The global advanced (3D/4D) visualization systems market bears a competitive landscape that could be sensitive to technological advancement, says an analyst at Transparency Market Research (TMR). A number of factors have been anticipated to form the basis of the competition in the market. A considerable count of companies are observed to compete on the grounds of participation in medical expositions and trades, mergers with government bodies and training centers, and online and onsite services. Yet, more companies have been looking to base their competition on investments, technological updates, funds, pricing, and product differentiation. Researchers recognize Olympus, Philips Healthcare, and GE Healthcare as some of the top names of the market.
As predicted by TMR, players could expect the global advanced (3D/4D) visualization systems market to improve its growth to a US$3.2 bn by 2024 while rising at a 6.4% CAGR between 2016 and 2024. However, the market earned a small revenue of US$1.8 bn in 2015. During the course of the forecast tenure, the CT segment by platform is projected to demonstrate its dominance in terms of revenue share. By region, the market could witness the lead secured by North America in the coming years.
Precise and Accurate Imaging as Need of the Hour Sets Tone for Growth
Medical practitioners extensively engage advanced (3D/4D) visualization systems to observe changes in body from one frame to another with the help of diagnostic images. The images could be viewed in real-time as well as transferred, stored, and shared in 3D/4D format using the technology. Since 2015, digitalization and the storage of patient data has been made compulsory by the U.S. Food and Drug Administration (FDA). Moreover, according to a data by the U.S. Census Bureau, a considerable portion of the regional population is expected to be included in the category of older people aging 65 years and above. All of these factors could create a platform for an increasing growth of the world advanced (3D/4D) visualization systems market.
Technological innovations have a special place in the industry as precise and accurate imaging is a serious requirement in today’s medical world. Apart from the increase in geriatric population, the rising number of various diseases could increment the demand for novel diagnostic solutions such as advanced (3D/4D) visualization systems.
High Setup and Installation Expenses Obstruct End Users to Use Technology
End users of advanced (3D/4D) visualization systems are projected to be discouraged to use the technology on account of expensive setup and installation costs. However, this restraint of the international advanced (3D/4D) visualization systems market could be countered with rewarding prospects birthing on the back of the telling improvement in healthcare expenditure in key regions. Furthermore, the development of healthcare infrastructure, rising focus on the advancement of the healthcare industry, and a massive pool of underserved people suffering from different diseases are prophesied to offer great opportunities for players to achieve the limelight.
More opportunities are envisaged to take birth in the international advanced (3D/4D) visualization systems market due to the availability of multi-modality features, shift from thick to thin clients, and integration of picture archiving and communication system (PACS).