The medical holography market in North America was worth USD 219.22 million in 2022 and is estimated to grow at a CAGR of 32.46% to reach USD 893.94 million by 2027.
The primary benefit offered by a medical holography device is that the learning medicos, whose number has been on a high rise in recent years in the region of North America, can practice surgery by using these devices, which gives them the experience of performing in on an actual body, minimizing the errors during the actual surgery, thereby saving lives of people, and increasing success rates of the surgeries. Also, holography can take medical images of a particular anatomy, which is displayed in a three-dimensional manner, making the person investigate the organ and point to the problematic area by providing a clear picture. This facility not only provides the surgeon with exciting options, such as slicing the 3D image of the organ for a much better understanding of the problem but also helps rotate the image to demonstrate the problem better. This is considered one of the most crucial factors driving the growth of the medical holography market in North America.
Technological advancements are another major factor promoting the medical holography market in North America. Due to its high adoption by most industries in medicine, such as urology, pathology, ophthalmology, cardiology, dentistry, and many more, the market for medical holography is expected to expand during the forecast period. Medical holography has also been used for interferometric testing of teeth, 3D eye imaging, and visualization of chest movements during respiration. In addition, it has proven to become more accessible and transparent, making it easy to diagnose different problems. Growing R&D in the North American region and favorable government initiatives are further expected to accelerate the growth rate of the medical holography market in North America.
The drawbacks of using medical holography devices are likely to hamper the market growth over the forecast period. The high computational cost of hologram processing, which becomes quite expensive for low and middle-class people to buy or use this system, is likely to obstruct the market growth in this region during the forecast period. In addition, lack of knowledge regarding the latest technologies among the population of this region, especially in developing countries, less efficient projection under high light sources such as sunlight, and various technological restrictions imposed on the regular use of these holographic devices pose additional challenges for the future growth of the North American medical holography market.
This research report on the North American medical holography market has been segmented and sub-segmented into the following categories:
By Product Type:
By End User:
Based on the region, the North American market held the largest share globally and is estimated to continue to dominate throughout the forecast period. The dominance of the North American region in the global market can be attributed to the increased acceptance of medical holograms in many developed and advanced countries such as the U.S., better regional healthcare infrastructure, improved availability of technology, and growing business of medical invention resulting in the growing acceptance of holography. However, the primary reason which is helping not only North America but also Europe to maintain their position as leading developers and investors in the medical holography market is the high potency acquired by the medical holography devices to be further revolutionized in the years to come, despite being in the state of infancy, which has become a lucrative factor for major market manufacturers to invest in this industry, as a result of which more R&D activities are being held in these regions, thereby, driving the North America medical holography market.
The U.S. medical holography market had the largest share in the North American region in 2021. Factors such as rising investments for innovation in the field and the efficacy of devices in the medical field are expected to propel market growth in the region. America is one of the first countries to adopt medical holography. The government is promoting holography for surgical procedures, as the recent technique showed a 2D image. Medical institutes in the United States are using holographic therapeutic methods. The ZScape Holographic motion display was developed by Zebra imaging, a Texas-based company. The technological advancement in the field of holography is increasing its demand in the domain of medicine. The entry of new players is accelerating the need for the market. The U.S. FDA has given clearance 510 (k) to the Surgical AR system used in the surgical procedure. Furthermore, the rise in demand for non-invasive and radiation-free imaging techniques is leading to an increased focus by market manufacturers on the development of advanced technologies, which is helping major vital players settle in the regional market and making it accessible for everyone's use. Because of this, the governments are also lending a hand, which is further expected to drive the market.
The Canadian medical holography market is forecasted to grow at a promising CAGR during the forecast period. The first use of medical holography for a surgical procedure in Canada at UHN (University Health Network) Peter Munk Cardiac Center. Increasing research and development activities to promote quality healthcare services increases the market's growth. In addition, the rise in the incidence of cardiovascular problems is another factor for the market to grow. The growing number of imaging procedures in Canada, due to the growing prevalence of disease, growing disease burden, and clinical urgency for effective detection technologies, leading to increased acceptance of holographic teaching tools in the country, is expected to boost the Canadian market during the forecast period. Also, the extensive research activities carried out by most of the leading players based in Canada, owing to the rising trend of holographic technique's application in the education sector, is expected to boost the market.
KEY MARKET PLAYERS:
A few of the notable companies operating in the North American 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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