast period.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the European medical holography market profiled in the report are EchoPixel, Inc., Lyncee Tec, Eon Reality, Holografika Kft., Realview Imaging Ltd., Mach7 Technologies Pte. Ltd., Ovizio Imaging systems, Holoxica Ltd., zSpace, Inc., Zebra Imaging and NanoLive SA.
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