Advanced Visualization (AV) has played an important role in healthcare organizations. It is primarily used imaging modalities with clinical areas. These systems are commonly adopted in diagnostic centers and hospitals. It comprises of software and hardware applications used in developed three dimensional (3D) or four-dimensional (4D) processing of data obtained by magnetic resonance imaging (MRI), computed tomography (CT), conventional nuclear medicine, positron emission tomography (PET) and ultrasound. AV systems enable clinicians to efficiently analyze and visualize assessment results.
According to study, “Middle East and Africa Advanced Visualization (AV) Market (2018-2023)” some of the major companies that are currently working in the Middle East and Africa Advanced Visualization (AV) market are Koninklijke Philips N.V, Toshiba Corporation, Terarecon Inc., Fujifilm Holdings Corporation, Ziosoft, General Electric Company, Siemens AG, Conmed. The private key players play an important role in funding the healthcare zone in Africa, with an extra 50% of the venture being undertaken by them.
Based on the application the market is divided into vascular, orthopedics, oncology, cardiology, radiology or interventional radiology and neurology. Based on the end-user market is segmented by hospitals & surgical centers, imaging centers, academic & research centers, and others. Moreover, some of the key advantages are direct interaction, a better understanding of operational & business activities, and enhanced adaptation of business information, rapid identification, and quick access to relevant business insights, predictive sales analysis and easy comprehension of data and many others.
The market of the Middle East and Africa Advanced Visualization is mainly driven by increasing technological advancements in AV software (integration of picture archiving and communications systems or PACS & AV tools). Some of the other driving factors are improved diagnostic interpretation with AV tools, rising demand for advanced diagnostic procedures and rising frequency of target diseases etc. Apart from advantages, some of the challenges include technical restrictions related to current advanced visualization analysis and limited medical reimbursements and many others.
The AV market is growing at a slow rate owing to the unstable economy and battles. Additionally, the main hinder factors of the AV market are low penetration rate. Some countries like Congo, Ghana, and Egypt create political threats to Multinational Companies (MNCs) to venture the market. One of the major challenges as 40% of the population is poor. Under such conditions, affordability of the systems in hospitals becomes complicated as people cannot pay treatment due to the systems being expensive.
The middle class or upper-middle class inhabitants have a considerable rise in countries such as Ethiopia and Nigeria, which provide a boost to the market. The sickness and dominance of chronic disease such as cardiovascular and cancer diseases followed by mounting population, people to insist well-organized and early diagnostic & detection methods, which also adds constraints in the AV market.
In 2018, the value of the Middle East and Africa AV Market is USD 0.1 billion. It is predictable that market is expected to reach US$ 0.2 billion, at a CAGR of 9.5%, by 2023. In the future, it is predicted that the market to grow fast due to vast investment in financial sectors.
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Ankur Gupta, Head Marketing & Communications