The advanced visualization market size is expected to reach $3.8 billion by 2023, growing at a CAGR of 11.3% between 2017-2023. The market is witnessing a significant growth due to the technological advancements, increasing demand for efficient and early diagnosis of diseases, and rising prevalence of chronic diseases.
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As per the findings of research, hardware and software held larger share in the advanced visualization 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 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.
The advanced visualization market is primarily dominated by General Electric Company, Canon, Inc., Siemens AG and Koninklijke Philips N.V. However, the significant growth in the market and immense revenue generation opportunities are attracting several new players to enter the market for advanced visualization. This makes the market highly competitive and dynamic. Some of the other key players in the advanced visualization industry are Fujifilm Holdings Corporation, Carestream Health, Agfa-Gevaert N.V., and Ziosoft.
Source: P&S Intelligence