OVERVIEW
A report by Global Market Studies has shown a CAGR of 46.2% for Computer Vision in the Healthcare Market which is expected to expand to a value of USD 45.7 billion by 2028 from USD 17.2 billion in 2023.
Computer Vision in Healthcare is divided into many product and service categories, such as hardware and software (both on-premises and in the cloud). The major end-user group for computer vision in healthcare is healthcare providers.
Due to factors including the application of computer vision in precision medicine, medical imaging & diagnostics, the use of big data in healthcare, and government measures to promote the adoption of AI-based technologies, the product is becoming more and more widely embraced in the healthcare sector.
Table of Content
Market Dynamics
Drivers:
Demands for individualized healthcare solutions are increasing rapidly from patients globally. By providing precise and thorough information regarding a patient’s condition, computer vision technology can assist healthcare providers in offering better-individualized care.
Recently, investments in computer vision technology have exponentially increased the precision and dependability of computer vision systems, such as making deep learning algorithms and the accessibility of large datasets.
As the aging population and incline in chronic disease conditions are primarily driving the demand for medical imaging services at a rapid pace, the precision and speed of medical imaging can be improved with the aid of computer vision technologies to provide efficient and higher patient diagnoses. Hence, the use of computer vision technology in the healthcare market has greatly improved resulting in the substantial market growth over the years.
Opportunities:
By automating repetitive operations, increasing the accuracy of diagnoses, and obviating the need for costly interventions, computer vision technology has been assisting in lowering the costs of healthcare delivery. This helps healthcare providers to offer more affordable options for the lower classes.
Moreover, Cloud-based solutions offer far better flexibility and scalability in deploying computer vision systems across various healthcare settings than current methods and are becoming increasingly popular in the healthcare sector, as real-time access to patient data is a benefit that can accelerate and improve the precision of diagnosis.
Governments are also launching various initiatives to promote the use of AI-based technologies to improve medical diagnosis rates and patient data efficiency.
Restraints & Challanges:
The services segment mainly faces certain issues such as the requirement for constant training of healthcare professionals to use computer vision technology successfully, the necessity for continuous support and maintenance of computer vision systems, and a shortage of skilled personnel required to operate the hardware. The difficulties faced in managing medical imaging techniques properly also cause problems while designing computer vision algorithms that are used across various healthcare systems, including in surgical procedures that require highly accurate data.
The adoption and use of computer vision technology require significant investment in hardware, software, and services, which can be a challenge for healthcare organizations, especially smaller ones and the collection and analysis of sensitive patient data may raise concerns about data privacy and security. Overall, the development of sophisticated computer vision hardware and algorithms is currently one of the biggest issues in the medical imaging & diagnostics market.
Regional Information:
The global computer vision in the healthcare industry is dominated by North America, followed by Europe, Asia Pacific, and the Middle East & Africa.
North America:The market in North America is expected to witness the highest growth during the forecast period which can be attributed to the increasing number of imaging procedures for disease diagnosis, the growing adoption of personalized medicine, and growing government initiatives for adopting AI-based solutions in healthcare.
Europe:Europe is expected to have the second-largest share due to the increasing number of cancer cases and computer vision’s capacity to diagnose cancer. Computer vision has a lot of potential for identifying precancerous lesions, and improving the sensitivity of cancer screening tests, and resulting in more effective care.
Asia-Pacific:Asia Pacific is expected to grow at a significant rate as well because of rising per-capita healthcare expenditures, increased imaging and healthcare infrastructure such as cardiac institutes and hospitals and rapid urbanization in developing countries such as India.
Middle East and Africa: The Middle East and Africa region’s demand is increasing due to improving healthcare facilities and expanding new product choices for an aging population.
Recent Developments:
• In May 2022, Encord, a computer vision platform, launched a computer vision image annotation tool, “DICOM,” for the healthcare industry.
• In 2021, IBM and Nuance Communications announced a collaboration to develop a joint solution that combines IBM’s Watson Health imaging analytics with Nuance’s radiology reporting platform. The solution aims to improve the speed and accuracy of radiology reporting.
Key Players:
NVIDIA Corporation, IBM, Google, Microsoft, Intel Corporation, Basler AG, AiCure, iCAD Inc, Xilinx Inc, Arterys, Comofi Medtech Pvt Ltd, SenseTime, Thunderpod Inc., SenseTime, Maxicareb Healthcare Corporation
Frequently Asked Questions
1) What is the projected market value of the Computer Vision in Healthcare Market?
– The Computer Vision in Healthcare Market is expected to reach a value of USD 45.7 billion by 2028
2) What is the estimated CAGR of the Computer Vision in Healthcare Market over the 2023 to 2028 forecast period?
– The Computer Vision in Healthcare Market is expected to grow at a CAGR of approximately 46.2% from 2023 to 2028.
3) Who are the key players in the Computer Vision in Healthcare Market?
– NVIDIA Corporation, IBM, Google, Microsoft, Intel Corporation, Basler AG, AiCure, iCAD Inc, Xilinx Inc, Arterys, Comofi Medtech Pvt Ltd, SenseTime, Thunderpod Inc., SenseTime, Maxicareb Healthcare Corporation.
4) What are the drivers for the Computer Vision in Healthcare Market?
– Rising developments, growing need for personalized healthcare, increase in use of medical imaging services, rising cost-effective solutions, growing use of cloud-based applications and increasing government-based initiatives are some major driving factors
5) What are the restraints and challenges in the Computer Vision in Healthcare Market?
– Difficulty in maintaining services, lack of uniformity in diagnostics, high costs, data privacy and security and resistance to change are some key hurdles.
6) What are the key applications and offerings of the Computer Vision in Healthcare Market?
– Precision medicine, medical imaging & diagnostics, the use of big data in healthcare and government initiatives for the adoption of AI-based technologies.
7) Which region is expected to drive the market for the forecast period?
– The market in North America is expected to witness the highest growth during the forecast period.
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