The medical animation market is poised to reach USD 301.3 million by 2021 from USD 117.3 million in 2016, growing at a CAGR of 20.8% during the forecast period of 2016 to 2021.
Medical animation is an educational video or movie created using 3D motion graphics to explain the mechanism of action (MoA) of a medical device, biomedical technology, pharmaceutical drug, or an anatomical or biological process. Animations are used in the medical and pharmaceutical sectors for educational purposes, demonstrations, simulation of surgeries, and analysis and comparative evaluation of treatment.
The 3D animation segment is expected to account for the largest share of the medical animation market, by type, in 2016. 3D animation provides viewers a greater sense of perspective, and enables clear understanding of the key concepts in a forensic case; this is contributing to the large share of this segment. The drug mechanism of action (MoA) and approvals segment is expected to account for the largest share of the medical animation market, by application, in 2016. The rising adoption of medical animation by pharmaceutical companies for showcasing the MoA of drugs as well as for the marketing, promotions, and approvals of products is driving growth in this market segment. The oncology segment is expected to account for the largest share of the global medical animation market, by therapeutic area, in 2016. This is attributed to the increasing awareness amongst healthcare professionals on various diseases, injuries, and defects; and rising adoption among academic institutes to explain and provide instructions to students on physiotherapy and pre- and post-orthopedic procedures. The life science companies segment is estimated to account for the largest share of the medical animation market, by end user, in 2016. Life sciences companies mainly use medical animation as a marketing tool to promote new drugs and product offerings.
North America is expected to account for the largest share of the global medical animation market in 2016, followed by Europe, Asia-Pacific, and the Rest of the World (RoW). The large share of the North American region can be attributed to the presence of major pharmaceutical companies, increased healthcare spending, presence of top market players, increasing number of surgeries in the U.S., and growing medical devices industry in Canada. The Asia-Pacific region is expected to witness the highest growth rate in the forecast period, mainly due to the growing pharmaceutical industry, growing number of medical institutes in India, lucrative medical devices industry in China, and entry of local players and low cost of medical animation in India.
The medical animation market witnesses high competitive intensity, as there are several big and many small firms with similar product offerings. These companies adopt various strategies (agreements, partnerships, joint ventures, collaborations, expansions, new product launches, and acquisition) to increase their market shares and establish a stronger foothold in the global market.
Prominent players in the global medical animation market include Infuse Medical (U.S.), Hybrid Medical Animation, Inc. (U.S.), Ghost Productions, Inc. (U.S.), Scientific Animations, Inc. (U.S.), INVIVO Communications, Inc. (Canada), Random42 Scientific Communication (U.K.), Radius Digital Science (U.S.), Nucleus Medical Media, Inc. (U.S.), AXS Studio, Inc. (Canada), Visible Body (U.S.), Elara Systems, Inc. (U.S.), Animated Biomedical Productions (Australia), XVIVO Scientific Animation (U.S.), Blausen Medical Communications, Inc. (U.S.), Trinsic Medical Animation, LLC. (U.S.), Viscira (U.S.), Understand.com (U.S.), and Med movie, Inc. (U.S.).
Reasons to Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help them, garner a greater market share. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares. The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the medical animation market. The report analyzes the market based on type, application, therapeutic area, and end user
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the medical animation market
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various medical animations across regions
- Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the medical animation market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in the medical animation market