Advanced Visualization Market to grow at 11% CAGR

The global advanced visualization systems market is poised for strong growth in the coming years, according to a new report from MarketsandMarkets. The market is expected to grow from $1.89 billion in 2016 to $3.19 billion by 2021, representing a compound annual growth rate of 11%.

Driving this growth is the development of more advanced visualization software, integration of these systems into picture archiving and communication systems (PACS), and wider adoption due to improved diagnostic capabilities. Key players have launched around a dozen new advanced visualization systems since January 2012 to meet rising demand.

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The largest product segment is expected to be hardware and software, making up the core components of these systems. Demand is being driven by newer AI-enabled software, cloud data handling capabilities, and automated workflows that simplify usage for clinicians.

By type of solution, client-server systems and standalone workstations will dominate, offering robust data storage, transfer speed, multi-user access, streamlined analysis and centralized solutions. These enterprise-level platforms are seeing high interest from hospital networks and imaging centers.

Magnetic resonance imaging (MRI) will be the leading imaging modality integrated with advanced visualization, representing its widening use cases spanning oncology, radiology, cardiology and more. Computed tomography (CT) and positron emission tomography (PET) will also be key modalities.

The leading clinical application is expected to be radiology and interventional radiology. Advanced visualization can significantly augment reading and interpretation of complex scans. There has already been wide adoption of these AI-enabled systems in hospital radiology departments to boost productivity.

On a regional basis, North America will lead the advanced visualization market through 2021. Wider availability of advanced medical technologies, strong R&D infrastructure and higher disease prevalence are driving adoption. But the Asia Pacific market will see the fastest growth at 12-15% CAGR over the forecast period as healthcare infrastructure and access to emerging technologies accelerates.

Key companies covered in the industry report include General Electric, Siemens Healthineers, Philips, Toshiba, Terarecon, Fujifilm, Agfa HealthCare, Carestream Health, Qi Imaging and Visage Imaging. Market leaders like GE Healthcare and Siemens Healthineers have robust product portfolios spanning AI-enabled diagnosis for specialties like cardiology, oncology and neurology.

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With advanced visualization going mainstream, radiology workflows are getting smarter, enabling enhanced patient care through faster and more accurate diagnosis. Continued software innovation and integration into PACS and medical imaging infrastructure will underpin rapid growth for this market.

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