Global Computer Vision in Healthcare Industry Expected to Surge at 36.7% CAGR, Projecting US$56.1 Billion Market by 2034

Future Market Insights (FMI), a leading market research firm, forecasts substantial growth in the Global Computer Vision In Healthcare Industry, projecting an impressive surge from US$ 2.5 billion in 2024 to a staggering US$ 56.1 billion by 2034. This anticipated growth reflects a robust Compound Annual Growth Rate (CAGR) of 36.7%.

The surge in the market is attributed to strategic government initiatives aimed at fostering the adoption of big data and Artificial Intelligence (AI)-based technologies in the healthcare sector. As the healthcare landscape continues to evolve, the integration of AI in various medical applications is becoming increasingly vital.

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The increasing use of computer vision precision medicine and demand for computer vision systems in the healthcare sector is projected to drive the market. Several mergers & acquisitions and advancements in this industry are also expected to propel market expansion.

Initiatives from the government are crucial in encouraging the use and growth of computer vision in the medical field. Funding, legislative assistance, and partnerships are employed in the market to promote the study, creation, and application of computer vision technology in the medical field.

• In the United Kingdom, the National Health Service (NHS) created the ‘Al in Health and Care Award’ to promote creativity in applying computer vision and other forms of artificial intelligence to improve patient care.

Key Takeaways from the Computer Vision in Healthcare Market Report:

• Computer vision in the healthcare market is expected to reach a valuation of US$ 56.1 billion by 2034.
• The market is projected to surge at a CAGR of 36.7% by 2034.
• China's computer vision in healthcare market is expected to grow at a CAGR of 36.9% by 2034.
• The United States is projected to reach a valuation of US$ 9.9 billion in 2034.
• Based on components, the hardware segment is expected to surge at a CAGR of 36.5% by 2034.

"Artificial intelligence (AI) algorithms combined with computer vision have greatly improved medical imaging and diagnostics. AI-powered technologies provide highly accurate analysis of medical pictures, assisting medical personnel in identifying and diagnosing a wide range of illnesses. Further, the use of computer vision technologies in medical imaging raises the accuracy of diagnosis." – opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).

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Competitive Landscape:

Leading companies have increased their market share primarily through product launches and developments, which are followed by expansions, mergers & acquisitions, contracts, agreements, partnerships, and collaborations. Key companies are employing several strategies to improve market penetration and strengthen their position in the cutthroat sector.

For instance,

• In May 2023, Landing AI unveiled its LandingLens platform's validation-ready iteration.
• In 2023, NVIDIA announced the launch of the Next-Generation GH200 Grace Hopper Superchip Platform for the accelerated generative AI era and computing.

Key Companies Profiled:

• NVIDIA Corporation
• Microsoft
• Intel Corporation
• IBM Corporation
• Google LLC
• Basler AG
• Arterys Inc.
• AiCure
• iCAD, Inc.
• SenseTime

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Computer Vision in Healthcare Market Segmentation by Category:

By Component:

• Hardware
• Software
• Services

By Product Type:

• Smart Camera-based Computer Vision Systems
• PC-based Computer Vision Systems

By Application:

• Medical Imaging & Diagnostics
• Surgeries
• Patient Management & Research
• Others

By End-user:

• Healthcare Providers
• Diagnostic Centers
• Academic Research Institutes
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa
  
  

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.