Medical Animation Market Is Projected To Reach $514 Million By 2024: Grand View Research, Inc.

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Medical Animation Market Is Projected To Reach $514 Million By 2024: Grand View Research, Inc.

Medical Animation Market Is Projected To Reach $514 Million By 2024: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, The global medical animation market size was worth 118.5 million in 2016 which is anticipated to grow at a CAGR of more than 20.0% during the forecast period.

The global medical animation market is expected to reach a value of USD 514.0 million by 2024, according to a new report by Grand View Research. Key factors driving the market growth include the higher adoption of medical animation marketing by medical devices manufacturers and pharmaceutical products. It helps in explaining product features and communicating associated information with end users. 

The information represented by animation is more appealing and easy to transmit. These aforementioned benefits are expected to boost the usage rate in near future. In addition, the paradigm shift, in healthcare information technology, such as digitalization, is anticipated to contribute towards the market growth in the next few years. The medical animation market has gained momentum after the introduction of cloud-based platforms and 3D printing technology in healthcare. 

       U.S. medical animation market, by type, 2013 – 2024 (USD Million)

U.S. medical animation market, by type, 2013 - 2024 (USD Million)

Furthermore, the introduction of technologically advanced software for image analysis, such as Medical Image Processing, Analysis, and Visualization can be attributed to the market growth. This application enables researcher from remote sites share valuable information and analyze the research data to detect, monitor, and treat medical disorders.  Medical animation is a versatile tool for communicating complex scientific procedures in an interactive manner and used in a variety of business aspects such as marketing, web presentations, social media, tradeshows and advertising. Increasing adoption of this technology is expected to serve as a potential growth driver in the future. 

The increasing investment by private and public sector, growing geriatric population coupled with increasing demand for computer-aided diagnostics, and incidence of chronic diseases are major factors fueling the increasing usage rates of this technology. In addition, this technology found application in various sectors, for instance; it helps healthcare professionals explain human body metabolism to patients, which helps in reducing patient’s anxiety level and educates them about various disease condition.  

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Further Key Findings from the Study Suggest:

  • Flash animation is expected to be one of the most lucrative segment in near future due to increasing demand for patient engagement by healthcare professionals. On the other hand, 3D animation found application in clinical research studies, improving patient education, and simplifying complex procedures in bioscience studies by representing them into an animated form

  • Growing demand for technologically advanced medical animation solutions is expected to contribute towards the growth of 3D animation during the forecast period

  • In 2015, the drug mechanism of action segment accounted for the largest revenue share. The use of animation for explaining drug interactions and metabolic studies in new drug development are key contributing factors for this segment growth. This technology is used in animating preproduction, full production and post production process of drug molecules

  • However, the patient education segment is expected to emerge as the fastest growing segment as awareness levels amongst patients, introduction of user-friendly apps and concerns related to health information are increasing. For instance, introduction of 3D medical application such as complete anatomy in November 2015 by 3D4 medical used for anatomical studies

  • Currently, oncology segment dominates the market and is expected to be the fastest growing therapeutic area using this technology. Increasing incidence of cancer worldwide is a key contributing factor for growing demand of medical animation studies to explain disease mechanisms to patients

  • For instance, XVIVO, showcased animation software at the American Society of Clinical Oncology (ASCO) and also helped in the depiction of mechanism of action of Bavituximab, an investigative drug, believed to strengthen the immunity system in cancerous environment

  • Other end users of this market are life science companies, medical device manufactures, government authorities, forensic department, medico-legal firms, and insurance provider companies. This segment is expected to grow at fastest CAGR due to wide usage of 3D bioprinting and biosimulation studies in these fields

  • For example, in forensic studies, a medical animation is used to elaborate crime scene and medico-legal firms use 3D animation to explain pain management procedures, surgical techniques, and presenting anatomical studies. There are various surgical and clinical audiovisual animation studies available online

  • Asia Pacific is expected to be the fastest growing region during the forecast period. The growing geriatric population, increase in the chronic diseases, and ongoing development in healthcare sector is the factors anticipated to provide future growth platform for this industry in the next 7 years

  • In addition, rising outsourcing activities in this region due to availability and low cost of labor are anticipated to propel segment growth over the forecast period. For example, in India, the cost of medical animation services is 20% to 25% lower than the U.S. and Europe

  • The medical animation market is experiencing high competition as there are many small and big organization that offer these services. Introduction of low-cost software solutions for medical simulation is expected to boost the competition and is also expected to benefit several end users over the forecast period

  • Companies are involved in adopting sustainable strategies to gain competitive edges such as new product launch, product up gradation and collaborative agreements. For example, In April 2016, Fusion medical animation launched biotech brand services aimed at designing and developing innovative visuals for better understanding of complex products The aforementioned factors keeps the market rivalry at higher level 

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Grand View Research has segmented the medical animation market by type, application, therapeutic area, end-use and region: 

Medical Animation Market Type Outlook (Market revenue in USD Million, 2013 – 2024)

  • 3D Animation

  • 2D Animation

  • 4D Animation

  • Flash Animation

Medical Animation Market Application Outlook (Market Revenue in USD Million, 2013 – 2024)

  • Drug MoA

  • Patient Education

  • Surgical Training & Planning

  • Cellular & Molecular Studies

  • Others

Medical Animation Stationary Therapeutic Area Outlook (Market Revenue in USD Million, 2013 – 2024)

  • Oncology

  • Cardiology

  • Plastic Surgery

  • Dental

  • Others

Medical animation Market End-use Outlook (Market Revenue in USD Million, 2013 – 2024)

  • Hospitals

  • Life sciences

  • Academic institute

  • Medical device manufactures

  • Others

Medical Animation Market Regional Outlook (Market Revenue in USD Million, 2013 – 2024)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

  • Asia Pacific

    • Japan

    • China

    • India

  • Latin America

    • Brazil

    • Mexico

  • Middle East and Africa

    • South Africa

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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