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Global Advanced Visualization Market to Witness 11.3% CAGR during 2017 – 2023 by P&S Market Research

According to a new market research report “Global Advanced Visualization Market Size, Share, Development, Growth and Demand Forecast to 2023 – Industry Insight by Product & Service (Hardware & Software, Services), by Type of Solution (Enterprise-Wide Thin Client-Based Solutions, Standalone Workstation-Based Solution), by Imaging Type (Magnetic Resonance Imaging, Computed Tomography, Ultrasound, Radiotherapy, Nuclear Medicine, Others), by Application (Radiology/Interventional Radiology, Cardiology, Orthopedics, Oncology, Vascular, Neurology, Others), by End User (Hospitals, Imaging Centers, Others)” published by P&S Market Research, the global advanced visualization market is projected to reach $3,843.8 million by 2023, growing at a CAGR of 11.3% during 2017 – 2023.

Global advanced visualization market was worth $1,813.6 million in 2016

According to the study, the global advanced visualization market is likely to grow from $1.8 billion in 2016 to $3.8 billion by 2023. Technological advancements, increasing demand for efficient and early diagnosis of diseases, and increasing prevalence of chronic diseases have been driving the growth of the global advanced visualization market. The market is further expected to gain revenue due to increasing geriatric population and incorporation of advanced visualization solutions in mobile devices. Integration of picture archiving and communication system (PACS) and advanced visualization solutions along with the rising demand from developing nations would create ample opportunities for the global advanced visualization vendors.

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Insights on market segments

As per the findings of research, hardware and software held larger share in the global market in 2016, primarily due to increasing installation of advanced visualization hardware and software in healthcare settings. The advanced visualization service market is expected to witness higher growth during the forecast period. The higher growth for services is attributed to the increasing demand for the implementation of advanced visualization solutions and training and education services. Among different type of advanced visualization solutions, enterprise-wide thin client-based solutions held larger share in the global market in 2016, and it is also expected to witness higher growth during the forecast period. Improved data storage capacity, multi-user interface, centralized post-processing solutions, streamlined analysis, and enhanced data transfer capabilities of these solutions is significantly driving the growth of the global enterprise-wide thin client-based solutions market.

Among different imaging type, magnetic resonance imaging segment contributed the largest revenue to the global advanced visualization market in 2016. Magnetic resonance imaging is accurate and safe method of diagnostic imaging and it is increasingly being used in several clinical applications such as oncology, cardiology and musculoskeletal disorders, thus, increasing the demand for magnetic resonance imaging advanced visualization solutions.

The increasing number of surgical procedures in hospitals and improved compliance for advanced visualization for the treatment of various diseases has led to the maximum installation of advanced visualization software and hardware solutions in hospitals. However, the increasing demand for early and efficient diagnosis of diseases is expected to lead to a higher growth in demand for advanced visualization software in imaging centers.

North America stands as the largest advanced visualization market

Geographically, North America has been the largest market for advanced visualization, with the U.S. being the larger contributor to the regional market as compared to Canada. The key factor driving the North American advanced visualization market are technological advancements, increasing healthcare expenditure, growing geriatric population, improved healthcare infrastructure and growing prevalence of chronic diseases. According to the World Health Organization, approximately 324,000 new cases of lung cancer were diagnosed in North America in 2012, and the number is estimated to reach approximately 541,000 by 2030. The emerging economies in Asia-Pacific, especially China and India, are expected to grow tremendously in future, which is expected to bring the Asia-Pacific market approximately equal to the European market by 2023.

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Technological advancements to have high impact on the advanced visualization market

There have been many technological innovations and advancements taking place in the global advanced visualization market. The integration of PACS and advanced visualization solutions significantly drives the global market. Moreover, the technological advancements in medical imaging significantly revolutionized existing clinical practices. The continuous research and development for the development of technologically advanced diagnostic imaging systems is supporting the growth of the global advanced visualization market. Magnetic resonance imaging advancements have led to the improved image quality, improved throughput and faster exam time. The technological advancements have led to the development and installation of hybrid magnetic resonance imaging advanced visualization, which overcomes the limitations of conventional imaging modalities. Similarly, the advances in the 3D and 4D ultrasound technology has also offered capabilities ranging from better visualization of congenital birth defects to dynamic and multi-planar view of the fetal heart. 4D ultrasound technology allows live motion viewing of baby’s organs and  heartbeat. This increases the compliance for advanced visualization solutions globally.

Key players in the market are collaborating to offer better advanced visualization solutions

Key companies in the advanced visualization market are collaborating to offer better advanced visualization solutions. In November 2016, TeraRecon, released an advanced integration between iNtuition with Agfa HealthCare’s Enterprise Imaging 8.1. The combined solution provides single user interface for accessing 2D and advanced 3D applications, bi-directional communication between Agfa and TeraRecon viewers, and multi-series data loading for 3D analysis.

Some of the other key players in the market include General Electric Company, Canon, Inc., Siemens AG, Koninklijke Philips N.V, Fujifilm Holdings Corporation, Carestream Health, Agfa-Gevaert N.V., and Ziosoft.

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