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(Health-NewsWire.Net, October 23, 2024 ) The global Computer Vision in Healthcare market growth forecasted to transform from USD 3.9 billion in 2024 to USD 11.5 billion by 2029, driven by a CAGR of 24.0%. Market growth is propelled by the regulatory initiatives and incentives promote the adoption of computer vision in healthcare. Regulatory agencies, such as the FDA and EMA, provide frameworks for validating and approving medical devices and software applications based on computer vision technologies. Nevertheless, challenges such as the complexity of integrating computer vision systems into existing healthcare infrastructures, shortage of skilled IT professionals and security concerns pose certain obstacles to the growth of the global computer vision in healthcare market. The market for computer vision in healthcare refers to the sector where computer vision technology is applied to various aspects of healthcare services, processes, and systems. This market is characterized by the intersection of advanced computer vision algorithms and applications with the diverse needs of healthcare providers, patients, and other stakeholders.
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"The largest share in the computer vision in healthcare market, based on type, was attributed to the PC-based computer vision systems segment in 2023."
The PC-based computer vision systems segment holds the largest market share in the computer vision in healthcare market in 2023. The growth of this segment is propelled by factors such as PCs offering robust computational power, enabling real-time processing of complex algorithms required for tasks like medical image analysis. Also, PCs provide flexibility and scalability, allowing users to customize hardware configurations and software solutions according to specific requirements. This versatility makes them adaptable to various healthcare settings, from small clinics to large hospitals.
"In 2023, the patient activity monitoring/fall prevention segment demonstrated the most significant growth in the computer vision in healthcare market based on hospital management by type."
The patient activity monitoring/fall prevention segment is expected to experience the highest growth in the computer vision in healthcare market. The key drivers for this growth include the aging population worldwide that has led to an increased focus on elderly care and fall prevention initiatives. Computer vision systems offer non-intrusive and continuous monitoring of patients' movements, enabling early detection of potential fall risks and timely intervention to prevent accidents. Also, the growing adoption of wearable devices and smart sensors integrated with computer vision technology allows for seamless monitoring of patients' activities both inside healthcare facilities and at home. This remote monitoring capability enhances patient safety and independence while reducing the burden on caregivers and healthcare resources.
"North America accounted for the largest share of the healthcare simulation market in 2023."
In 2023, North America held the largest share in the computer vision in healthcare market, with Europe and Asia Pacific following. The significant presence of North America in the global market can be attributed to factors such as region's strong focus on improving patient outcomes and reducing healthcare costs which incentivizes the integration of computer vision solutions to streamline processes, enhance diagnostics, and optimize treatment pathways.
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Computer Vision in Healthcare Market Dynamics:
Drivers:
The healthcare sector is experiencing a growing need for computer vision systems
Restraints:
The resistance of medical practitioners towards adopting AI-based technologies
Opportunities:
Computer vision solutions for healthcare that are hosted in the cloud
Challenge:
Lack of curated data
Key Market Players of Computer Vision in Healthcare Industry:
The key players functioning in the computer vision in healthcare market include NVIDIA Corporation (US), Intel Corporation (US), Microsoft Corporation (US), Advanced Micro Devices, Inc. (US), Google, Inc. (US), Basler AG (Germany), AiCure (US), iCAD, Inc. (US), Thermo Fisher Scientific Inc. (US), SenseTime (China), KEYENCE CORPORATION (Japan), Assert AI (India), Artisight (US), LookDeep Inc. (US), care.ai (US), CareView Communications (US), VirtuSense (US), Teton (Denmark), viso.ai (Switzerland), NANO-X IMAGING LTD. (Israel), Comofi Medtech Pvt. Ltd. (India), Avidtechvision (India), Roboflow, Inc. (US), Optotune (US) and CureMetrix, Inc. (US).
The break-down of primary participants is as mentioned below:
By Company Type - Tier 1: 45%, Tier 2: 30%, and Tier 3: 25%
By Designation - C-level: 42%, Director-level: 31%, and Others: 27%
By Region - North America: 32%, Europe: 32%, Asia Pacific: 26%, Middle East & Africa: 5%, Latin America: 5%
Recent Developments of Computer Vision in Healthcare Industry:
-In April 2024, iCAD partnered with RAD-AID to enhance breast cancer detection utilizing the AI technology in underserved regions and low- and middle-income countries (LMICs).
-In March 2024, Microsoft and NVIDIA have broadened their longstanding collaboration with robust new integrations that harness cutting-edge NVIDIA generative AI and Omniverse technologies across Microsoft Azure, Azure AI services, Microsoft Fabric, and Microsoft 365.
-In February 2022, Advanced Micro Devices acquired Xilinx. This acquisition established the forefront leader in high-performance and adaptive computing, with a significantly expanded scale and the most formidable portfolio of leadership computing, graphics, and adaptive SoC products in the industry.
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