The size of the global computer vision in healthcare market is forecasted to worth USD 3417.8 million by 2026 from USD 475 million in 2021, witnessing a CAGR of 48.4% from 2021 to 2026.
Computer vision is a relatively new AI technology that is changing the way machines and humans collaborate. It focuses on teaching intelligent computer algorithms to understand and interpret visual data without explicitly programming them in a specific program or language. As long as we rely solely on our senses, doctors' responsibility is to examine and diagnose diseases and health issues. The outcomes are determined by what their eyes, ears, and touch can detect.
The healthcare industry is at the forefront of innovation and change. However, there is always the challenge of shortening the time to market for new products. There are also few companies with the resources to bring innovation, such as computer vision technology, to the public. However, technology provides great opportunities for healthcare professionals. It can improve the medical workforce, allowing it to provide better care to patients and even save lives. It will see barriers being removed one by one in the future, and an increasing number of healthcare institutions will provide computer-vision enhanced services.
MARKET DRIVERS:
Y-O-Y growth in the demand for computer vision systems is one of the significant factors driving the global computer vision in healthcare market.
Computer vision has a wide range of applications in healthcare. Computer vision technology has found widespread application in surgery and disease therapy. Recently, rapid prototyping and three-dimensional (3D) modeling technologies have fueled the development of medical imaging modalities such as CT and MRI. Through training on previously diagnosed cases, intelligent computer vision algorithms can learn to identify intricate patterns. Today, computer vision is being used in an increasing number of medical fields and brings about positive healthcare changes. The proper application of computer vision in medicine will help reduce the amount of time spent on unnecessary diagnostic procedures while also allowing healthcare professionals to make more accurate diagnoses and order more effective treatments. Top technology companies like Microsoft, Google, Amazon, and Facebook are currently investing billions of dollars in computer vision research and product development.
Additionally, factors such as growing the application of connected devices in healthcare, increasing scope for big data in healthcare, a growing number of initiatives from various governments to promote the usage of AI-based technologies, rising usage of EHR in healthcare are expected to accelerate the growth rate of the global computer vision in the healthcare market. Furthermore, recent advances in healthcare, increased rural growth in developing economies, growing population in emerging countries, increasing geriatric population, rising prevalence of chronic diseases, and increasing incidence of Covid-19 cases globally are estimated to promote the global computer vision in the healthcare market.
MARKET RESTRAINTS:
Privacy concerns and data security are some of the significant factors that are expected to restrain the global computer vision in the healthcare market. There is also the risk of fragmentation, as well as the dangers of competing capabilities across hardware platforms and operating systems. The Internet of Medical Things (IoMT) is a networked infrastructure that includes medical devices, software applications, health systems, and services. Several businesses lack the digital skills required to implement these technologies properly.
Impact of COVID-19 on the global computer vision in healthcare market:
The widespread transmission of pandemic COVID-19 (Coronavirus) necessitates an immediate commitment to the fight across the entire human population. In this case, innovative automation such as computer vision (machine learning, deep learning, artificial intelligence) and medical imaging (computed tomography, X-Ray) has developed a promising solution against COVID-19. During the current COVID pandemic, computer vision is being used to detect the disease and investigate potential treatments for the lethal virus. Capgemini has even created a chatbot capable of detecting COVID-positive patients. It detects the likelihood of infection based on user inputs using computer vision.
As a result of the recent COVID outbreak, several countries have been placed on lockdown. The lockdown has increased in screen time, and healthcare practitioners are concerned about its impact on users' well-being. Formalized paraphrase One of these health concerns is computer vision syndrome (CVS). CVS, also known as Digital Eye Strain (DES), refers to a group of eye and vision problems caused by prolonged use of electronic devices. Deep Learning has battled the COVID-19 pandemic and provides recommendations for future COVID-19 research. Deep Learning applications in Natural Language Processing, Computer Vision, Life Sciences, and Epidemiology are all covered. As a subfield of artificial intelligence, computer vision has recently achieved success in solving a variety of complex healthcare problems. It has the potential to contribute to the fight against COVID-19.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2020 to 2026 |
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Base Year |
2020 |
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Forecast Period |
2021 to 2026 |
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Segments Covered |
By Solutions Type, Delivery Mode, End-user, & Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global computer vision in the healthcare market has been segmented and sub-segmented based on product & service, application, end-user, & region.
Computer Vision in Healthcare Market – By Product & Service:
Computer Vision in Healthcare Market – By Application:
Computer Vision in Healthcare Market – By End-User:
Computer Vision in Healthcare Market – By Region:
KEY MARKET PARTICIPANTS:
Microsoft, IBM, Nvidia Corporation, Basler AG, Xilinx Inc., Intel Corporation, Alphabet (Google), Artery, Aicure, and iCAD Inc. are some of the promising companies operating in the global computer vision in healthcare market.
