Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Medical Animation Market - Insights
Medical animation is an integral part of any medical technology, as it can deliver a clear details about medical technology. The development in computer software and hardware with the efforts by various universities have developed a link between science and art, which led to a formation of new generation of information, technology, and designers in the medical field for both scientific and medical illustration purposes. The combination of scientific analysis with high end computer graphics and animation capabilities is expected to take the medical sector to the next level of advancement. Rising prevalence of cancer followed by rising R&D activities using 3D animation technology for visualization during new drug development will create the demand for animated studies to explain the drug mechanisms expected propel the industry growth over the forecast period. As, 3D animation is one of the adopted medical animation type by companies that enable better sense and depth of procedure or a particular product which helps to capture the interest and leave a positive impression or motivate people to make a purchase.
The global medical animation market is valued at US$ 176.60 million in 2017 and is expected to witness a CAGR of 19.3% over the forecast period (2017 – 2025).
Figure 1. Global Medical Animation Market Share, by Type, (%)
Source: Coherent Market Insights Analysis (2017)
Promotion of the new product launches by manufacturers with the help of animated companies is a prominent factor fueling market growth
Increasing adoption of medical animation techniques by healthcare professionals for demonstrating medical procedures or other scientific purposes with a significantly higher comprehension is expected to propel growth of the medical animation market. Since this technology aids in educating patients, an increasing patient enrolment in disease management or wellness programs is witnessed. This showcases the potential for this technology in near future. Fusion of this medical animation into the mobile apps by combining real time media rich content with measurable data and configurable tools for various medical device and pharmaceutical company sales is also expected to create a lucrative opportunities for the growth of the medical animation market. For instance, on October, 2017, infuse produced 3D animation for Terumo Trima to promote an update to one of their existing product line, highlighting the new features of the updated device. On the contrary, the restraining factor for the medical animation market is high cost required for generating medical animation videos and investment in such products. Besides, it requires prior training of the company employees to increase their productivity.
On the basis of regional segmentation, the global medical animation market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is expected to account for the largest share followed by Europe and Asia Pacific. Medical animation market in North America is driven by factors, such as increasing number of pharmaceutical companies using animation for product promotion and medical education, and rising penetration of electronic devices such as smartphones. Therefore, the companies are adopting competitive strategies such as new product development, merger & acquisitions and upgrading technology to sustain in the medical animation competitive market. For instance, In July 2017, Random42 was acquired by Graphite Capital, a mid-market private equity firm which provides high-quality medical animation and digital media services to the healthcare and pharmaceutical industry. This acquisition has provided investment by Graphite to help Random42 to expand its geographic presence in Europe while continuing to grow its North American sales to meet its objective.
In Asia Pacific, the medical animation market is favored by increasing skills of the company sales representatives, customer engagement activities, and rising adoption of medical animation for patient education purpose.
The key players operating in the global market of medical animation include Infuse Medical, Hybrid Medical Animation, Inc., Ghost Productions, Inc., Scientific Animations, Inc., INVIVO Communications, Inc., Random42 Scientific Communication, Radius Digital Science, Nucleus Medical Media, Inc., AXS Studio, Inc., Trinsic Animation, and Medmovie Inc.