Market Research Future (MRFR) expects the computer vision in healthcare market to attain an incredible growth rate of 47.3?tween 2020 and 2027. The market worth in 2019 was USD 276.54 Million, which is estimated to almost double in the years to come.
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Top Drivers and Key Restraints
Computer vision, backed by artificial intelligence, is a versatile technology that enables computers to assess medical images using patters or object recognition. With the extensive use of deep learning techniques, the computer vision technology’s ability to replicate human vision has become uncanny. For instance, the healthcare sector uses AI-aided surveillance during cranial imaging for the monitoring of acute neurologic events while also detecting neurological illnesses. Apart from this, any more medical applications are expected to emerge in the years to come, giving a solid boost to the market growth.
Companies are striving hard to expand their customer base to garner a higher share in the global market. To this end, they are increasingly adopting strategic steps including acquisitions, mergers, partnerships, and collaborations. Launch of new software and tools has become the go to strategical move for many of the players in the global industry. For instance, in May 2021, RSIP Vision, a renowned name with expertise in medical imaging backed by computer vision and AI launched its latest prostate MRI-to-ultrasound tool. The MRI-to-ultrasound technology empowers the surgeons, who can now avoid any damages to sensitive or fragile internal structures. With the tool, they are also able to locate the relevant locations in the body and bring down the risks to the patients generally associated with the procedure. The tool also reduces hospitalization time, surgery time, as well as procedural costs. But the most important factor is that it helps surgeons quickly reach accurate clinical decisions even during the procedure, which ultimately alleviates the need for superior expertise.
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Products & services, application and end-user are the major market applications listed in the MRFR report.
Products & services considered in the report are hardware, software as well as services.
surgeries, medical Imaging and diagnostics and others are the top applications of computer vision technology in healthcare.
Healthcare providers as well as diagnostic centers are identified as the key end-users in the global industry.
The regional study of the computer vision in healthcare market comprises APAC/Asia Pacific and Europe, along with North America and The Middle East and Africa or MEA.
Americas was reported as the highest gainer in the global market in 2019, emerging as the leading consumer of computer vision in healthcare in view of burgeoning population of chronic disease-affected patients. The alarming rate at which cardiovascular ailments are escalating has raised the application scope of computer vision in healthcare for accurate and early diagnosis. Support from the government and the surge in initiatives aimed at boosting the use of computer vision in healthcare seems to favor the regional market as well. For instance, Artificial Intelligence (AI) Center of Excellence (CoE) of the U.S. General Services Administration assists organizations and agencies in the development of AI solutions by incorporating computer vision, along with machine learning, Robotic Process Automation (RPA), intelligent process design and natural language processing.
Europe, in 2019, took the second position in the global market, largely due to the enormous pool of cancer-affected patients and the rising use of computer vision in the disease’s diagnosis. The healthcare sector in the region has been increasingly adopting the computer vision technology for multiple applications, including facial recognition of visually impaired users, medical images analysis as well as monitoring patients in nursing care. New potential medical applications of the technology being explored by local players is touted to be a huge growth booster for the European market.
However, the fastest progress will be made by the APAC market, thanks to the rising per-capita healthcare spending and the improvement in healthcare infrastructure including cardiac institute and hospitals. The fast-paced urbanization across emerging countries like India should foster the influx of global population, resulting in a higher need for advanced healthcare services that meet with the accelerated medical requirements. The rate at which the region’s digital transformation of the healthcare industry has been rising is remarkable, with a surge in the adoption of deep learning techniques. This has been favorable for the computer vision in healthcare industry, especially across Japan and India.
Reputed Industry Players
Some of the notable companies in the global market for computer vision in healthcare include NVIDIA (US), Intel (US), Xilinx (US), Arterys, Inc. (US), Basler AG (Germany), Microsoft (US), AiCure (US), iCAD Inc. (US), IBM (US), Google (A Subsidiary of Alphabet, Inc.) (US), to name a few.
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