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Prominent Players:
Major players in the medical animation market include Infuse Medical (U.S.), Hybrid Medical Animation, Inc. (U.S.), Ghost Productions, Inc. (U.S.), Scientific Animations, Inc. (U.S.), INVIVO Communications, Inc. (Canada), Random42 Scientific Communication (U.K.), Radius Digital Science (U.S.), Nucleus Medical Media, Inc. (U.S.), AXS Studio, Inc. (Canada), Visible Body (U.S.), Elara Systems, Inc. (U.S.), Animated Biomedical Productions (Australia), XVIVO Scientific Animation (U.S.), Blausen Medical Communications, Inc. (U.S.), Trinsic Medical Animation, LLC. (U.S.), Viscira (U.S.), Understand.com (U.S.), and Medmovie, Inc. (U.S.).
In the coming years, North America is expected to account for the largest share of the medical animation market. Factors such as presence of major pharmaceutical companies, increased healthcare spending, presence of top market players, increasing number of surgeries in the U.S., and growing medical devices industry in Canada are contributing to the large share of the North American region.
However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The high growth of this region can be attributed to the growing pharmaceutical industry, growing number of medical institutes in India, lucrative medical devices industry in China, entry of local players and low cost of medical animation in India.
The growth of the overall medical animation market can be contributed to the rising adoption of medical animation by pharmaceutical and life sciences companies; entry of start-ups; growing pharmaceutical/biopharmaceutical and medical devices industries; increasing penetration of smartphones, tablets, and other mobile platforms; and rising geriatric population coupled with the growing number of surgeries globally.
However, the high cost of medical animation services is expected to restrain the growth of this market to a certain extent. Moreover, the growing healthcare market in emerging economies and lack of health literacy are expected to provide growth opportunities for players operating in this market.
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