Newark, NJ, Feb. 09, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global advanced visualization market is expected to grow from USD 3.07 billion in 2020 to USD 6.77 billion by 2028, at a CAGR of 10.4% during the forecast period 2021-2028.
Some of the key factors that drive the growth of the global advanced visualization market are the rising rate of software innovation & development of advanced visualization, which resulted in the integration of AV & PACS tools, increasing cases of illnesses targeted medical imaging, an expanding elderly population, increasing awareness around the globe about various advantages offered by this method, and technological advancement which resulted in better interpretation of raw data.
Advanced visualization technology helps healthcare workers to share & access huge image data sets via advanced visualization platforms and carry out effective diagnosis & analysis through image & data visualization. Advanced visualization plays a crucial role in the healthcare sector since it is used in many imaging modalities, clinics, and hospitals.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the advanced visualization market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Other market restraining factors are the poor reimbursement scenario for radiology-based diagnostic procedures, technical complications, high cost of these systems & equipment, and the lack of skilled professionals in some regions.
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Key players operating in the global advanced visualization market include Siemens AG, Toshiba Corporation, Agfa HealthCare NV, Visage Imaging, Inc., General Electric Company, Koninklijke Philips N.V., Fujifilm Holdings Ltd., Carestream Health, Inc., and Qi Imaging, among others. To gain a significant market share in the global advanced visualization market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Siemens AG and Koninklijke Philips N.V. are some of the biggest players in the global market.
Hardware & software segment dominated the market and held the largest market share of 62.85% in the year 2020
The products & service segment consists of services and hardware & software. Hardware & software segment dominated the market and held the largest market share of 62.85% in the year 2020. The large share of this segment can be attributed to factors like advancement in hi-tech software and increasing use of advanced visualization solutions in diagnostic centers & hospitals to optimize workflow efficiency.
Enterprise-wide thin client-based solutions dominated the market and held the largest market share of 59.23% in the year 2020
Based on the type of solution, the global market has been divided into standalone workstation-based solutions and enterprise-wide thin client-based solutions. The e nterprise-wide thin client-based solutions dominated the market and held the largest market share of 59.23% in the year 2020. Enterprise-wide thin client-based solutions offer various advantages like post-processing solutions, multi-user interface, greater data transfer abilities, greater storage capacity, and streamlined analysis.
Magnetic resonance imaging segment dominated the market and held the largest market share of 19.1% in the year 2020
The application segment includes computed tomography, ultrasound, nuclear medicine, magnetic resonance imaging, positron emission tomography, radiotherapy, and other imaging modalities. The Magnetic resonance imaging (MRI) segment dominated the market and held the largest market share of 19.1% in the year 2020. This is attributed to its various applications in healthcare, such as radiology, cardiology, and oncology.
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Hospitals & surgical centers dominated the market and held the largest market share of 32.8% in the year 2020
On the basis of end-user, the advanced visualization market has been segmented into imaging centers, academic & research centers, hospitals & surgical centers, and other end users. The hospitals & surgical centers segment dominated the market and held the largest market share of 32.8% in the year 2020. The hospitals & surgical centers segment held the majority share due to its large scale, strong financial capabilities, and broad range of services.
Regional Segment Analysis of the Advanced Visualization Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global advanced visualization market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 48.6% in the year 2020 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as the presence of key players in the region, high per capita income, supportive reimbursement programs, government as well as private investment, quick adoption of new diagnostic imaging solutions, and a high amount of disease diagnostic procedures. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2021-2028. This growth is owing to factors like growing penetration of advanced visualization technologies, expanding healthcare infrastructure, and rising public awareness about the advantages of technologically advanced diagnostic techniques in disease treatment.
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About the report:
The global advanced visualization market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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