Global Computer Vision in Healthcare Market Size, Trends & Analysis - Forecasts to 2026 By-Products & Services (Hardware [Processors, Memory Devices, Networks], Software [Cloud-Based, and On-Premises], and Services); By Application (Medical Imaging and Diagnostics, Surgeries, Others); By End-User (Healthcare Providers, Diagnostic Center, and Others); By Region (North America, Europe, Asia Pacific, MEA, and CSA); End-User Landscape, Vendor Landscape, and Company Market Share Analysis & Competitor Analysis
Computer Vision in Healthcare Market Insights
The computer vision utilizes algorithms for image processing intending to make the process faster and achieve accurate diagnosis as compared to a physician. The key applications of computer vision in healthcare are in surgeries and therapies to treat different disorders. In recent times, 3-D techniques and rapid prototyping came into action to bring development in medical imaging modalities, which includes MRI and CT scans. Also, the launch of computer vision in healthcare cut down the cost by transferring tedious functions to the machine, and time taken by the machine enabled physicians to shift their focus towards serving better the patient care.
As per GME studies on global computer vision in the healthcare market is estimated to show a sharp peak during the timeframe of 2020-2026 at a CAGR of 22.5%. Government initiative towards the adoption of AI-based technologies, rising demand for the product in precision medicine is the factor responsible to build the market. Wide application range of computer vision in healthcare are surgeries, clinical trials, medical imaging & diagnostics, research, and among others are creating a room full of opportunities for the computer vision in the healthcare market. However, lack of awareness & technical knowledge and reluctance of the medical professionals to adopt the technology is creating notable hinders for the growth of computer vision in the healthcare market.
Computer Vision in Healthcare Market: By Product & Services
Hardware, services, and software are the three divisions of the product & service segment of this market. Software is expected to contribute to the largest market share in computer vision in the healthcare market in the forecast year. The software provides digital healthcare solutions and integrated with AI technology. These features provide the customers with a competitive edge despite having challenges such as short-staffed facing increasing imaging scan volumes.
Computer Vision in Healthcare Market: By Application
Medical imaging and diagnostics, and surgeries are the major applications of this market. Previously the medical imaging and diagnostics segment topped the market share table and expected to show dominance in the conjecture timeframe at the fastest growth rate. Excellent accuracy, quality, early and precise detection and prediction of certain diseases are the reason behind the significant growth of the market.
Computer Vision in Healthcare Market: By End-Users
The key end-user of the market are diagnostic centers, healthcare providers, and others. Out of the listed end-users, healthcare is accounted for to show the largest market growth between the predicted timeline. Growing adoption of computer vision by healthcare to get accurate results by investing less time and increasing shift of companies towards AI in recent times is bringing a lot of opportunities for the computer vision market to proliferate in the healthcare sector.
Computer Vision in Healthcare Market: By Region
North America is the biggest region of computer vision in the healthcare market and is estimated to show an increasing trend in the coming years. Furthermore, Asia-Pacific is expected to trend upwards. The increasing percentage of technology adoption for the detection of any diseases and the growing involvement of the government to promote AI-based platforms in the healthcare sector is triggering its demand in the region.
Computer Vision in Healthcare Market Share and Competitor Analysis
The key players operating in the market include Microsoft (US), NVIDIA (US), iCAD, Inc. (US), AiCure (US), Arterys, Inc. (the US), Basler AG (Germany), Google (A Subsidiary of Alphabet, Inc.) (US), IBM (US), IBM (US) Xilinx (US), and Intel (US) among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In October 2020, NVIDIA (U.S.) announced its collaboration with GSK's AI-powered laboratory for the drugs and discovery of a vaccine. The GSK is expected to lead the industry towards the next generation of data-driven drug discovery coupling up with clinical and genetic data to bring precision in the research and medicine.
In October 2020, iCAD, Inc announced to showcase its expanded advanced platform XoftAxxent Electronic Brachytherapy System at the virtual ASTRO meeting. The researchers will present the data supporting the Xoft system for the detection of early-stage breast cancer and gynecological cancer.
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The Global Computer Vision in Healthcare Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Computer Vision in Healthcare Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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