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Advanced (3D/4D) Visualization Systems Market - Forecast(2024 - 2030)
Advanced (3D/4D) Visualization Systems Market Overview
Advanced (3D/4D) Visualization Systems Market
size is estimated to be approximately $2.3 billion in 2021 and is poised to grow
at a CAGR of 4.7% during the forecast period 2022-2027. Advanced (3D/4D)
Visualization Systems make use of software and Artificial Intelligence (AI) to
manipulate and enhance the images produced by medical imaging systems such as Computer
Tomography (CT), Ultrasound and Magnetic Resonance Imaging (MRI) scanners. This
allows medical professionals to gain deeper insights and thereby, enable them
to take better diagnosis and treatment decisions for the patient.
Rapid adoption of Picture Archiving and
Communication systems (PACS) in the healthcare sector is anticipated to drive
the growth of the Advanced (3D/4D) Visualization Systems industry during the
forecast period 2022-2027 as they allow healthcare facilities to securely store
and digitally transmit electronic images and clinically-relevant reports. This
eliminates the need to manually file and store, retrieve and send sensitive
data.
Advanced (3D/4D) Visualization Systems Market Report Coverage
The report: “Advanced (3D/4D) Visualization Systems Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth
analysis of the following segments of the Advanced (3D/4D)
Visualization Systems Market.
By Product Type: Magnetic
Resonance Imaging (MRI), Computed
Tomography (CT), Position
Emission Tomography (PET), Ultrasound and Others.
By Application: Radiology, Oncology,
Cardiology, Orthopedics, Neurology, Vascular, Diagnostic, Oral, Pneumology and
Others.
By End
User: Hospitals and Clinics, Diagnostic Centers, Academics and
Research Centers and Others.
By Geography: North America
(U.S., Canada and Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy,
Spain, Russia and Rest of Europe), Asia Pacific (China, Japan India, South
Korea, Australia and New Zealand and Rest of Asia Pacific), South America
(Brazil, Argentina, Chile, Columbia and Rest of South America) and Rest of the
World (Middle East and Africa)
Key Takeaways
- North America dominated the Advanced (3D/4D) Visualization Systems market in the year 2021. The presence of a highly developed healthcare infrastructure and favorable reimbursement policies in the US and Canada are some of the key factors contributing to the growth of the segment.
- Rising prevalence of various types of cancer among the global population is anticipated to drive the market during the forecast period.
- Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Advanced (3D/4D) Visualization Systems Market report.
- However, the extremely
high cost of Advanced (3D/4D) visualization systems is a major factor that is
projected to hamper the market growth of the Advanced
(3D/4D) Visualization Systems Industry.
Advanced (3D/4D) Visualization Systems Market Revenue Share, By Geography, 2021 (%)
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Advanced (3D/4D) Visualization Systems Market
Segment Analysis – By Product Type
Based on Product Type, the Advanced
(3D/4D) Visualization Systems market can be segmented into Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Position Emission Tomography (PET),
Ultrasound and Others. The Ultrasound segment accounted for the largest share
of the market in 2021 and is poised to grow at a CAGR of 4.3% during the
forecast period 2022-2027. The rapid growth of the segment can be attributed to
the relatively lower cost of 3D and 4D ultrasound imaging systems. Besides, the
rising prevalence of breast cancer and surge in awareness levels regarding the
importance of early diagnosis among the global population is further
contributing to product adoption. The CT segment is also anticipated to
witness robust growth at the highest CAGR during the forecast period 2022-2027 owing
to the massive rise in the prevalence of respiratory illnesses after the
COVID-19 pandemic. Chest CT scans
are commonly used for monitoring the health of the respiratory systems during
and after COVID-19 infection in individuals.
Advanced (3D/4D) Visualization Systems Market Segment Analysis – By Application
Based on Application, the Advanced (3D/4D) Visualization Systems market
can be further segmented into Radiology, Oncology,
Cardiology, Orthopedics, Neurology, Vascular, Diagnostic, Oral, Pneumology and
Others. The Radiology segment accounted for
the largest share of the Advanced (3D/4D) Visualization Systems market in 2021
with 4.5% and is projected to dominate the market during the forecast period
2022-2027. This can be attributed to the extensive usage of non-invasive
imaging modalities by medical professionals in the radiology department.
Radiology is a medical specialty that makes use of imaging to
diagnose and treat various medical conditions. However, the Oncology segment is
anticipated to witness the fastest growth at a higher CAGR during the forecast
period 2022-2027. This rapid growth can be primarily credited to the rise in the
prevalence of cancers among the global population.
Advanced (3D/4D) Visualization Systems Market Segment Analysis – By Geography
North America dominated the
geography segment of the Advanced (3D/4D) Visualization Systems Market in 2021 with a share of approximately 38%.
The rapid growth of the segment can be attributed to the presence of a highly
developed healthcare infrastructure in the US and Canada. For instance, according
to the International Society for Pharmaco economics and Outcomes
Research (ISPOR), the US has one of the most complex healthcare systems in the
world. The system is formed by intertwining relationships between providers,
payers and patients receiving care. In addition, favorable reimbursement
policies in the US and Canada also contribute to the growth of the North
American segment.
The Asia Pacific region is anticipated to register the fastest growth during the forecast period 2022-2027 owing to the growth in healthcare infrastructure development projects in emerging economies such as China and India.
Advanced (3D/4D) Visualization Systems
Market Drivers
Growing adoption of PACS is driving the market growth
Rapid rise in the adoption of PACS is projected to drive
the market. The technology enables healthcare facilities to securely
store and digitally transmit electronic images and reports generated by the
advanced visualization systems used in the facility, thereby increasing the
efficiency and security of data generated by advanced visualization systems. For
instance, it has been found that the utilization rate of radiology services in
hospitals increased by 43% after PACS implementation.
Rapid rise in the prevalence of chronic diseases is poised to increase the growth of the market
Growing prevalence of chronic
conditions such as cardiovascular disorders, cancers, COPD and arthritis is
projected to drive the market for advanced visualization systems during the
forecast period as such equipment plays a crucial role in diagnosing these
conditions. According to the World Health Organization (WHO), cardiovascular diseases
are the leading cause of death globally, taking an estimated 17.9
million lives each year. Meanwhile, according to the Global Initiative for
Chronic Obstructive Lung Disease (GOLD), COPD was the 3rd leading
cause of death in 2020.
Advanced (3D/4D) Visualization Systems Market Challenges
High cost of 3D and 4D visualization systems is likely to challenge the market growth
The high cost
of 3D and 4D visualization systems is projected to challenge market growth as
the initial cost of the investment may be too high for healthcare facilities,
especially in developing regions. For instance, although low-end ultrasound
systems may only cost around $25,000, advanced ultrasound systems can cost end-user industries up to $250,000 per unit. The higher product price coupled with the relatively lower cost of medical imaging services in developing regions is
hampering growth opportunities during the forecast period.
Advanced (3D/4D) Visualization Systems Industry Outlook
Product launches, mergers and
acquisitions, joint ventures and R&D activities are key strategies adopted
by players in the Advanced (3D/4D) Visualization Systems Market. In 2021, the Advanced (3D/4D)
Visualization Systems Market share is fragmented by the top ten players present in the
market. The Advanced (3D/4D) Visualization Systems Market, top 10 companies are:
- Carestream Health Inc,
- Fujifilm,
- Siemens,
- GE Healthcare,
- Philips Healthcare,
- CONMED Corporation,
- Toshiba Medical Systems,
- Qi Imaging,
- Vital Images,
- TeraRecon
Recent Developments:
- In September 2020, Royal Philips announced the launch of its Azurion Lung Edition. This advanced 3D imaging and navigation system combines CT and X-ray to support image-guided lung procedures.
- In April 2020, Canon Medical expanded the clinical capability and reach of its Alphenix 4D CT product range. The new combination pairs Alphenix Sky+ C-arm and hybrid table with Aquilion Prime SP.
- In February 2019, Royal Philips announced the launch of an ultrasound system that combines 3D and 4D imaging technology. The system is designed to reduce vascular examination times and improve the assessment of babies during pregnancy.