Advanced viz global market to hit $2.8B by 2020

The advanced visualization market, including products for standalone workstations, enterprise-wide software and associated consulting and maintenance, has been projected for a compound annual growth rate of 10.9 percent from 2015 to 2020, reaching $2.8 billion by 2020, according to a new report published by MarketsandMarkets.

Technological advancements in software and the integration of advanced visualization tools into PACS will help drive growth in the market, according to the report. Rapid growth in the aging population will push providers to improve interpretation efficiency with novel advanced visualization solutions. Enterprise-wide, thin-client solutions will account for the largest share of the market and fastest growth.

“Moreover, integration of [advanced visualization] solutions in mobile devices and evolution of new applications for [advanced visualization] software are expected to offer opportunities to market players for developing technologically advanced visualization and analysis software,” read the report summary.

Factors that will restrict growth include declining reimbursement for radiology and “unfavorable healthcare reforms in the U.S.,” according to MarketsandMarkets.

While North America is currently estimated to account for the largest share of the global advanced visualization market, the report highlights the Asia-Pacific market as the area where expected growth will be fastest over the next five years.

The report pegs GE and Vital Images as holding the leadership position in the global market, followed by other key players such as TeraRecon, Carestream, Agfa, Fujifilm and more.