As per our research report, the global advanced visualization market size is anticipated to grow USD 4.89 Bn by 2027, growing at a CAGR of 11.2% from 2022 to 2027.
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Many people have lost their jobs and had their salaries lowered as a result of the global pandemic. Covid-19 has posed a danger to the global economy and has had a negative influence on a variety of businesses, including advanced visualization. The market’s growth is likely to decline as a result of lower disposable income and shattered supply chains. The fast spread of the COVID-19 virus, combined with an increase in hospitalizations, has put a strain on the global healthcare system, forcing hospitals to move funding and personnel from other regions to care for Covid-19 patients. According to the American Hospital Association, the pandemic cost America’s hospitals and healthcare systems an estimated $202.6 billion in income. Furthermore, low and middle-income nations must spend roughly $52 billion every four weeks to treat covid-19 sufferers. During the forecast period, this will have a major influence on hospitals’ purchasing power, reducing demand for pricey advanced visualization equipment.
The rising incidences of obesity, growing elderly population, fast urbanization, bad eating habits, changing lifestyle,s, and increase in the incidence of chronic illness combined with enhanced visualization tools in disease diagnostics are some of the key factors likely to drive the global advanced visualization market over the forecast period.
Furthermore, as businesses seek better ways to study collected data through big data analytics solutions, improved visualization tools are projected to become a bigger part of healthcare IT infrastructure in the coming years. The advanced visualization market in healthcare is benefiting from technological advancements in advanced visualization software. Picture archiving and communication system (PACS) integration with advanced visualization tools, improved diagnostic interpretation with advanced visualization tools, increased occurrence of target illness, and growing demand for complex diagnostic characteristics are just a few examples.
Other market restraints include low reimbursement for radiology-based diagnostic techniques, technical issues, the expensive cost of these systems and equipment, and a scarcity of experienced personnel in some areas.
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KEY MARKET INSIGHTS:
- Based on the application type, in 2021, the oncology sector is expected to have the biggest market share, and it is expected to dominate the market for the next five years. This is due to an increase in the number of cancer patients worldwide. The importance of early diagnosis and therapy in determining patient survival cannot be overstated. Advanced visualization aids medical practitioners in precisely diagnosing malignant growths and determining the best treatment option. For instance, advanced visualization software’s 4D picture reconstruction depicts the true shape of anatomical objects in motion. It determines the dynamic range of motion to aid in the development of a radiation treatment plan. Because of the global growth in chronic cardiovascular diseases, the Cardiovascular category is expected to develop at the quickest rate, with a CAGR of 11.7%.
- Based on the end-user, due to the growth in the number of patients suffering from malignancies, cardiovascular illnesses, respiratory diseases, and neurological diseases, the hospital sector accounted for the highest share of the market in 2021, at 11.9%. Screening, diagnostics, consultation, medicine, surgical procedures, and post-surgery rehabilitation are typically all provided in one location by hospitals. This is more convenient for the patient and also saves money on treatment. However, due to their rising prevalence in emerging nations, the diagnostic center segment is expected to grow significantly during the projection period. In these areas, many small-scale hospitals lack advanced diagnostic equipment such as CT and MRI As a result, patients must obtain the scan results from diagnostic centers. As a result, the segment is rapidly expanding.
- Based on the product type, in 2021, the hardware and software category dominated the market, with a market share of 62.85%. The increasing use of advanced visualization solutions in diagnostic centers and hospitals to increase workflow efficiency can be ascribed to advancements in hi-tech software and the substantial share of this segment.
- Based on solution type, enterprise-wide thin client-based solutions led the market in 2021, accounting for 59.23% of the total market share. Post-processing solutions, multi-user interfaces, increased data transfer abilities, increased storage capacity, and quicker analysis are all advantages of enterprise-wide thin client-based systems.
- Based on imaging modality type, in 2021, the magnetic resonance imaging (MRI) sector dominated the market, with a 19.1% market share. This is due to its numerous uses in healthcare, including radiology, cardiology, and oncology.
- Geographically, because of the presence of key market participants in these regions, North America and Europe are thought to be the largest advanced visualization systems markets. Furthermore, the advanced visualization system market in these countries is boosted by rapid technological progress. Furthermore, the high demand for technologically sophisticated pathology tests is a factor that will boost the market for advanced visualization systems in North America and Europe. The presence of unexplored prospects in the Asian and Latin American regions is fuelled by the substantial expansion of healthcare infrastructure.
- Due to its expanding market penetration, Asia-Pacific is considered an emerging market. Because of rising government spending on healthcare programs and strong economic growth, the market for advanced visualization systems in the Asia-Pacific region would grow at the fastest CAGR throughout the study period. In addition, the Asia–Pacific region will see an increase in the number of new diagnostic centers and hospitals with modern imaging technology.
- Some of the major market participants in the worldwide advanced visualization market are Fujifilm Holding America Corporation, TeraRecon, Inc., Vital Images, Inc., GE Healthcare, Siemens Healthcare, Qi Imaging, and others.
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RECENT MARKET DEVELOPMENTS:
- GE Healthcare announced in October 2020 that its Ultra Edition package for Vivid1 cardiovascular ultrasound equipment had gained FDA 510k clearance in the United States. The technology contains innovative Artificial Intelligence (AI) that allows professionals to obtain faster, more consistent assessments.
- Philips released IntelliSpace Portal 11 enhanced visualization and quantification software in February 2019. This latest edition of the Portal expands on the Portal’s clinical innovation, with improvements to workflow efficiencies and safe data sharing between systems within the hospital network to meet the security and privacy concerns of clients around the world.
SEGMENTS COVERED UNDER THIS REPORT:
By Product and Services:
By Imaging Modality:
- Magnetic Resonance Imaging (MRI)
- Computed Tomography (CT)
- Positron Emission Tomography (PET)
- Radiotherapy (RT)
- Nuclear Medicine
- Others (PET and SPECT)
By Clinical Application:
- Other diseases
- Hospitals and Surgical centers
- Imaging Centres
- Academic and Research Centres
- North America
- Latin America
- Middle East and Africa
Browse Regional Reports:
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