Global Computer Vision in Healthcare Market 2023-2030

Global Computer Vision in Healthcare Market 2023-2030

Global Computer Vision in Healthcare Market Size, Share & Trends Analysis Report by Type (Hardware, Software, and Services), by Application (Medical Imaging & Diagnostics, Surgeries, Patient Monitoring, and Others), and by End User (Healthcare Providers, Diagnostic Centers, Academic Research Institutes, and Others) Forecast Period (2023-2030)

The global computer vision in the healthcare market is anticipated to grow at a CAGR of 43.2% during the forecast period (2023-2030). Computer vision has a wide range of applications in healthcare such as diagnostic imaging, pathology, surgical procedures, patient monitoring, drug discovery, and telemedicine, among others. Usage of computer vision reduces the chances of errors and improves speed, and accuracy of disease diagnosis, surgical interventions, and remote patient assessments, ultimately leading to enhanced healthcare outcomes. Apart from this, the growing demand for cost-effective solutions, and decreased medical errors, are all driving its adoption. These combined elements play a crucial role in enhancing patient care and streamlining the efficiency of the healthcare system.

Segmental Outlook

The global computer vision in healthcare market is segmented based on the type, application, and end user. Based on type, the market is sub-segmented into software, hardware, and services. Based on application, the market is sub-segmented into medical imaging & and diagnostics, surgeries, patient monitoring, and other applications such as drug discovery, patient education, and rehabilitation. Based on end users, the market is sub-segmented into healthcare providers, diagnostic centers, academic research institutes, and others such as pharmaceutical companies, and medical device companies. Among the end users, significant demand for computer vision-based solutions is growing in the pharmaceutical industry. In pharmaceutical manufacturing, computer vision can be used for multiple applications such as quality inspection of a product, packaging detection, classification of imprinted pharmaceutical labels, and cleaning inspections. Getting stringent FDA regulations to maintain and improve product quality, the continuous growth of the pharmaceutical industry, and growing support from regulators for the inclusion of new technologies such as AI/ML in the manufacturing processes are driving demand for computer vision technology in the pharmaceutical industry. For instance, according to the USFDA quality system regulation for devices, Manufacturers must establish and follow quality systems to help ensure that their products consistently meet applicable requirements and specifications. Considering growing demand and use cases, technology companies are also focusing on products related to the pharmaceutical industry.

The Demand for Computer Vision in Medical Devices is Expected to Grow Significantly

Among the types, the medical devices sub-segment is anticipated to hold a prominent share of the market. Computer vision-based medical devices have a wide range of applications across healthcare, significantly enhancing patient care and diagnostic accuracy. They are used in diagnostic imaging, pathology analysis, and surgical precision, ensuring better and more precise medical assessments & and treatments. Apart from this, these devices are used for remote patient monitoring, telemedicine consultations, dental imaging, and ophthalmology assessments, all of which collectively contribute to the efficiency and effectiveness of healthcare services.

Regional Outlook

The global computer vision in the healthcare market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, North America holds a considerable share in the market due to factors such as better accessibility of healthcare, and the significant presence of market leaders in end-user industries. Furthermore, the growing investments in advanced technologies such as AI/ML, and technological advancements. For instance, in February 2023 Modular Devices and the portfolio company of O2 Investment Partners invested an undisclosed amount in Interim Diagnostic Imaging. With this partnership, the company will focus on research and development, and product portfolio expansion.

The Asia-Pacific Region is Expected to Grow Significantly in the Global Computer Vision in Healthcare Market

Asia-Pacific region holds 60% of the global population, according to the International Monetary Fund. With a majority share of the global population, which is growing significantly, the regional governments are focusing on improving healthcare systems by introducing better policies, investments, and the inclusion of advanced technologies such as AI/ML to improve healthcare efficiency. Additionally, the major regional economies are also introducing policies to promote end-user industries such as medical devices, and hospitals industry. For instance, In July 2022, the government of India tabled a draft for the new Drugs, Medical Devices and Cosmetics Bill 2022, to assure and offer thorough legal protections to ensure that the medical items sold in India are reliable, efficient, and up to required standards. These initiatives are also helping regional companies such as SigTuple, and Qure.ai to stay competitive in the international market.

Market Players Outlook

The major companies serving the global computer vision in healthcare include Enlitic, Inc., Caption Health, Inc., Infervision Medical Technology Co., Ltd., and Medtronic, plc among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, and funding to stay competitive in the market. For instance, in January 2022, DarioHealth Corp. acquired Physimax Technologies Ltd. Physimax Technologies is a provider of computer vision technology utilized for Musculoskeletal (MSK) functional screening and predictive risk assessment of injuries. This technology is currently in commercial use by various organizations, including NBA and NFL teams, the US military, and healthcare facilities specializing in orthopedic care.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global computer vision in the healthcare market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.