Healthcare Machine Vision System Market Research, 2031
The global healthcare machine vision system market was valued at $617.40 million in 2021 and is projected to reach $4.5 billion by 2031, growing at a CAGR of 22.4% from 2022 to 2031.
The machine vision system is a technology that enables computing devices to evaluate, identify, and inspect still or moving images. Machine vision device in the healthcare sector is designed to provide faster and more accurate diagnoses than physicians. Moreover, it is intended to analyze the health and fitness of patients for better and swifter medical decisions. Machine vision applications are used to convert 2D scan images into 3D models that offer a detailed understanding of a patient’s health conditions.
Machine vision is popularly used across surgical, access tracking, and patient monitoring applications, owing to the rise in demand for next-generation medical imaging analysis and advanced healthcare monitoring systems. Furthermore, machine vision technology in the healthcare sector uses advanced algorithms to aid image processing to read signals of illness in real-time. Moreover, the technology allows users to make a more accurate diagnosis for more effective treatments. Thus, multiple benefits associated with machine vision technology fuel its adoption in hospitals and clinics, which is expected to notably contribute to the growth of the global market. The global healthcare machine vision system market size is driven by the rising in demand for automation in healthcare applications. Moreover, the introduction of cloud-based healthcare solutions and an increase in demand for machine vision-guided robotics in the drug dispensing industry is expected to boost the demand for machine vision technology. Considering these factors, the global machine vision system market is anticipated to experience steep growth in the future.
However, the lack of skilled professionals in developing countries is expected to restrain the healthcare machine vision system market growth. On the contrary, the surge in demand for artificial intelligence (AI)-based equipment in the healthcare sector is anticipated to provide lucrative opportunities for the growth of the global healthcare machine vision system market opportunity during the forecast period.
The outbreak of the COVID-19 pandemic boosted the adoption of the machine vision system in the healthcare sector in 2020. Furthermore, the healthcare machine vision system market share is estimated to exhibit a relatively high growth rate till the end of 2022. In addition, the pandemic fostered the healthcare machine vision system market due to a surge in demand for patient monitoring and tracking systems in the healthcare sector worldwide
The healthcare machine vision system industry is segmented into Product Type, Type, and Application.
On the basis of product type, the healthcare machine vision system market forecast is fragmented into MV camera with host PC, smart cameras, and vision-based barcode readers.
Depending on the type, the healthcare machine vision system market outlook is segregated into 1D, 2D, and 3D.
By application, it is categorized into in vitro diagnostics, access tracking, surgical, patient monitoring, microscopy (histopathology), and drug dispensing.
Region-wise, the machine vision system market trends in the healthcare sector are analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Significant factors that impact the growth of the global healthcare machine vision system industry include a rise in demand for automation in healthcare applications, an increase in adoption of personalized medicines, the surge in adoption of AI-based technologies & big data in healthcare, and a growth in demand for machine vision-guided robotics in drug dispensing industries. In addition, the market growth is affected by the lack of skilled professionals in developing countries. Furthermore, the introduction of cloud-based healthcare solutions influences the market growth. However, each of these factors is anticipated to have a definite impact on the growth of the global healthcare machine vision system market during the forecast period.
Competitive analysis and profiles of the major global machine vision system market players such as Baumer, Cognex Corporation, FLIR Systems, Inc., Basler, Keyence, Omron Corporation, Teledyne Group, TKH Group, and Sony Corporation are provided in this report.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the healthcare machine vision system market analysis from 2021 to 2031 to identify the prevailing Healthcare machine vision system market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the healthcare machine vision system market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global healthcare machine vision system market trends, key players, market segments, application areas, and market growth strategies.
Healthcare Machine Vision System Market Report Highlights
| Aspects | Details |
 By Product Type |
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 By Type |
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 By Application |
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 By Region |
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 Key Market Players | tkh group n.v., SONY CORPORATION, BAUMER, TELEDYNE GROUP, KEYENCE, basler ag, JADAK, Cognex Corporation, FLIR SYSTEMS, INC., Omron Corporation |
Analyst Review
Machine vision technology is anticipated to gain high traction in the healthcare sector, globally, as it possesses the ability of a computer to provide an imaging-based automatic inspection to make a faster and more accurate diagnosis. The surge in the adoption of rapid prototyping technology and 3D modeling boosts the development of medical imaging applications such as MRI and CT. In addition, machine vision technology in the hospital sector analyzes health and fitness metrics to provide better medical decisions.
The CXOs further added that market players are striving to gain maximum opportunities from the growing machine vision market by planning their strategies meticulously. The strategic partnership, collaboration, and product launches are some of the prominent strategies adopted by key market players in the machine vision market. For instance, Microsoft Corporation—a major vendor in machine vision technology for healthcare—developed a new software known as InnerEye to visually identify and display possible tumors and other anomalies in an X-ray image.
As per the CXOs, market players are expanding their businesses to new industry verticals by developing new machine vision techniques to reach a new customer base. For instance, prime players in the U.S. and Japan such as Baumer, Basler, Sony Corporation, and TKH Group are significantly investing in next-generation machine vision solutions, which is expected to offer lucrative growth opportunities for the market in coming years.
Asia-Pacific is the largest regional market for Healthcare Machine Vision System Market.
The rise in adoption of (AI)-based machine vision system technology & big data in healthcare along with the rising demand for automation in healthcare applications and the increase in adoption of personalized medicines are some of the factors that drive the demand for machine vision systems in the healthcare sector.
The surgical segment by application is the leading application in the healthcare machine vision system market.
The healthcare machine vision system market was valued at 617.4 million in 2021 and is expected to reach 4535.0 million by 2031 with a CAGR of 22.4%.
Cognex Corporation, Baumer, Teledyne Group, Keyence, and Omron Corporation are the top companies to hold the market share in Healthcare Machine Vision System Market.
The healthcare machine vision system market is expected to grow at a CAGR of 22.4% by 2031.
Machine vision is popularly used across surgical, access tracking, and patient monitoring applications, owing to the rise in demand for next-generation medical imaging analysis and advanced healthcare monitoring systems.
The global machine vision system market in healthcare is segmented into product type, type, application, and region.
Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to strengthen their foothold in the global market.
COVID-19 outbreak has significantly impacted the global machine vision system in the healthcare sector. The surge in the adoption of advanced medical equipment in healthcare facilities across the world has propelled the growth of the machine vision system market.
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