Advanced Visualization Market Insights, Share, Key Players and Forecast Report 2023

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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Among different imaging type, magnetic resonance imaging segment contributed the largest revenue to the advanced visualization market in 2016. Magnetic resonance imaging is accurate and safe method of diagnostic imaging and it is increasingly being used in several clinical applications such as oncology, cardiology and musculoskeletal disorders, thus, increasing the demand for magnetic resonance imaging advanced visualization solutions.

The increasing number of surgical procedures in hospitals and improved compliance for advanced visualization for the treatment of various diseases has led to the maximum installation of advanced visualization software and hardware solutions in hospitals. However, the increasing demand for early and efficient diagnosis of diseases is expected to lead to a higher growth in demand for advanced visualization software in imaging centers.

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.

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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.

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