The Advanced Visualization market size is estimated to reach $4.7 billion by 2026, growing at a CAGR of 11.2% during the forecast period 2021-2026. Advanced Visualization systems are medical systems integrated with advanced visualization software enabling medical professionals to view images in detail. They also reduce the overall turnaround time for the imaging and diagnostics process. Advanced Visualization is widely used for diagnostics in medical departments such as Oncology, Orthopedics, Cardiovascular, and Neurology. The system’s advanced 3D and 4D diagnostic images enable doctors to more effectively pinpoint abnormalities and provide highly efficient treatment. This is highly beneficial for departments such as Nuclear Medicine and Radiotherapy. The integration of Advanced Visualization software with picture archiving and communication systems (PACS System) is projected to drive the market. However, high costs associated with the implementation and integration of the system in healthcare facilities are anticipated to hamper the growth of the advanced visualization industry.
Advanced Visualization Market Segment Analysis – By Application
Based on Application, the Advanced Visualization Market is segmented into Oncology, Orthopedics, Cardiovascular, Neurology, and Others. The Oncology segment is anticipated to have the largest market share in 2020 and is poised to dominate the market during the forecast period 2021-2026. This is attributed to the increase in the number of global cancer patients. Early diagnostics and treatment are a crucial part of determining patient survivability. Advanced visualization assists medical professionals to accurately diagnose cancerous growths and help decide the appropriate course of treatment. For instance, the 4D image reconstruction provided by advanced visualization software shows the true shape of the anatomical objects in motion. It identifies the dynamic range of motion to assist in the radiotherapy treatment plan process. The Cardiovascular segment is projected to grow the fastest at a CAGR of 11.7% owing to the global increase in chronic cardiovascular diseases.
Advanced Visualization Market Segment Analysis – By End User
The Advanced Visualization Market based on End User can be further segmented into Hospitals, Surgical Centers, Diagnostic Centers, and Others. The Hospital segment accounted for the largest share of the market in 2020 at 11.9% owing to the increase in the number of patients suffering from conditions such as cancers, cardiovascular diseases, respiratory diseases, and neurological diseases. Hospitals usually provide screening, diagnostics, consultation, medication, surgical procedures, and post-surgery therapy in one location. This becomes more convenient for the patient and also reduces treatment costs. However, the diagnostic center segment is also anticipated to witness significant growth during the forecast period owing to their increase in prevalence in developing countries. Many small-scale hospitals in these regions do not house advanced diagnostic types of machinery such as CT and MRI scanners. Therefore, patients are required to get the scan report from diagnostic centers. This is leading to the rapid growth of the segment.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=16780
Report Price: $ 4500 (Single User License)
Advanced Visualization Market Segment Analysis – By Geography
The Advanced Visualization Market based on Geography can be segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. The North American segment is projected to dominate the Advanced Visualization market during the forecast period 2021-2026 with a market share of 34% owing to the presence of highly developed healthcare infrastructure, favorable reimbursement policies, high patient awareness regarding the importance of early diagnostics, and growing geriatric population in the region. Moreover, the increased public and private research and development expenditure towards advanced visualization systems is another major factor leading to rapid innovation and adoption of the system in the region. The Asia Pacific region is predicted to register the fastest growth owing to increased disposable income public healthcare funding growth in major emerging economies like China and India.
Advanced Visualization Market Drivers
Increase in Geriatric Population is Projected to Drive Market Growth
There were around 727 million persons over 65 in 2020 and constituted 9.3% of the overall population. The geriatric population is predicted to reach 16% by 2050. This is anticipated to drive the market during the forecast period as the geriatric population is more susceptible to diseases such as cancers, cardiovascular disorders, and various neurological disorders such as Alzheimer’s. For instance, the median age at diagnosis is 62 for breast cancer, 67 for colorectal cancer, 71 for lung cancer, and 66 for prostate cancer.
Rise in Lifestyle disorders is Anticipated to Boost Demand
Owing to the growth in global disposable income and urbanization, more people are following a sedentary lifestyle. This is causing an increase in lifestyle diseases such as obesity, hypertension, cancers, and diabetes. Around 39% of the global adult population is overweight, and 9.8% suffer from diabetes. Furthermore, 26% of the population suffers from hypertension, and this is projected to reach 29% by 2025. The presence of such conditions causes an exponential rise in the risk of cardiovascular disorders and cancers even at a young age. This increases the demand for proper diagnostic procedures using advanced visualization.
Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=16780
Advanced Visualization Market Challenges
The High Diagnostics Cost is Anticipated to Hamper Market Growth
The high costs of diagnostics using advanced visualization systems is anticipated to limit demand generation. For instance, the cost of a single MRI scan can vary from $400 to $10,500 in the US depending on the region, hospital, and scan that doctor runs. On average, a brain MRI costs between $1600 and $8400. The high prices charged by hospitals are primarily due to their high investments to purchase healthcare scanners and advanced visualization systems. In developing regions, the diagnostic costs are significantly lower. However, this increases the time required by hospitals to break even on the high investments, which dissuades them from investing in advanced imaging technologies.
Covid-19 Pandemic and Subsequent Restrictions is Projected to Limit Growth Opportunities
The rapid spread of the Covid-19 virus and the increased cases of hospitalizations have led to the straining of the global healthcare system, causing hospitals to divert funds and workforce from other areas for Covid-19 patients. The American Hospital Association estimates that around $202.6 billion of revenue was lost for America’s hospitals and healthcare systems alone, owing to the pandemic. Furthermore, around $52 billion is required to be spent by low and middle-income countries for treating covid-19 patients every four weeks. This will significantly impact the purchasing power of hospitals and thereby reduce the demand for expensive advanced visualization systems during the forecast period.
Advanced Visualization Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Advanced Visualization Market. The top 10 companies of the industry include:
General Electric Company
Canon Inc
Siemens AGQi Imaging LLC
Pro Medicus Limited
Terarecon Inc
Carestream Health Inc
AGFA Gevaert N.V
Visage Imaging Inc
Agfa Healthcare
Partnerships/Product Launches:
In October 2020, GE Healthcare announced that its Ultra Edition package on Vivid1 cardiovascular ultrasound systems received US FDA 510k clearance. The system includes new Artificial Intelligence (AI) that enable clinicians to acquire faster, more repeatable exams consistently.
In February 2019, Philips announced the launch of IntelliSpace Portal 11 advanced visualization and quantification software. This new version further extends the clinical innovation of the Portal, with enhancements to improve workflow efficiencies, bridging secure data sharing between systems within the hospital network to address the security and privacy needs of customers globally.
Key Takeaways
Geographically, the North American Advanced Visualization market accounted for the largest share in 2020 owing to an increase in the demand for advanced diagnostic systems and due to a rise in chronic diseases such as cancers and cardiovascular diseases.
An increase in the global geriatric population is anticipated to drive the market. However, the covid-19 pandemic and resulting financial strain on the healthcare sector is projected to restrict their purchasing power. This will reduce the demand for advanced visualization systems.
Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Advanced Visualization Report.
Relevant Report
CT Scanners Market
https://www.industryarc.com/Report/15713/ct-scanners-market.html
For more Lifesciences and Healthcare related reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
Media Contact
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: (+1) 970-236-3677
Address:Madhapur
City: Hyderabad
Country: India
Website: https://www.industryarc.com/