Computer Vision in Healthcare Market Worth $11.5 billion | MarketsandMarkets(TM)
CHICAGO, May 3, 2024 /PRNewswire/ -- Computer Vision in Healthcare Market in terms of revenue was estimated to be worth $3.9 billion in 2024 and is poised to reach $11.5 billion by 2029, growing at a CAGR of 24.0% from 2024 to 2029 according to a new report by MarketsandMarkets(TM).
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The market's expansion is fueled by the exponential growth of medical imaging data which necessitates efficient analysis methods, where computer vision techniques excel in automating and enhancing diagnostic processes. Further, the demand for improved patient care and outcomes fuels the adoption of AI-driven solutions, empowering healthcare providers with precise tools for diagnosis, treatment planning, and monitoring. Nevertheless, ensuring the accuracy and reliability of computer vision algorithms remains a significant challenge, especially in complex medical imaging tasks where errors can have critical consequences. Additionally, the regulatory landscape surrounding AI-based medical devices is evolving, requiring stringent validation and approval processes, which can impede the timely deployment of innovative solutions. Thus, restraining the market.
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Browse in-depth TOC on "Computer Vision in Healthcare Market"
505 - Tables
55 - Figures
379 - Pages
Computer Vision in Healthcare Market Scope:
Report Coverage
Details
Market Revenue in 2024
$3.9 billion
Estimated Value by 2029
$11.5 billion
Growth Rate Poised to grow at a CAGR of 24.0%
Market Size Available for
2022-2029
Forecast Period
2024-2029
Forecast Units
Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and
Trends
Segments Covered
Product & Service, Type, Applications, End User
Geographies Covered North America, Europe, Asia Pacific, Latin America and Middle East
and Africa
Report Highlights Updated financial information /product portfolio of players
Key Market Opportunities Computer vision solutions for healthcare that are hosted in the
cloud
Key Market Drivers The healthcare sector is experiencing a growing need for computer
vision systems
"The largest share in the computer vision in healthcare market, based on type, was attributed to the PC-based computer vision systems segment in 2023."
The PC-based computer vision systems segment holds the largest market share in the computer vision in healthcare market in 2023. The growth of this segment is propelled by factors such as PCs offering robust computational power, enabling real-time processing of complex algorithms required for tasks like medical image analysis. Also, PCs provide flexibility and scalability, allowing users to customize hardware configurations and software solutions according to specific requirements. This versatility makes them adaptable to various healthcare settings, from small clinics to large hospitals.
"In 2023, the patient activity monitoring/fall prevention segment demonstrated the most significant growth in the computer vision in healthcare market based on hospital management by type."
The patient activity monitoring/fall prevention segment is expected to experience the highest growth in the computer vision in healthcare market. The key drivers for this growth include the aging population worldwide that has led to an increased focus on elderly care and fall prevention initiatives. Computer vision systems offer non-intrusive and continuous monitoring of patients' movements, enabling early detection of potential fall risks and timely intervention to prevent accidents. Also, the growing adoption of wearable devices and smart sensors integrated with computer vision technology allows for seamless monitoring of patients' activities both inside healthcare facilities and at home. This remote monitoring capability enhances patient safety and independence while reducing the burden on caregivers and healthcare resources.
"North America accounted for the largest share of the healthcare simulation market in 2023."
In 2023, North America held the largest share in the computer vision in healthcare market, with Europe and Asia Pacific following. The significant presence of North America in the global market can be attributed to factors such as region's strong focus on improving patient outcomes and reducing healthcare costs which incentivizes the integration of computer vision solutions to streamline processes, enhance diagnostics, and optimize treatment pathways.
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Computer Vision in Healthcare Market Dynamics:
Drivers:
1. The healthcare sector is experiencing a growing need for computer vision
systems
Restraints:
1. The resistance of medical practitioners towards adopting AI-based
technologies
Opportunities:
1. Computer vision solutions for healthcare that are hosted in the cloud
Challenge:
1. Lack of curated data
Key Market Players of Computer Vision in Healthcare Industry:
The key players functioning in the computer vision in healthcare market include NVIDIA Corporation (US), Intel Corporation (US), Microsoft Corporation (US), Advanced Micro Devices, Inc. (US), Google, Inc. (US), Basler AG (Germany), AiCure (US), iCAD, Inc. (US), Thermo Fisher Scientific Inc. (US), SenseTime (China), KEYENCE CORPORATION (Japan), Assert AI (India), Artisight (US), LookDeep Inc. (US), care.ai (US), CareView Communications (US), VirtuSense (US), Teton (Denmark), viso.ai (Switzerland), NANO-X IMAGING LTD. (Israel), Comofi Medtech Pvt. Ltd. (India), Avidtechvision (India), Roboflow, Inc. (US), Optotune (US) and CureMetrix, Inc. (US).
The break-down of primary participants is as mentioned below:
-- By Company Type - Tier 1: 45%, Tier 2: 30%, and Tier 3: 25%
-- By Designation - C-level: 42%, Director-level: 31%, and Others: 27%
-- By Region - North America: 32%, Europe: 32%, Asia Pacific: 26%, Middle
East & Africa: 5%, Latin America: 5%
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Recent Developments of Computer Vision in Healthcare Industry:
-- In April 2024, iCAD partnered with RAD-AID to enhance breast cancer
detection utilizing the AI technology in underserved regions and low-
and middle-income countries (LMICs).
-- In March 2024, Microsoft and NVIDIA have broadened their longstanding
collaboration with robust new integrations that harness cutting-edge
NVIDIA generative AI and Omniverse technologies across Microsoft Azure,
Azure AI services, Microsoft Fabric, and Microsoft 365.
-- In February 2022, Advanced Micro Devices acquired Xilinx. This
acquisition established the forefront leader in high-performance and
adaptive computing, with a significantly expanded scale and the most
formidable portfolio of leadership computing, graphics, and adaptive SoC
products in the industry.
Computer Vision in Healthcare Market - Key Benefits of Buying the Report:
This report will enrich established firms and new entrants/smaller firms to gauge the market's pulse, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.
This report provides insights on:
-- Analysis of key drivers: (Increasing demand for computer vision systems
in the healthcare industry, government initiatives to increase the
adoption of AI-based technologies), restraints (Reluctance of medical
practitioners to adopt AI-based technologies), opportunities
(Cloud-based healthcare computer vision solutions), and challenges
(Rising security concerns related to cloud-based image processing and
analytics) influencing the growth of the computer vision in healthcare
market.
-- Product Development/Innovation: Detailed insights on upcoming
technologies, research & development activities, and new product &
service launches in the computer vision in healthcare market.
-- Market Development: Comprehensive information on the lucrative emerging
markets, products & services, applications, end-users, and regions.
-- Market Diversification: Exhaustive information about the product
portfolios, growing geographies, recent developments, and investments in
the computer vision in healthcare market.
-- Competitive Assessment: In-depth assessment of market shares, growth
strategies, product offerings, and capabilities of the leading players
in the computer vision in healthcare market like NVIDIA Corporation
(US), Intel Corporation (US), Microsoft Corporation (US), Advanced Micro
Devices, Inc. (US), Google, Inc. (US).
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