Various medical examinations such as X-ray, CRT and city scan uses digital technology to optimize the image results. Volumetric display is widely used in medical imaging application for the visualization of different interior part of the body through 3D techniques. It gives a unique real time experience of medical images by computed tomography and magnetic image resonance. Additionally, it is also used in study of external beam cancer treatment for various research projects since it offers 3D image of cancer cells and their movement. Major players in the industry are investing their money to obtain greater accuracy in high resolution images. These factors are projected to drive the market growth over the forecast period.
According to Internet and Mobile Association of India (IAMAI) report, there are 382 million subscriber of smartphone in India in 2017, compared to 2016 there was 340 million subscribers. The application of volumetric display is projected to increase in the field of telecommunications since it has the ability to utilize 3-D display as an I/O device for distributed applications. This has the potential to speed the product design process and reduce its cost. Furthermore, as the color gamut and resolution of the display increases, it may be used as a component of a virtual reality telecommunications system, in which conference participants may connect in real time. Another aspect relating to this field is the ability to send the 3-D data over existing networks. These factors are projected to propel the market growth over the forecast period.
The global volumetric display market is anticipated to record a CAGR of 32% over the forecast period i.e. 2019-2027. The market is segmented on the basis of end-user into education, healthcare, aerospace, advertisement and others, out of which, healthcare segment accounts for leading market share on the back of advancement in medical imaging system such as X-ray, MRI, city scan and others. Additionally, the application of volumetric display is widely used in production of consumer electronics such as mobiles, laptops and television for high resolution images. Also, increasing demand of 3D technology in end user industries is projected to fuel the market growth over the forecast period.
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The cost of volumetric display is projected to be high with more advanced features. The average cost of volumetric display is USD 1000. However, the display of opaque objects becomes little distorted and resultant image is blurred and high requirement of bandwidth limits the market growth in near future.
Our-in depth analysis of the global volumetric display market includes the following segments:
On the basis of regional analysis, the global volume display market is segmented into five regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in North America is expected to display a strong growth on the back of technology advancements and technological innovation in 3D displays. Further, the Europe market is anticipated to induce a growth owing to rising number of application in medical industries and technological innovation in display devices.
The market in Asia Pacific region is estimated to witness highest growth during the forecast period on account of increasing uses of volumetric display in production of consumer electronics such as mobile, television and computers. Additionally, large number of geriatric population suffering from cardiovascular diseases which requires imaging technique for diagnosis are projected to boost the market growth in this region.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.