Advanced Visualization Market Overview
The global advanced visualization market is expected to reach $3,843.8 million by 2023, growing at a CAGR of 11.3% during the forecast period 2017–2023. Advancements in technology, increase in the need for early and effective disease diagnosis, and rise in the prevalence of chronic diseases are the key factors supporting the market growth.
GLOBAL ADVANCED VISUALIZATION MARKET, BY END USER $M (2013-2023)
Advanced visualization refers to the study of data collected via diagnostic or medical imaging systems in various healthcare settings. Advanced visualization systems facilitate the efficient analysis of the images received from imaging modalities. Such systems consist of hardware and software, which are used to store, transfer, share, and interpret medical images and help in the real-time monitoring of the human body.
Based on product and services, the advanced visualization industry is bifurcated into hardware and software, and services. Of the two, the hardware and software category contributed larger revenue to the advanced visualization market in 2016. During the forecast period, however, the market is expected to witness faster growth in the services category. Across the globe, the requirement for various advanced visualization services, most notably training and education services and implementation services, is growing considerably.
The rapid adoption of advanced visualization technologies by medical practitioners is predicted to push the demand for training services, thus offering ample growth opportunities to the market players providing these services in the domain.
On the basis of end user, the advanced visualization market is categorized into hospitals, imaging centers, and others. During the historical period, hospitals generated the largest revenue in the market on account of the increased regulatory compliance in disease diagnosis and treatment and growth in the volume of surgical procedures. However, during the forecast period, the market is predicted to witness the highest CAGR in the imaging centers category. This can be attributed to the growing need for early diagnosis for effective disease management. The “others” category, which includes pharmaceutical and biotechnology companies, academic and research institutes, and contract research organizations, is also expected to display a healthy CAGR during the forecast period.
Advanced Visualization Market Dynamics
The increasing prevalence of chronic diseases is the primary reason behind the rising demand for advanced visualization technologies across the globe. The prevalence of cancer, heart diseases, and respiratory diseases is growing because of the changes in lifestyle and the limited availability of preventive care. The Centers for Disease Control and Prevention (CDC) estimated that around 117 million people in the U.S. were suffering from at least one chronic health condition in 2012.
Moreover, the prevalence of various types of cancer and their mortality rate increase with age. Also, the rapidly growing burden of the disease is resulting in increased demand for oncology services in healthcare settings. This is, in turn, compelling healthcare providers and government organizations to offer facilities for effectively diagnosing and treating the disease, further driving the growth of the advanced visualization market.
Further, the elderly need extensive care, since they are more prone to illnesses owing to their low immunity. Their bones are less dense and more fragile because of the gradual loss in minerals as a result of aging. Aged people are also at a higher risk of acquiring chronic diseases, including neurological disorders, cancer, and cardiovascular diseases, which further necessitates improved diagnosis and therapy.
Advanced visualization technologies have proven extremely efficient in detecting abnormalities and disorders of the spinal cord and the brain in addition to helping in the diagnosis of tumors, cardiovascular disorders, and musculoskeletal disorders. Hence, the growth in geriatric population around the world is expected to support the advanced visualization market during the forecast period.
Budget constraints associated with technology adoption and implementation can be viewed as a major challenge in the advanced visualization market. The high cost and technical complexities associated with advanced visualization devices are the major barriers to the adoption of these devices in the market. The high cost associated with the integration of advanced visualization solutions makes them less affordable among small hospitals and imaging centers.
Moreover, the procedure for the reimbursement of medical bills can be complex at times. Countries across the world have a separate reimbursement structure for medical payments. For instance, in the U.S., reimbursement policies cover some diagnostic tests; however, other procedures are not covered by either private or public insurance providers. Similarly, the reimbursement policies in the European countries vary significantly, which limits the technology adoption, further impeding the growth of the advanced visualization market.
The escalating demand for innovative healthcare technologies in emerging economies is expected to impact the advanced visualization market positively. India and China continue to offer a huge growth potential, on account of the rapid development of the healthcare sector in these countries. Moreover, manufacturing of diagnostic imaging systems in developing countries decreases the overall operational cost for market players without impacting the product quality, thereby reducing the purchasing cost as well. This is expected to support the adoption of such systems in these nations, which, in turn, is predicted to drive the demand for advanced visualization hardware, software, and services.
Advanced Visualization Market Competitive Landscape
General Electric Company, Siemens AG, Canon Inc., and Koninklijke Philips N.V. are leading the global advanced visualization market. Fujifilm Holdings Corporation, Agfa-Gevaert N.V., Carestream Health, and Ziosoft are some other key players operating in the market. Moreover, seeing the rapid market growth and the revenue generation opportunities it is offering, several new players are entering the market, further amplifying the intensity of competition.