Technological advancements in the field of AV software, integration of AV software into PACS, improved diagnostic interpretation with AV tools, and development of novel AV solutions are the key factors driving the growth of the advanced visualization market. Increasing public-private investments, funding, and grants and improving healthcare infrastructure across emerging countries are further assisting market growth.
How much is the Advanced Visualization Market worth?
The advanced visualization market is expected to reach USD 3.19 billion by 2021 from USD 1.89 billion in 2016, at a CAGR of 11.0%. Some of the factors driving the growth of this market are technological advancements in the field diagnostic imaging, increasing geriatric population, and growing patient preference for earlier and accurate disease diagnosis. North America is expected to register the highest growth rate during the forecast period mainly due to the rapid expansion of healthcare infrastructure in the region, increasing public awareness related to benefits of advanced diagnostic techniques in effective disease management, and rising market penetration of advanced diagnostic technologies.
By product, the hardware & software segment is expected account for the largest share
Based on product, the global advanced visualization market is segmented into hardware & software and services (further sub-segmented into implementation, post-sales and maintenance, consulting/optimization, and training & education services). In 2017, the hardware & software segment is expected to account for the largest share of the market owing to factors such as development of technologically advanced software, rising adoption of AV solutions in hospitals and diagnostic centres to streamline and increase workflow efficiency, and growing adoption of AV solutions due ease of integrating them into PACS.
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By type of solution, the enterprise-wide client-based and standalone workstation-based solutions segment is expected account for the largest share
Based on type of solution, the global advanced visualization market is divided into s enterprise-wide client-based and standalone workstation-based solutions. The enterprise-wide client-based and standalone workstation-based solutions segment is expected to account for the largest share of the market in 2016. The large share of this segment can be attributed to factors such as due to offered benefits such as enhanced data storage capacity, data transfer capabilities, multi-user interface, streamlined analysis, and centralized post-processing solutions.
By imaging modality, the magnetic resonance imaging segment is expected account for the largest share
On the basis of imaging modality, the advanced visualization market is segmented into magnetic resonance imaging, computed tomography, positron emission tomography, ultrasound, radiotherapy, nuclear medicine, and other imaging modalities. The magnetic resonance imaging segment is expected to dominate the advanced visualization market during the forecast period. This can primarily be attributed to the growing application of MRI in several clinical areas such as oncology, radiology, and cardiology.
By clinical application, the hospitals, diagnostic centres, and surgical centres segment is expected account for the largest share
The advanced visualization market, by clinical application, is segmented into radiology/interventional radiology, cardiology, orthopaedics, oncology, vascular, neurology, other clinical areas (includes obstetrics/gynaecology, urology, pulmonary, and gastroenterology). In 2016, the radiology/interventional radiology segment is expected to account for the largest share of the market due to the growing adoption of centralized server-based AV software, rising market preference for process automation & digitization of radiology diagnostics, and increasing adoption of AV solutions in radiology departments.
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North America is expected to account for the largest share of the advanced visualization market during the forecast period
This report covers the market across four major geographies, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Of the four geographic regions studied in the report, North America is expected to register the highest growth rate during the forecast period.
Geographically, the advanced visualization industry is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2016, North America is expected to account for the largest share of the market. Dominant position of North America in advanced visualization industry is attributed to the faster adoption of novel diagnostic imaging technologies (as compared to other regions), advancements in the field of advanced visualization technologies, large number of disease diagnostic procedures, and higher preference for advanced visualization solutions for diagnostic imaging.
Leading Companies
The major players in the advanced visualization industry include General Electric Company (U.S.), Siemens AG (Germany), Koninklijke Philips N.V. (Netherlands), Toshiba Corporation (Japan), Terarecon, Inc. (U.S.), Fujifilm Holdings Corporation (Japan), Pro Medicus Limited (Australia), Carestream Health, Inc. (U.S.), Agfa-Geveart N.V. (Belgium), and Qi Imaging, LLC (U.S.).
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