The advanced visualization technology aids a plethora of significant applications in various clinical departments including oncology, cardiology, radiology, neurology, gynecology, obstetrics, and dentistry. In recent times, the deployment of advanced 3D/4D visualization systems has witnessed a remarkable upsurge in multimodal imaging solutions. The accuracy these systems provide in real-time imaging has increased their demand in clinical diagnosis procedures and the trend is likely to report steady growth in the near future.
The significance of advanced visualization systems in the interpretational workflow of imaging systems, such as computed tomography (CT) and magnetic resonance imaging (MRI), is also boosting their demand extensively and is projected to provide a substantial thrust to the market over the next few years.
A recent publication by Transparency Market Research (TMR) on the global advanced 3D/4D visualization systems market states that the market will rise from US$1.8 bn in 2015 to a value of US$3.2 bn by the end of 2024. Analysts expect the market to register a CAGR of 6.40% during the period from 2016 to 2024.
In this blog post, TMR experts answer the important questions regarding the worldwide advanced (3D/4D) visualization systems market:
What are the factors that are influencing the growth of this market across the world?
The worldwide market for advanced 3D/4D visualization systems is substantially propelled by the global rise in the number of medical procedures. The growing demand for the digitization of data related to patients and the technical advancements in medical imaging are also influencing the growth of this market positively.
On the other hand, the high cost associated with equipment used in advanced visualization systems and their deployment and maintenance is having a negative impact on the global advanced 3D/4D visualization systems market. However, the development of novel software is projected to aid this market significantly in the coming years.
How the major regional markets for advanced 3D/4D visualization systems have been performing over the years?
North America has emerged as the leading regional market for advanced 3D/4D visualization systems across the world. The presence of a highly developed medical and healthcare infrastructure, strong economic condition, easy access to advanced technologies, and the increased awareness among patients regarding healthcare have boosted this market in North America over the past few years.
The markets for advanced (3D/4D) visualization systems in Europe and Asia Pacific are also exhibiting robust growth. The increased expenditure on healthcare in Europe is propelling the European market while the large population is the key factor, driving the Asia Pacific market.
On the flip side, the market in the Middle East and Africa is likely to witness some sluggishness in the coming years as the high cost of deployment and maintenance of these systems is likely to hinder their adoption.
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What are the crucial strategies adopted by leading market participants for the expansion of their businesses?
Major players are aggressively focusing on including technically-advanced products in their portfolios. Partnerships and mergers and acquisitions are also frequently adopted strategies by leading participants in the global advanced 3D/4D visualization systems market.
Most recently, GE Healthcare collaborated with TCS to develop efficient solutions on the GE Health Cloud, which connects over 500,000 of GE’s advanced imaging systems. TCS will be ensuring the quality control and regulatory compliance of the GE Health Cloud and its solutions. Centricity Cloud Advanced Visualization, the latest radiology app on the GE Health Cloud, will also be managed by TCS.