Advanced visualization refers to the efficient study of various data gathered through the use of medical or diagnostic imaging systems in different healthcare settings. Advanced visualization systems provide accurate analysis of the images gathered from various imaging modalities. Advanced visualization systems comprise hardware and software components, that are used to store, share, transfer or interpret diagnostic images as well as real time monitoring of human body.
Advanced visualization hardware and software held larger share in the global advanced visualization market in 2016, as compared to the advanced visualization services. The advanced visualization service market is expected to witness higher growth during 2017 - 2023. The demand for advanced visualization services, especially training and education services and implementation services is increasing significantly across the globe. With the increasing adoption of advanced visualization in healthcare settings, the demand for training healthcare professionals is also expected to increase. This would create ample revenue generation opportunities for vendors proving advanced visualization training and education services.
Among different end users, the global advanced visualization market in imaging centers is expected to grow at the highest rate during the forecast period. This growth is primarily attributed to the increasing demand for early and efficient diagnosis of diseases. Hospitals are the largest end user of advanced visualization products and services. The global advanced visualization market in hospitals is driven by the rising compliance for advanced visualization for the treatment of various diseases and increasing number of surgical procedures in hospitals. Other end users, which include academic and research institutes, pharmaceutical and biotechnology companies, and contract research organizations, are also expected to generate significant demand for advanced visualization solutions in the coming years.
GLOBAL ADVANCED VISUALIZATION MARKET, BY END USER $M (2013-2023)
The global advanced visualization market is expected to witness a CAGR of 11.3% during 2017 - 2023, and is estimated to reach $ 3,843.8 million by 2023. Technological advancements, increasing demand for efficient and early diagnosis of diseases, and rising prevalence of chronic diseases are the major factors driving the growth of the global advanced visualization market. Budgetary constraints in the hospitals, imaging centers and academic and research institutes is a key challenge limiting adoption of advanced visualization solutions.
The global market is expected to be positively impacted by growing advanced visualization market in emerging economies. The increasing compliance for advanced visualization in the emerging economies is expected to provide large growth potential for the market during the forecast years. Countries, such as China and India, have a huge market potential, as the healthcare industry is witnessing significant growth in these countries. Moreover, the development of diagnostic imaging systems in the developing regions tends to decrease the overall cost of manufacturing, thus, reducing the cost of the product without altering its quality. This would increase the adoption of medical imaging systems in these countries, which further supports the demand for advanced visualization solutions.
The demand for advanced visualization solutions is increasing due to increasing prevalence of chronic diseases. The prevalence of chronic diseases, such as heart disease, cancer, stroke, and respiratory disease, is increasing due to the alteration in lifestyle and lack of access to preventive care. According to the Centers for Disease Control and Prevention (CDC), in 2012 approximately 117 million people in the U.S. had one or more chronic health conditions. The prevalence of various cancer and their mortality is increasing with age. The rapidly increasing burden of cancer is leading to increase in demand for oncology services, which further compels government organizations and healthcare providers to provide facilities for effective disease diagnosis and treatment.
The elderly population requires extensive care, since they are prone to illness due to low immunity levels and high recovery time. The bones at older age are less dense and more fragile due to loss in mineral content of bones. Owing to the changes in tendons and ligaments with age, the flexibility of joints decreases and their motion becomes more restricted. The elderly people are also more susceptible to chronic diseases, such as cancer, neurological disorders and cardiovascular diseases, thus leading to increase in demand for better diagnosis and therapies. Advanced visualization is one of the most valuable techniques for detection of disorders or abnormalities in brain and spinal cord. Moreover, it helps to diagnose tumors, musculoskeletal disorders and cardiovascular disorders. Therefore, the increasing aging population across the globe is expected to drive the growth of the global advanced visualization market.
The global advanced visualization market is primarily dominated by General Electric Company, Canon, Inc., Siemens AG and Koninklijke Philips N.V. However, the significant growth in the market and immense revenue generation opportunities are attracting several new players to enter the global advanced visualization market. This makes the global market highly competitive and dynamic. Some of the other key players in the global advanced visualization market are Fujifilm Holdings Corporation, Carestream Health, Agfa-Gevaert N.V., and Ziosoft.
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