Advanced Visualization Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 11.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Advanced Visualization Market Analysis
The advanced visualization market is expected to register a CAGR of 11.3% over the forecast period. The COVID-19 pandemic had a significant impact on the market. During the pandemic, chest computed tomography (CT) scans were regarded as one of the most effective non-invasive methods for identifying COVID infections.
- As per the report published by the Polish Journal of Radiology in January 2022, COVID-19 pneumonia and pneumonia without COVID-19 have different chest computed tomography (CT) characteristics. Hence, it was a commonly used tool for the diagnosis of the novel coronavirus disease (COVID-19). Thus, the demand for advanced visualization was high and expected to impact the market significantly. Currently, the cases of COVID-19 are relatively less, and it is expected to have stable growth in the studied market due to COVID-19.
- The major factors for the growth of the market include the increasing prevalence of chronic diseases coupled with the growing geriatric population and rising awareness of the benefits associated with advanced visualization tools in disease diagnosis. According to the report published by Dementia Australia Ltd in 2022, an estimated 487,500 Australians are living with dementia, and it is expected to increase to almost 1.1 million by 2058. Dementia is more common as people grow older. The growing geriatric population worldwide is anticipated to increase the market since an aged population is more susceptible to dementia. Hence, chronic diseases like dementia can be diagnosed with radiology, where advanced visualization plays a major role and is expected to drive the market.
- According to the WHO, by 2050, the world's population of people aged 60 years and older will double to 2.1 billion. The rise in the geriatric population will increase the patient pool suffering from various chronic diseases, and advanced visualization tools are expected to increase the correct diagnosis rate among patients. Hence, the market is expected to witness high growth.
- However, the limited availability of reimbursements for radiology-based diagnostic procedures may restrain the market.
Advanced Visualization Market Trends
This section covers the major market trends shaping the Advanced Visualization Market according to our research experts:
Oncology Under Clinical Application Expected to Grow Over the Forecast Period
- Imaging in oncology is mostly used for early detection, such as the appearance of metastases, to allow for the interception or prevention of full-blown disease. Similarly, in oncology, imaging is crucial for the effective delivery of radiation treatment. Hence, advanced visualization technology in imaging help physicians to diagnose cancers in the earliest stage possible. The major factors driving the growth of the market include rising technological advancements and an increase in the adoption of advanced visualization tools in healthcare facilities.
- Furthermore, the rising prevalence of various types of cancer is expected to boost the demand for advanced visualization systems over the forecast period. According to the American Cancer Society, Cancer Facts & Figures 2022, it is estimated that by 2040, the global burden of cancer is expected to reach 28.0 million new cancer cases solely due to the growth and aging of the population. As a result, there is a greater need for diagnostic imaging, which requires sophisticated visualization to provide accurate and high-quality images.
- Moreover, major market players are launching new products in the market. For instance, in November 2021, Philips launched a new AI-enabled MR 7700 3.0T system in the Radiological Society of North America (RSNA) 2021. It has multinuclear clinical capabilities to deliver the highest quality diffusion imaging and advanced neuroscience sequences. Thus, considering all the above-mentioned factors, the market is expected to grow over the forecast period.
North America Expected to hold a Significant Market Share Over the Forecast Period
- North America is expected to hold a major market share in the global advanced visualization market due to increasing cases of chronic diseases and the presence of better healthcare infrastructure. Furthermore, the growing geriatric population increases the risk of chronic diseases in the region, which drives the market growth during the study period.
- According to Statistics Canada, the number of persons aged 65 years and older in 2021 and 2022 is 7,081,750 and 7,329,910, respectively. Similarly, as per the report published by the Alzheimer Society in 2022, it is estimated that by 2031, 1 million people and by 2050, nearly 2 million people in Canada will be living with dementia. Hence the growing geriatric population, along with the rise in chronic diseases, increases the demand for diagnostic imaging where advanced visualization technology plays an important role and thus is expected to grow the market over the forecast period.
- Moreover, the new advancements, along with the new approvals and launches in advanced visualization platforms, help the market to grow during the study period. For instance, in November 2021, LifeVoxel.AI, a San Diego-based medical platform for AI and Visualization, raised USD 5 million in seed funding. LifeVoxel's patented technologies empower instant and ubiquitous access to interactive imaging studies and data with zero latency and zero client footprint, rendering them at 4K image quality.
- Thus, owing to the abovementioned factors, the North American segment is expected to grow the market over the forecast period.
Advanced Visualization Industry Overview
The advanced visualization market is moderately consolidated. Some of the market players in the advanced visualization market are Agfa-Gevaert Group, Canon Inc. (Canon Medical Systems Corporation), Carestream Health, Fujifilm Holdings Corporation, General Electric Company (GE Healthcare), Koninklijke Philips NV, Pro Medicus Ltd, Siemens Healthcare GmbH, and Terarecon Inc.
Advanced Visualization Market Leaders
-
Fujifilm Holdings Corporation
-
Koninklijke Philips N.V.
-
Agfa-Gevaert Group
-
Canon Inc. (Canon Medical Systems Corporation)
-
General Electric Company (GE Healthcare)
*Disclaimer: Major Players sorted in no particular order
Advanced Visualization Market News
- August 2022: Kitware launched MIQA, a cloud-based application for medical image quality assurance. It facilitates collaboration and longitudinal studies by geographically diverse teams.
- February 2022: Siemens Healthineers and Universal Medical Imaging agreed to help primary healthcare institutions in China improve the efficiency of their image screening and disease diagnosis using advanced imaging diagnostic equipment and remote scanning assistant tools from Siemens Healthineers and the nationwide medical imaging experts at Universal Medical Imaging.
Advanced Visualization Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
-
4.2 Market Drivers
- 4.2.1 Increasing Prevalence of Chronic Diseases Coupled With Growing Geriatric Population
- 4.2.2 Rising Awareness of Benefits associated with Advanced Visualization Tools in Disease Diagnosis
-
4.3 Market Restraints
- 4.3.1 Limited Availability of Reimbursements for Radiology-Based Diagnostic Procedures
-
4.4 Porter's Five Force Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
-
5.1 By Product and Service
- 5.1.1 Hardware
- 5.1.2 Software
- 5.1.3 Services
-
5.2 By Type of Solution
- 5.2.1 Enterprise
- 5.2.2 Standalone
-
5.3 By Imaging Modality
- 5.3.1 Magnetic Resonance Imaging (MRI)
- 5.3.2 Computed Tomography (CT)
- 5.3.3 Ultrasound
- 5.3.4 Nuclear Medicine
- 5.3.5 Other Imaging Modalities
-
5.4 By Clinical Application
- 5.4.1 Oncology
- 5.4.2 Orthopedics
- 5.4.3 Cardiovascular
- 5.4.4 Neurology
- 5.4.5 Other Clinical Applications
-
5.5 Geography
- 5.5.1 North America
- 5.5.1.1 United States
- 5.5.1.2 Canada
- 5.5.1.3 Mexico
- 5.5.2 Europe
- 5.5.2.1 Germany
- 5.5.2.2 United Kingdom
- 5.5.2.3 France
- 5.5.2.4 Italy
- 5.5.2.5 Spain
- 5.5.2.6 Rest of Europe
- 5.5.3 Asia-Pacific
- 5.5.3.1 China
- 5.5.3.2 Japan
- 5.5.3.3 India
- 5.5.3.4 Australia
- 5.5.3.5 South Korea
- 5.5.3.6 Rest of Asia-Pacific
- 5.5.4 Middle East and Africa
- 5.5.4.1 GCC
- 5.5.4.2 South Africa
- 5.5.4.3 Rest of Middle East and Africa
- 5.5.5 South America
- 5.5.5.1 Brazil
- 5.5.5.2 Argentina
- 5.5.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
-
6.1 Company Profiles
- 6.1.1 Agfa-Gevaert Group
- 6.1.2 Canon Inc. (Canon Medical Systems Corporation)
- 6.1.3 Carestream Health
- 6.1.4 Fujifilm Holdings Corporation
- 6.1.5 General Electric Company (GE Healthcare)
- 6.1.6 Koninklijke Philips NV
- 6.1.7 Pro Medicus Ltd
- 6.1.8 Siemens Healthcare GmbH
- 6.1.9 Terarecon Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityAdvanced Visualization Industry Segmentation
As per the scope of the report, advanced visualization is a new-generation data visualization platform that helps end users view data in depth and provides enhanced image quality. It helps the specialists with a better understanding of clinical issues, thus leading to high-quality healthcare facilities. The advanced visualization market is segmented by product and service (hardware, software, and services), type of solution (enterprise and standalone), imaging modality (magnetic resonance imaging (MRI), computed tomography (CT), ultrasound, nuclear medicine, and other imaging modalities), clinical application (oncology, orthopedics, cardiovascular, neurology, and other clinical applications) and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
| By Product and Service | Hardware | |
| Software | ||
| Services | ||
| By Type of Solution | Enterprise | |
| Standalone | ||
| By Imaging Modality | Magnetic Resonance Imaging (MRI) | |
| Computed Tomography (CT) | ||
| Ultrasound | ||
| Nuclear Medicine | ||
| Other Imaging Modalities | ||
| By Clinical Application | Oncology | |
| Orthopedics | ||
| Cardiovascular | ||
| Neurology | ||
| Other Clinical Applications | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Advanced Visualization Market Research FAQs
What is the current Advanced Visualization Market size?
The Advanced Visualization Market is projected to register a CAGR of 11.30% during the forecast period (2024-2029)
Who are the key players in Advanced Visualization Market?
Fujifilm Holdings Corporation, Koninklijke Philips N.V., Agfa-Gevaert Group, Canon Inc. (Canon Medical Systems Corporation) and General Electric Company (GE Healthcare) are the major companies operating in the Advanced Visualization Market.
Which is the fastest growing region in Advanced Visualization Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Advanced Visualization Market?
In 2024, the North America accounts for the largest market share in Advanced Visualization Market.
What years does this Advanced Visualization Market cover?
The report covers the Advanced Visualization Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Advanced Visualization Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Advanced Visualization Industry Report
Statistics for the 2024 Advanced Visualization market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Advanced Visualization analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
