Advanced Visualization Market to Generate Revenue Worth $5.08 Billion by 2030

The global advanced visualization market size is projected to reach $5.08 billion by 2030, booming at a CAGR of 11% during 2021–2030. This will prominently be due to the rising demand for effective and early diagnoses, increasing prevalence of chronic diseases, and rising healthcare expenditures.

‘Advanced visualization’ refers to the study of data collected via medical imaging systems in various healthcare settings. These systems facilitate the effective 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.

Further, the increasing compliance for cutting-edge visualization in emerging economies is expected to provide a large growth potential for the market during the forecast years. Countries such as China and India have a huge potential as their medical industry is witnessing significant growth, backed by the increasing count of government initiatives. The growing medical tourism activities in emerging economies are further encouraging the improvement of the medical infrastructure and driving the use of cutting-edge medical solutions. Many countries, such as Malaysia, Singapore, India, and Thailand, have emerged as lucrative destinations for medical tourism. This is expected to increase the adoption of medical imaging systems, thus creating ample opportunities for the players in the market.

The healthcare expenditure is also increasing globally, mainly due to the rising prevalence of chronic diseases and increasing count of government and non-government initiatives. Moreover, the spending increase supports research and development on advanced visualization solutions.

Although there are huge variations in the healthcare expenditure of different countries, healthcare has been one of the primary focus areas in all the regions. The spending on this aspect of the economy is higher in the developed economies of North America and Europe in comparison to developing countries. The lower spending in developing countries is primarily due to their low income per capita. However, the per capita healthcare spending in developing countries is increasing due to the government initiatives. This rise has led to the increasing adoption of advanced healthcare solutions, thus driving the growth of the market.

Hardware & Software Lead Market

The hardware & software category accounted for the larger revenue share, in 2021, owing to the development of advanced radiology software and the growing adoption of AV solutions in hospitals and medical centers to expedite and improve operational efficiencies, as well as due to their ease of integration into PACS.

APAC Market To Record Highest CAGR

The APAC advanced visualization market is expected to witness the highest CAGR, of more than 12%, in the forecast period, on account of the growing aging population in India and China. Further, according to the OECD, the availability of CT and MRI scanners is the highest in Japan and third-highest in Australia for every 100,000 inhabitants, which further leads to the adoption of advanced visualization solutions to improve diagnostic procedures.

Based on application, the APAC market has been dominated by radiology/interventional radiology, which is expected to continue its dominance during the forecast period. This is mainly attributable to the rising count of radiological imaging and interventional radiology procedures, itself on account of the high prevalence of acute and chronic diseases.

The major players operating in the advanced visualization market are General Electric Company, Siemens AG, Canon Inc., Koninklijke Philips N.V., Fujifilm Holdings Corporation, Agfa-Gevaert N.V., Carestream Health, Ziosoft, Toshiba Corporation, and Visage Imaging Inc.