Computer Vision in Healthcare Global Market Report 2024

Computer vision in healthcare refers to a branch of artificial intelligence that consists of methods for visual object detection, tracking, classification, depth estimation in images, instance and semantic segmentation, etc. The goal of computer vision (CV) is to simulate how the human brain receives and processes visual information. Computer vision uses algorithms for processing images to make the most accurate diagnosis in less time compared to a physician. The computer system in healthcare helps to transfer the complicated tasks and the time consumed for the tasks to machines, which allows the physician to focus on better patient care.

The main types of computer vision in healthcare products include software, hardware, networks, and memory. Electronic health records and medical database software are some of the software that are used in the computer vision healthcare market. Applications of computer vision in healthcare include medical imaging and diagnostics, surgeries, clinical trials, and patient management and research. The major end-users of computer vision in healthcare are healthcare providers and diagnostic centers.

The computer vision in healthcare market research report is one of a series of new reports that provides computer vision in healthcare market statistics, including global market size, regional shares, competitors with computer vision market share, detailed computer vision in healthcare market segments, market trends and opportunities, and any further data you may need to thrive in the computer vision in healthcare industry. This computer vision in healthcare market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The computer vision in healthcare market size has grown exponentially in recent years. It will grow from $1.51 billion in 2023 to $2.21 billion in 2024 at a compound annual growth rate (CAGR) of 47.1%. The growth in the historic period can be attributed to increased availability of healthcare data, regulatory support, improved processing power, diagnostic accuracy enhancement.

The computer vision in healthcare market size is expected to see exponential growth in the next few years. It will grow to $10.63 billion in 2028 at a compound annual growth rate (CAGR) of 48.0%. The growth in the forecast period can be attributed to predictive analytics in radiology, global health crisis response, human-centric design, point-of-care imaging solutions. Major trends in the forecast period include medical imaging enhancement, disease detection and diagnosis, surgical assistance and robotics, drug discovery and development, interoperability and integration.

The adoption of AI-based technologies in healthcare is driving the growth of the computer vision in healthcare market. Artificial intelligence is the ability of a machine to perform the tasks that are normally carried out by humans. A-based technologies in computer vision include natural language processing (NLP), which enables computers the ability to understand text and spoken words in much the same way human beings can. For instance, in July 2022, according to the ACR Data Science Institute, a US-based institute involved in developing a framework for the implementation of machine learning in the radiological professions, approximately 30% of radiologists use AI clinically in current practice to enhance the radiology imaging process. Thus, the adoption of AI-based technologies is driving the adoption of computer vision in the healthcare market growth.

The increasing prevalence of chronic diseases is expected to propel the growth of computer vision in healthcare market going forward. Chronic diseases are defined as problems that last a year or longer and necessitate continuing medical care, restricting everyday activities, or both. Heart disease, cancer, obesity, and diabetes are a few examples. Computer vision plays a vital role in healthcare for chronic diseases by enabling early detection and diagnosis through the analysis of medical images, such as X-rays and MRIs. It also assists in the continuous monitoring of chronic conditions, like diabetic retinopathy, by analyzing visual data to track disease progression and inform treatment decisions, ultimately improving patient outcomes and reducing healthcare costs. For instance, in January 2023, according to the National Center for Biotechnology Information (NCBI), a US-based National Library of Medicine, it is projected that by the year 2050, the number of individuals aged 50 years and older who have at least one chronic illness will surge by 99.5%, rising from 71.522 million in 2020 to 142.66 million. Therefore, the increasing prevalence of chronic diseases is driving the growth of computer vision in healthcare market.

Major companies operating in computer vision in the healthcare market are increasing their focus on introducing advanced validation software to gain a competitive edge in the market. Validation software is a computer program or application designed to verify and ensure that a particular process, system, or software complies with established standards and regulations. For instance, in March 2023, Landing AI, a US-based computer vision cloud platform, launched the world's first validation-ready computer vision software for FDA-regulated manufacturers. This software is designed to speed up innovation for life-enhancing drugs and medical devices in the medical device, pharmaceutical, and life sciences industries.

Major companies operating in computer vision in the healthcare market are increasing their focus on introducing advanced computer vision solutions using artificial intelligence to gain a competitive edge in the market. Advanced computer vision solutions in healthcare using artificial intelligence involve the application of deep learning algorithms to analyze medical images and videos for diagnosis, treatment planning, and disease monitoring. For instance, in March 2023, Kepler Vision Technologies, a US-based MedTech company, launched Kepler Night Nurse Edge Box, a vision platform for senior care. This innovative system utilizes vision technology to enable healthcare staff to monitor patients and respond promptly to signs of physical distress. The Edge Box is equipped with a processor designed to seamlessly integrate Kepler Vision's Night Nurse software and cutting-edge computer vision technology, enhancing patient safety. Night Nurse software employs artificial intelligence (AI) to continuously monitor patients and alert healthcare providers to potential issues, such as falls or other physical distress while maintaining a non-intrusive approach with discreetly placed cameras to respect patient privacy.

In September 2021, Hinge Health, a Digital Musculoskeletal ClinicTM, acquired wrnch for an undisclosed amount. The acquisition underlines the commitment of Hinge Health to pioneering better ways of delivering healthcare. Movement-tracking technologies, such as computer vision and motion sensors, will enable Hinge Health’s clinical care team to deliver the most personalised and responsive whole-body approach to musculoskeletal (MSK) care, improving outcomes and member experience while reducing costs. wrnch is a Montreal, Canada-based developer of a computer vision platform for measuring human motion.

Major companies operating in the in the computer vision in healthcare market report are NVIDIA Corporation, International Business Machines Corporation (IBM), Alphabet Inc., Microsoft Corporation, Intel Corporation, Basler AG, AiCure Technologies Inc., iCAD Inc., Xilinx Inc., Arterys Inc., Comofi Medtech Pvt. Ltd., SenseTime Technologies Limited, Maxicareb Healthcare Corporation, Thunderpod Inc., GE Healthcare Technologies Inc., Koninklijke Philips N. V., Siemens AG, Butterfly Network Inc., Caption Health Inc., CureMetrix Inc., Enlitic Inc., Freenome Holdings Inc., Gauss Surgical Inc., Hologic Inc., IDx Technologies Inc., Imagen Technologies Inc., Kheiron Medical Technologies Ltd., MaxQ AI Ltd., Medopad Ltd., Paige. AI Inc., Proscia Inc., Riverain Technologies LLC, Viz. ai Inc., Zebra Medical Vision Ltd., Aidence B. V., Deep Lens Inc., EnsoData Inc., Fovia Inc., G42 Healthcare LLC, GNS Healthcare Inc., HealthMyne Inc., HeartFlow Inc., IDentify-It Limited, Image Analysis Group LLC, Infinitt Healthcare Co. Ltd., Kinetica Inc., Lunit Inc.

Europe was the largest region in the computer vision in healthcare market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the computer vision in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the computer vision in healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The computer vision healthcare market includes revenues earned by entities by detecting heart development anomalies and monitoring the progression of congenital heart diseases. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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