Pune, India, June 09, 2021 (GLOBE NEWSWIRE) -- Computer Vision in Healthcare Market Overview:
According to Market Research Future, the Global Computer Vision in Healthcare Market accounted for USD 276.54 Million in 2019 and is estimated to grow at a CAGR of 47.3% from 2020 to 2027.
Artificial intelligence is now part of about every discussion in present times. Government policies to accelerate the implementation of AI-based technology, rising demand for computer vision solutions in the healthcare sector, big data in healthcare, and the application of computer vision in precision medicine are all driving the computer vision in healthcare market. Computer vision, one of the most important subfields of AI, has recently erupted in terms of innovations. Computer vision is one of the most rapidly growing AI areas today, with the ability to serve a wide range of applications and have life-saving capabilities to patients. Computer vision is also aiding a growing number of doctors in properly diagnosing their patients, tracking illness progression, and prescribing appropriate therapies. It is being used to teach machines to mimic human vision in order to understand things in front of them, not only to save time on repetitive tasks. Computer vision employs visual recognition algorithms in order to provide quicker and more precise diagnosis. The computer vision technique has been used in a variety of surgeries and illness diagnoses, including respiratory illnesses and cancer.
Artificial intelligence (AI) is trending and top-of-mind for healthcare policy makers, policymakers, developers, and innovators in the European Union and the Americas, according to EIT Health. In countries as diverse as Finland, Germany, the United Kingdom, Israel, China, and the United States, a growing number of governments have laid out aspirations for AI in healthcare, and many are spending heavily in AI-related science. Furthermore, the market is growing as a result of key players' rising growth strategies. The medical uses of technology can work by expanding existing ways of doing it and introducing a degree of innovative thought and creativity to the mix. The market is expected to grow due to rising demand for computer vision in the healthcare industry, government policies to expand the use of AI-based technology, extensive expertise of health care, and the use of laptop vision in precise medicine.
However, market development is projected to be limited to some degree due to a lack of understanding and technological expertise.
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Computer Vision in Healthcare Market Competitive Landscape
- Microsoft (US)
- NVIDIA (US)
- Intel (US)
- Xilinx (US)
- IBM (US)
- Google LLC (A Subsidiary of Alphabet, Inc.) (US)
- Basler AG (Germany)
- Arterys, Inc. (US)
- AiCure (US)
- iCAD, Inc. (US)
The firms are concentrating on securing well-established regional footprints as well as agreements with big OEMs and ODMs. In the computer vision industry, the main players are still concentrating on developing new AI products. Furthermore, leading players are primarily focused on implementing organic development initiatives in order to sustain their market share.
Computer Vision in Healthcare Market Segmental Analysis
By Product & Service, the market has been segmented into software, hardware, and services. Due to the growing acceptance of healthcare IT in hospitals, the tech segment accounted for the largest share of the market in 2019. Software technologies that digitalize healthcare and incorporate artificial intelligence assist healthcare organisations in overcoming the complexities of staffing shortages and rising imaging scan volumes. Due to the demand for AI-infused healthcare in precision medicine, as well as increased government efforts to raise awareness about healthcare IT, hardware accounts for the second-largest share.
By application, the market has been segmented into medica imaging and diagnostics, surgeries, and others. In 2019, the medical imaging and diagnostics division had the highest market share. During the forecast period, this segment is also expected to expand the most. The benefits of using computer vision for medical imaging and diagnostics, such as improved accuracy, quality, and predictability, as well as early detection of certain diseases, are propelling the medical imaging and diagnostics segment forward. Since computer vision has been used in numerous surgeries and therapies for various disorders, the surgeries segment is expected to account for the largest market share over the review period. They're also being used by hospitals to track how much blood is lost during operations, including C-sections.
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By end-use, the market has been segmented into healthcare providers, diagnostic centers, and others. In 2019, the healthcare providers segment had the largest market share, and it is expected to rise at the fastest pace over the forecast period. The increasing adoption of computer vision solutions in hospitals, as well as companies' increased emphasis on improving AI and computer vision tools to optimise hospital operations, are the major factors driving this end-user segment's development. Owing to the the ageing demographic and the potential of Computer Vision in Healthcare in the diagnosis of coronary heart disease and cancer, diagnostic centres are expected to account for the highest market share during the review period.
Regional Overview
The Americas led the computer vision in healthcare industry in 2019, owing to an increase in the number of people suffering from chronic diseases and other cardiovascular conditions, as well as the increasing use of computer vision in healthcare for disease diagnosis. Computer vision programme is being equipped to look for muscle, lung, and liver anomalies. This cuts down on the amount of time radiologists spend scanning patients. The increasing number of imaging procedures for cancer detection, the introduction of personalised medicine, and rising government initiatives for the use of AI-based technologies in healthcare are all contributing to the North American market's rapid growth.
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Europe is expected to have the second-largest share. The country's tremendous rise can be due to the increasing number of cancer cases and computer vision's capacity to diagnose cancer. Computer vision has a lot of promise in terms of identifying precancerous lesions, increasing the sensitivity of cancer screening tests and allowing for more effective and prompter care.
Due to rising per-capita healthcare expenditures, increased imaging and healthcare infrastructure such as cardiac institutes and hospitals, and rapid urbanisation in developing countries such as India, Asia Pacific is expected to grow at a significant rate over the forecast period.
The Middle East and Africa region's demand is increasing due to improving healthcare facilities and expanding new product choices for an ageing population.
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