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
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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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.
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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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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