(PharmaNewsWire.Com, April 18, 2020 ) According to the new market research report “ Advanced Visualization Market by Products (Hardware, Software), Services, Solution (Standalone, Enterprise), Imaging Modality (MRI, CT, PET, Ultrasound, Radiotherapy), Clinical Application (Radiology, Orthopedics, Cardiac, Neurology) - Forecasts to 2021”, published by MarketsandMarkets™, analyzes and studies the major market drivers, restraints/challenges, and opportunities.
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.
MarketsandMarkets forecasts the Advanced Visualization market to grow from USD 3.19 Billion by 2021 from USD 1.89 Billion in 2016; growing at a CAGR of 11.0% during the forecast period.
Browse 100 Market Data Tables and 49 Figures spread through 182 Pages and in-depth TOC on “Advanced Visualization Market”
Driver- Advancements in AV software such as integration of PACs & AV tools
Product innovations in the AV market are mainly focused on the development of more cost-efficient technologically advanced and user-friendly software compared to the conventional ones. Advanced AV solutions simplify working with 2D, 3D, and 4D images obtained from various imaging modalities. These solutions are equipped with powerful and advanced communication features, cloud data handling (such as storage, post-processing, computing, and remote access); they also provide easy-to-use/automated workflow solutions to clinicians. Key vendors in the AV market are increasingly focusing on technological advancements and the launch of new AV software.
From January 2012 to May 2016, the top 10 market players launched ~12 new AV systems in the global market. Such technological enhancements are stimulating the global demand for AV solutions.
In September 2016, Vital Images Inc. collaborated with Nuance Communications Inc. for the integration of its PowerScribe 360 Reporting (a speech recognition technology for radiology) and PenRad Technologies, Inc. for its PenLung Lung Screening Management system (solution for radiology and imaging facilities to manage low-dose computed tomograph lung screening) into Vital’s Lung Screening solution.
In November 2015, Vital Images, Inc. launched the CT Lung Screening Program solution, a radiology tool and workflow system for the standardization of lung nodules diagnosis and treatment plans. Challenge: Reducing efficacy of infertility treatment with advancing age
Restraint- Limited availability of reimbursements for radiology-based diagnostic procedures
In 2006, the Centers for Medicare & Medicaid Services (CMS) announced an approximately 12 fold reduction on radiology remunerations. In line with the cost-containment and reduction strategies of the ACA, the agency proposed a rule in July 2014 which explains additional drops in the reimbursement for radiology practices.
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.
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 market 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.
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).
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