Computer Vision in Healthcare Market Forecast:
Computer Vision in Healthcare Market accounted for USD 276.54 Million in 2019 and is projected to grow at a CAGR of 47.3% from 2020 to 2027.
Computer vision utilizes algorithms for processing images with the aim of making faster and more accurate diagnoses. Computer vision technology has been used in various surgery and diagnosis of various diseases such as cardiovascular disorders and cancer. The market for computer vision in healthcare is growing due to the increasing government initiatives to increase the adoption of AI-based technologies, increasing demand for computer vision systems in the healthcare industry, big data in healthcare, and the use of computer vision in precision medicine. Additionally, the increasing growth strategies adopted by major players are also driving the market growth.
However, the lack of awareness and technical knowledge is expected to limit market growth to a certain extent.
Increasing government initiatives to increase adoption of AI based technologies and rising big data in healthcare drives the global computer vision in healthcare market.
- Increasing government initiatives to increase the adoption of AI-based technologies
- According to EIT Health, artificial intelligence (AI) is trending and in top-of-mind for healthcare decision makers, governments, investors and innovators, in the European Union and Americas. An increasing number of governments have set out aspirations for AI in healthcare, in countries as diverse as Finland, Germany, the UK, Israel, China, and the United States and many are investing heavily in AI-related research. The private sector in Americas and Europe continues to play a significant role, with venture capital (VC) funding for the top 50 firms in healthcare-related AI reaching USD 8.5 billion, and big tech firms, startups, pharmaceutical and medical-devices firms and health insurers, all engaging with the nascent AI healthcare ecosystem.
- Additionally, Health Ministry of India has also undertaken initiatives to use AI in public health such as Imaging Biobank for Cancer for which the NITI Aayog with Department of Bio-Technology (DBT) aims to build database of cancer related radiology and pathology images of more than 20,000 profiles of cancer patients
- Growth strategies by market players
- In 2018, IBM collaborated with NVIDIA to incorporate the RAPIDS open source software into its enterprise-grade data science platform for on-premises, hybrid, and multi-cloud environments.
- In 2018, Intel collaborated with Novartis on the use of deep neural networks (DNN) to accelerate high content screening—a key element of early drug discovery.
- Lack of awareness and technical knowledge
By Product & Service
- Software: In 2019, the software segment accounted for the largest share of the market due to the rising adoption of healthcare IT in hospitals. Software solutions digitalize healthcare and are integrated with artificial intelligence, helps healthcare to overcome the challenges of being short-staffed and facing increasing imaging scan volumes.
- Hardware: Hardware accounts for the second-largest share due to the rising need for AI-infused healthcare in precision medicine and also increasing initiatives by the government to increase awareness regarding healthcare IT.
- Services: Services held a significant share in 2019.
- Medical Imaging and Diagnostics: The medical imaging & diagnostics segment accounted for the largest share of the market in 2019. This segment is also projected to witness the highest growth during the forecast period. The advantages of using computer vision for medical imaging & diagnostics, such as an increase in accuracy, quality and predictability and early detection of certain diseases are driving the growth of the medical imaging & diagnostics segment.
- Surgeries: Holds the largest market share due as computer vision has been used in various surgery and therapy of various diseases. They are also being utilized by healthcare centers to measure the blood lost during surgeries, majorly during C-section procedures
- Others: Others include clinical trials, patient management, and research.
- Healthcare providers: The healthcare providers segment accounted for the largest market share in 2019 and is projected to register the highest growth rate during the forecast period. The growing adoption of computer vision solutions in hospitals and the increasing focus of companies on developing AI and computer vision tools to improve hospital operations are the major factors driving the growth of this end-user segment.
- Diagnostic centers: Holds the largest market share due to the increasing older population and the ability of Computer Vision in Healthcare in the diagnosis of coronary artery disease and cancer.
- Others: Others include specialty centers and ambulatory surgical centers segment.
- Americas: The Americas dominated the computer vision in healthcare market in 2019 due to rising population affected with chronic diseases and other cardiovascular disorders and the increasing applications of computer vision in healthcare in diagnosis of various diseases. Computer vision software is being trained to focus on finding abnormalities in the heart, lungs, and liver. This reduces the time spent by radiologists in scanning patients. According to the Centers for Disease Control and Prevention, about 647,000 Americans die from heart disease each year—that’s 1 in every 4 deaths.
- Europe: Europe is projected to account for the second largest share in 2019. The enormous growth in the country can be attributed to the rising number of cancer cases and the ability of computer vision in diagnosis of cancer. Computer vision offers tremendous potential in detecting precancerous lesions thereby increasing the sensitivity of cancer screening tests, leading to efficient and timely treatment. According to the European Heart Network, each year cardiovascular disease (CVD) causes 3.9 million deaths in Europe and over 1.8 million deaths in the European Union (EU).
- Asia-Pacific: Asia Pacific is anticipated to witness significant growth rate over the forecast period owing to increase in per-capita healthcare expenditure; rise in imaging and healthcare infrastructure such as cardiac institute & hospitals; and rapid urbanization in developing countries such as in India is expected to increase the influx of emigrant population, which requires sufficient healthcare services to cater to the unmet medical needs, are anticipated to drive the global Computer Vision in Healthcare market.
- Middle East & Africa: The developing healthcare infrastructure and growing innovative product options for ageing population is boosting the market growth in this region.
- Microsoft (US)
- NVIDIA (US)
- Intel (US)
- Xilinx (US)
- IBM (US)
- Google (A Subsidiary of Alphabet, Inc.) (US)
- Basler AG (Germany)
- Arterys, Inc. (US)
- AiCure (US)
- iCAD, Inc. (US)
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2027: USD 276.54 Million
Value (USD Million)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Product & Service, Application, End User
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Microsoft (US), NVIDIA (US), Intel (US), Xilinx (US), IBM (US), Google (A Subsidiary of Alphabet, Inc.) (US), Basler AG (Germany), Arterys, Inc. (US), AiCure (US), iCAD, Inc. (US)
Key Market Opportunities
Increasing government initiatives to increase the adoption of AI-based technologies.
Key Market Drivers
Growth strategies by market players
Frequently Asked Questions (FAQ) :
The key restraining factor mentioned in the report is the lack of awareness and technical knowledge about the computer vision technology.
The developing healthcare infrastructure and growing innovative product options for ageing population are working in favor of the MEA market.
North America is the most profitable market.
The surging cancer cases and the ability of computer vision in diagnosis of cancer make Europe a strong contender in the global market.
The medical imaging & diagnostics segment is currently leading the global industry.
This table of content is tentative and subject to change as the research progresses.
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