CHICAGO, Feb. 1, 2019 /PRNewswire/ -- According to the new market research report "Computer Vision in Healthcare Market by Product & Service (Software (On premise, Cloud), Hardware (CPU, GPU, FPGA, ASICs), Memory, Network), Application (Medical Imaging, Surgery), & End User (Health Care Provider, Diagnostic Center) - Forecasts to 2023", published by MarketsandMarkets™, the Computer Vision in Healthcare Market is projected to reach USD 1,457 million by 2023 from USD 210 million in 2018, at a CAGR of 47.2% during the forecast period.
The growth of this market is mainly driven by the increasing demand for computer vision systems in the healthcare industry, government initiatives to increase the adoption of AI-based technologies, big data in healthcare, and the use of computer vision in precision medicine.
Medical imaging & diagnostics segment to grow at the highest CAGR in the Computer Vision in Healthcare Market during the forecast period
Based on application, the Computer Vision in Healthcare Market is segmented into medical imaging & diagnostics, surgeries, and other applications. The medical imaging & diagnostics segment is expected to grow at the highest CAGR during the forecast period market. The advantages of using computer vision for medical imaging & diagnostics, such as an increase in quality, accuracy, and predictability and early detection of certain diseases are driving the growth of the medical imaging & diagnostics segment.
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Healthcare providers are the largest end users of the Computer Vision in Healthcare Market
On the basis of end user, the Computer Vision in Healthcare Market is segmented into healthcare providers, diagnostic centers, and other end users. Healthcare providers are expected to register the highest CAGR during the forecast period. Factors such as the growing adoption of computer vision solutions in hospitals and the increasing focus of companies on developing AI and computer vision tools to improve hospital operations are driving the growth of this end-user segment.
North America to dominate the Computer Vision in Healthcare Market during the forecast period
North America accounted for the largest share of the Computer Vision in Healthcare Market in 2018. The large share of the North American market is attributed to the increasing number of imaging procedures for disease diagnosis, growing adoption of personalized medicine, and growing government initiatives for the adoption of AI-based solutions in healthcare. Europe accounted for the second-largest share of the Computer Vision in Healthcare Market in 2018. The increasing adoption of AI-based tools in R&D for clinical trials, rising healthcare expenditure, and the favorable government initiatives to encourage technological developments in the field of AI and robotics are the major factors driving the growth of this market.
The Computer Vision in Healthcare Market is highly competitive, with the presence of both large and small players. NVIDIA Corporation (US), Microsoft (US), Intel Corporation (US), Xilinx Inc. (US), IBM (US), Google (US), Basler AG (Germany), Arterys (US), AiCure (US), and iCAD Inc. (US) are some of the leading payers in the Computer Vision in Healthcare Market.
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