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(Health-NewsWire.Net, May 19, 2021 ) The Advanced Visualization Market is expected to reach USD 3.19 Billion by 2021 from USD 1.89 Billion in 2016; growing at a CAGR of 11.0% from 2016 to 2021.
Growth in the advanced visualization market can be attributed to factors such as technological advancements in the field of AV software, integration of AV software into PACS, improved diagnostic interpretation with AV tools, and development of novel AV solutions.
By product, the hardware & software segment is expected account for the largest share
Based on product, the global advanced visualization market is segmented into hardware & software and services (further sub-segmented into implementation, post-sales and maintenance, consulting/optimization, and training & education services). In 2017, the hardware & software segment is expected to account for the largest share of the market owing to factors such as development of technologically advanced software, rising adoption of AV solutions in hospitals and diagnostic centres to streamline and increase workflow efficiency, and growing adoption of AV solutions due ease of integrating them into PACS.
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By type of solution, the enterprise-wide client-based and standalone workstation-based solutions segment is expected account for the largest share
Based on type of solution, the global advanced visualization market is divided into s enterprise-wide client-based and standalone workstation-based solutions. The enterprise-wide client-based and standalone workstation-based solutions segment is expected to account for the largest share of the market in 2016. The large share of this segment can be attributed to factors such as due to offered benefits such as enhanced data storage capacity, data transfer capabilities, multi-user interface, streamlined analysis, and centralized post-processing solutions.
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. The CMS provided updates about the changes in the reimbursement rates for specific Medicare services. 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.
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North America is expected to account for the largest share of the advanced visualization market during the forecast period
The report covers the advanced visualization industry across four key geographies, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the global advanced visualization market in 2016. Commercialization of advanced diagnostic products, robust R&D infrastructure across the U.S. & Canada, and high prevalence of target diseases are the factors that drive the demand growth of advanced visualization products in the region. The Asia Pacific region is expected to grow at the highest CAGR due to the rapid expansion of healthcare infrastructure in the region, increasing public awareness related to benefits of advanced diagnostic techniques in effective disease management, and rising market penetration of advanced diagnostic technologies.
Key Market Players
General Electric Company (US), Siemens AG (Germany), Koninklijke Philips N.V. (Netherlands), Toshiba Corporation (Japan), and Terarecon, Inc. (US). Other players include Fujifilm Holdings Ltd. (Japan), Agfa HealthCare NV (Belgium), Carestream Health, Inc. (US), Qi Imaging (US), and Visage Imaging, Inc. (US).
Recent Developments
In 2016, TeraRecon, Inc. launched Enterprise Imaging 8.1 and iNtuition
In 2016, Vital Images, Inc. launched the application neutral architecture (ANA) platform
In 2016, Vital Images Inc. entered into a partnership with Nuance Communications Inc. (U.S.) for the integration of Nuance’s PowerScribe 360 Reporting solution with Vital’s Vitrea CT lung Analysis application
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MarketsandMarkets™
Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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