Advanced Visualization Market Forecasts to 2028 – Global Analysis By Component (Hardware & Software, Services), Imaging Modality (Computed Tomography (CT), Ultrasound, Nuclear Medicine, Radiotherapy (RT), Endoscopy), Clinical Application (Cardiology, Oncology, Neurology, Orthopedics), and By Geography
According to Stratistics MRC, the Global Advanced Visualization Market is accounted for $2.55 billion in 2021 and is expected to reach $6.08 billion by 2028 growing at a CAGR of 13.2% during the forecast period. Advanced visualization mainly comprises medical equipment that is equipped with advanced software technology that efficiently displays many aspects of living cells which results in an enhanced diagnosis of the diseases. It is a new generation technology that uses business intelligence (BI) tool allowing the users to visualize an enhanced image quality. It is mainly helpful for healthcare specialists as it allows a better understanding of clinical issues, in turn, resulting in high-quality healthcare facilities while dropping the costs. Advanced visualization is a contemporary diagnostic method that provides a visualization platform to the consumer which essentially results in providing enhanced imaging and functionalities in the imaging technique.
Increasing demand for advance visualization technology by enterprises
In the past few years, the quantity of data generated through various technologies such as the internet of things (IoT) and other data sources is rising exponentially. This huge data pool comprises both unstructured and structured data. Companies are preferring business intelligence software with advanced technologies such as artificial intelligence (AI) to handle huge amounts of data and generate a better and knowledgeable interpretation of statistics. For instance, in September 2019, Deloitte Touche Tohmatsu Ltd., one of the major players in the advisory services sector launched an advanced public data visualization tool which provides insights based on coding algorithms, visualization techniques and refines the same with artificial intelligence (AI), machine learning (ML), blockchain and big data analytics among others. The integration of such advanced technologies is supplementing the market growth.
High diagnostics cost
The high costs of diagnostics using advanced visualization systems are expected to limit demand generation. The high prices charged by hospitals are primarily owing to their high investments to buy healthcare scanners and advanced visualization systems. In developing economies, the diagnostic costs are considerably lower. Though, this increases the time required by hospitals to break even on the high investments, which dissuades them from investing in advanced imaging technologies. 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.
Growing investments in visualization platforms and company collaborations to aid in expansion
Considering the upcoming opportunities allied with statistics and its depiction, numerous companies are investing in enhancing their analytics and visualization capabilities with unremitting investments in research and development (R&D). Moreover, companies are also focusing on acquiring advanced visualization platform vendors to widen their portfolio and reinforce their analytics and business, intelligence division. The rising investments in the field of advanced visualization and major acquisitions of the companies are anticipated to contribute to the growth of the market in the coming years.
Limited availability of reimbursements for radiology-based diagnostic procedures
Reimbursement changes for the technical part of imaging procedures (such as MRI and CT scans) is the most critical radiology billing problem. Several departments such as radiology, interventional radiology, and radiation oncology witnessed payment changes since 2015. Moreover, there was a decrease in the payment rate for many kinds of imaging procedures for radiologists, and this may impact finances in radiology departments. Thus, reimbursement cuts for radiology may hamper the demand for advanced visualization software as radiology accounts for a major share of 54% in 2015.
The hardware & software segment is expected to be the largest during the forecast period
The hardware & software segment is estimated to have a lucrative growth, due to the expansion of technologically advanced software, increasing focus of healthcare organizations to streamline, and upsurge workflow competence. The introduction of technically sophisticated software has aided the segment growth. Also, the AV systems are more prevalent in hospitals and diagnostic centers to streamline and improve workflow efficiency and the ease with which they may be integrated into PACS.
The oncology segment is expected to have the highest CAGR during the forecast period
The oncology segment is anticipated to witness the fastest CAGR growth during the forecast period, owing to rising technological advancements, increase in the number of global cancer patients, rising prevalence of various types of cancer, and increase in the espousal of the advanced visualization tools in healthcare facilitites. 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.
Region with highest share:
North America is projected to hold the largest market share during the forecast period, owing to faster adoption of novel diagnostic imaging technologies, increasing cases of chronic diseases and presence of better healthcare infrastructure, rise in capital income in developed and developing countries, higher preference for advanced visualization solutions for diagnostic imaging, and large number of disease diagnostic procedures. On the other hand, the Canadian market is anticipated to record a promising share and contributed to the North American market growth, due to strong R&D infrastructure in Canada, commercialization of sophisticated diagnostic tools, and a high prevalence of target illnesses, are all factors likely to trigger the region's need for enhanced visualization products.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period owing to increased disposable income, rising market penetration of advanced diagnostic technologies, public healthcare funding growth in emerging economies like China and India, and rising public awareness related to benefits of advanced diagnostic techniques in effective disease management. The market players in the region are China, Japan, and India. The Indian advanced visualization market is anticipated to witness a promising share in the APAC market during the forecast period, due to the increasing prevalence of chronic disease, improving healthcare infrastructure, and supportive government policies.
Key players in the market
Some of the key players profiled in the Advanced Visualization Market include General Electric Company, Toshiba Corporation, Siemens AG, Koninklijke Philips N.V., Canon Inc, Vital Images Inc., Thermo Fisher Scientific, Fujifilm Holdings Corporation, Terarecon, Inc., Olympus Corporation, Qi Imaging LLC, Pro Medicus Limited, AGFA Gevaert N.V, Visage Imaging, Inc., Carestream Health, Inc., Analogic Corporation, and BenQ Medical Technology.
In June, 2021, Toshiba Corporation launched an updated version of its MPF platform e-BRIDGE Next. These features are designed to help organizations' overall efficiency along with an increase in their security.
In October 2020, General Electric 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.
Solution Types Covered:
• Standalone Workstation-Based Solutions
• Enterprise-Wide Thin Client-Based Solutions
• Hardware & Software
Imaging Modalities Covered:
• Computed Tomography (CT)
• Positron Emission Tomography (PET)
• Magnetic Resonance Imaging (MRI)
• Nuclear Medicine
• Radiotherapy (RT)
• Single-Photon Emission Computerized Tomography (SPECT)
• X-Ray and Fluoroscopy
Clinical Applications Covered:
• Radiology/Interventional Radiology
• Gastroenterology and Urology
End Users Covered:
• Imaging Centers/Diagnostic Centers
• Hospitals, and Surgical Centers
• Academic and Research Centers
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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• Competitive Benchmarking
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Table of Contents
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Advanced Visualization Market, By Solution Type
5.2 Standalone Workstation-Based Solutions
5.3 Enterprise-Wide Thin Client-Based Solutions
6 Global Advanced Visualization Market, By Component
6.2 Hardware & Software
6.3.1 Post-Sale and Maintenance Services
6.3.2 Training and Education Services
6.3.3 Implementation Services
6.3.4 Consulting/Optimization Services
7 Global Advanced Visualization Market, By Imaging Modality
7.2 Computed Tomography (CT)
7.3 Positron Emission Tomography (PET)
7.4 Magnetic Resonance Imaging (MRI)
7.6 Nuclear Medicine
7.7 Radiotherapy (RT)
7.8 Single-Photon Emission Computerized Tomography (SPECT)
7.10 X-Ray and Fluoroscopy
8 Global Advanced Visualization Market, By Clinical Application
8.5 Radiology/Interventional Radiology
8.8 Gastroenterology and Urology
9 Global Advanced Visualization Market, By End User
9.2 Imaging Centers/Diagnostic Centers
9.3 Hospitals, and Surgical Centers
9.4 Academic and Research Centers
10 Global Advanced Visualization Market, By Geography
10.2 North America
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.5 Other Key Strategies
12 Company Profiling
12.1 General Electric Company
12.2 Toshiba Corporation
12.3 Siemens AG
12.4 Koninklijke Philips N.V.
12.5 Canon Inc
12.6 Vital Images Inc.
12.7 Thermo Fisher Scientific
12.8 Fujifilm Holdings Corporation
12.9 Terarecon, Inc.
12.10 Olympus Corporation
12.11 Qi Imaging LLC
12.12 Pro Medicus Limited
12.13 AGFA Gevaert N.V
12.14 Visage Imaging, Inc.
12.15 Carestream Health, Inc.
12.16 Analogic Corporation
12.17 BenQ Medical Technology
List of Tables
1 Global Advanced Visualization Market Outlook, By Region (2020-2028) ($MN)
2 Global Advanced Visualization Market Outlook, By Solution Type (2020-2028) ($MN)
3 Global Advanced Visualization Market Outlook, By Standalone Workstation-Based Solutions (2020-2028) ($MN)
4 Global Advanced Visualization Market Outlook, By Enterprise-Wide Thin Client-Based Solutions (2020-2028) ($MN)
5 Global Advanced Visualization Market Outlook, By Component (2020-2028) ($MN)
6 Global Advanced Visualization Market Outlook, By Hardware & Software (2020-2028) ($MN)
7 Global Advanced Visualization Market Outlook, By Services (2020-2028) ($MN)
8 Global Advanced Visualization Market Outlook, By Post-Sale and Maintenance Services (2020-2028) ($MN)
9 Global Advanced Visualization Market Outlook, By Training and Education Services (2020-2028) ($MN)
10 Global Advanced Visualization Market Outlook, By Implementation Services (2020-2028) ($MN)
11 Global Advanced Visualization Market Outlook, By Consulting/Optimization Services (2020-2028) ($MN)
12 Global Advanced Visualization Market Outlook, By Imaging Modality (2020-2028) ($MN)
13 Global Advanced Visualization Market Outlook, By Computed Tomography (CT) (2020-2028) ($MN)
14 Global Advanced Visualization Market Outlook, By Positron Emission Tomography (PET) (2020-2028) ($MN)
15 Global Advanced Visualization Market Outlook, By Magnetic Resonance Imaging (MRI) (2020-2028) ($MN)
16 Global Advanced Visualization Market Outlook, By Ultrasound (2020-2028) ($MN)
17 Global Advanced Visualization Market Outlook, By Nuclear Medicine (2020-2028) ($MN)
18 Global Advanced Visualization Market Outlook, By Radiotherapy (RT) (2020-2028) ($MN)
19 Global Advanced Visualization Market Outlook, By Single-Photon Emission Computerized Tomography (SPECT) (2020-2028) ($MN)
20 Global Advanced Visualization Market Outlook, By Endoscopy (2020-2028) ($MN)
21 Global Advanced Visualization Market Outlook, By X-Ray and Fluoroscopy (2020-2028) ($MN)
22 Global Advanced Visualization Market Outlook, By Clinical Application (2020-2028) ($MN)
23 Global Advanced Visualization Market Outlook, By Cardiology (2020-2028) ($MN)
24 Global Advanced Visualization Market Outlook, By Oncology (2020-2028) ($MN)
25 Global Advanced Visualization Market Outlook, By Neurology (2020-2028) ($MN)
26 Global Advanced Visualization Market Outlook, By Radiology/Interventional Radiology (2020-2028) ($MN)
27 Global Advanced Visualization Market Outlook, By Cardiovascular (2020-2028) ($MN)
28 Global Advanced Visualization Market Outlook, By Orthopedics (2020-2028) ($MN)
29 Global Advanced Visualization Market Outlook, By Gastroenterology and Urology (2020-2028) ($MN)
30 Global Advanced Visualization Market Outlook, By End User (2020-2028) ($MN)
31 Global Advanced Visualization Market Outlook, By Imaging Centers/Diagnostic Centers (2020-2028) ($MN)
32 Global Advanced Visualization Market Outlook, By Hospitals, and Surgical Centers (2020-2028) ($MN)
33 Global Advanced Visualization Market Outlook, By Academic and Research Centers (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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