PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515397
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515397
Computer Vision in Healthcare Market size was valued at USD 2,678.21 Million in 2023, expanding at a CAGR of 34.5% from 2024 to 2032.
Computer vision falls under the broader category of artificial intelligence and focuses on analyzing still images or video streams to draw conclusions and take specific actions. In the field of healthcare, advancements in computer vision, particularly in object recognition, empower doctors with the ability to provide constant attention and tireless observation. For instance, machines have an error rate of only 3.5% compared to the 5% error rate of humans. In essence, computer vision's object detection and recognition capabilities outperform human abilities in these tasks. Moreover, computer vision in healthcare adds value by offering enhanced care services to patients in medical settings, as it can detect the early stages of diseases. Recent research indicates that artificial intelligence not only speeds up physicians' work but also enhances the quality of care provided. The latest developments in object recognition technology focus on deep learning, which involves machine learning algorithms utilizing multi-layer neural networks. Deep learning has significantly improved the accuracy of object recognition on various data sets, both open and private.
Computer Vision in Healthcare Market- Market Dynamics
Adoption of artificial intelligence technologies in healthcare is expected to drive the growth of the market
Computer vision utilizes AI and machine learning algorithms to examine visual data from images and videos, proving especially beneficial in medical imaging and diagnostics. Through the analysis of extensive medical image datasets, AI can aid in the early detection of diseases such as cancer or the identification of abnormalities in scans that may indicate potential health issues. As per research conducted by Exploding Topics, 77% of companies are currently utilizing or exploring the use of AI in their operations, with 83% of companies stating that AI is a key focus in their business strategies. Additionally, the expanding field of Drug Discovery and Development presents growth opportunities for the market. Nevertheless, concerns regarding Data Privacy and Security could impede market growth.
Computer Vision in Healthcare Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 34.5% over the forecast period (2024-2032)
Based on Component segmentation, Software was predicted to show maximum market share in the year 2023
Based on Product Type segmentation, PC-based Computer Vision Systems was the leading type in 2023
Based on Application segmentation, Medical Imaging & Diagnostics was the leading type in 2023
Based on End-User segmentation, Healthcare Providers was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Computer Vision in Healthcare Market is segmented based on Component, Product Type, Application, End-User, and Region.
The market is categorized into three segments according to Components: Hardware, Software, and Services. Software holds the upper hand in driving market growth. The healthcare sector is on the verge of a revolutionary transformation with computer vision software applications, as they enhance diagnostics, improve patient outcomes, and optimize operational workflows.
The market is segmented into two categories according to Product Type: Smart Cameras-based Computer Vision Systems and PC-based Computer Vision Systems. The PC-based Computer Vision Systems segment leads the market. PC-based systems, which are equipped with robust GPUs and CPUs, are utilized for the analysis of medical images like X-rays, CT scans, MRIs, and pathology slides.
The market is categorized into two segments according to its application: Medical Imaging & Diagnostics, Surgeries, Patient Management & Research, and Others. Medical Imaging & Diagnostics holds the majority share in the market. The incorporation of computer vision in medical imaging and diagnostics is a revolutionary trend in the healthcare industry, providing enhanced capabilities in image analysis, diagnostics, and patient care.
The market is categorized into two segments according to the end-users: Healthcare Providers, Diagnostic Centers, Academic Research Institutes, and Others. The dominant force in the market is the Healthcare Providers. Advanced tools for diagnostics, surgical guidance, telemedicine, and operational efficiency are being provided to healthcare providers through computer vision technologies, empowering them in their field.
Computer Vision in Healthcare Market- Geographical Insights
The market is geographically spread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented by countries contributing to business growth. North America leads in market expansion, due to its strong healthcare infrastructure and focus on technological advancements. Particularly in the United States and Canada, North America boasts advanced healthcare systems with well-established facilities such as hospitals, diagnostic centers, and research institutions. Healthcare spending accounts for over 19.7% of the GDP in most affluent nations, with the United States expected to reach close to 26% by the end of 2022. This is not surprising, as healthcare is the largest employer in the United States. The United States outspends the rest of the world on healthcare. Europe follows as the second largest region for market growth, driven by the increasing adoption of telemedicine.
The Computer Vision in the Healthcare market is witnessing increased competition as companies and institutions aim to leverage AI-driven technologies for medical purposes. Leading healthcare providers and hospital systems are adopting AI solutions to enhance patient care and streamline operations. Collaboration with technology firms is common for integrating AI-powered computer vision tools into clinical processes. A growing number of startups are entering the AI healthcare sector, with a focus on developing computer vision applications for remote diagnostics, surgical planning, and patient monitoring.
Google Cloud unveiled its Medical Imaging Suite on Tuesday, introducing a new technology aimed at improving the accessibility and interoperability of radiology and other imaging data.
On March 18, 2024, Microsoft Corp. announced an extended partnership with NVIDIA aimed at leveraging generative AI, cloud computing, and accelerated computing in the healthcare and life sciences sectors. This collaboration will combine Microsoft Azure's global reach, security features, and advanced computing resources with NVIDIA DGX Cloud and the NVIDIA Clara suite of computing platforms, software, and services. The goal is to facilitate innovation and enhance patient care within healthcare and life sciences organizations.
GLOBAL COMPUTER VISION IN HEALTHCARE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
AiCure
Microsoft
Arterys, Inc.
NVIDIA
Basler AG
IBM Corporation
Basler AG
Xilinx
ICAD Inc.
Others