According to a new report published by Allied Market Research, titled, “Healthcare Machine Vision System Market," The healthcare machine vision system market size was valued at $617.40 million in 2021, and is estimated to reach $4.5 billion by 2031, growing at a CAGR of 22.4% from 2022 to 2031.
A machine vision system, also known as a computer vision system, is a computer-operated device that employs video cameras, digital signal processing, and analog-to-digital conversion based on applications. Machine vision can provide operational guidance to devices to perform the acts based on the processing of images. For instance, a machine vision can analyze health matric to help users make better medical decisions. Furthermore, machine vision technology is widely applicable in the surgical and pharmaceutical sectors, owing to the increase in penetration of rapid prototyping technology and 3D modeling, which, in turn, has driven the demand for medical imaging such as CT and MRI.
The surge in the adoption of artificial intelligence (AI)-based technology & big data in healthcare along with the rising demand for automation in healthcare applications and the increase in the adoption of personalized medicines are some of the factors that drive the demand for machine vision systems in the healthcare sector. However, the shortage of skilled professionals is acting as a key deterrent factor in the market, which hampers early adoption in developing countries. Conversely, the adoption of cloud-based healthcare solutions is expected to provide lucrative opportunities for the expansion of the global healthcare machine vision industry during the forecast period.
According to the healthcare machine vision system market analysis, the smart camera segment was the highest contributor to the healthcare machine vision system industry in 2021. The smart camera and MV camera with host PC segments collectively accounted for around 85.2% market share in 2021. The surge in cloud-based solutions fuels the growth of the smart camera segment, thereby strengthening the global machine vision system market growth.
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 healthcare machine vision system market trends. However, delays caused in production due to lack of skilled technicians and raw material unavailability hampered the demand for machine vision technology. Furthermore, the pandemic forced various governments across the globe to adopt AI-based technology in the healthcare sector. Hence, the healthcare machine vision systems market is expected to witness prominent growth post-pandemic.
Region-wise, Asia-Pacific holds a significant share in the healthcare machine vision system industry. Asia-Pacific accommodates a major population of the globe. The adoption of vision-guided robotics systems in the healthcare sector is expected to propel the healthcare machine vision system market share in this region. Technological advancements in machine vision technology by prime vendors such as Teledyne DALSA Inc., OZRAY, and Machine Vision Lighting Inc., in Japan and South Korea, are anticipated to drive the healthcare machine vision system market growth in Asia-Pacific.
The key players profiled in the report include Baumer, Cognex Corporation, FLIR Systems, Inc., Basler, Keyence, Omron Corporation, Teledyne Group, TKH Group, and Sony Corporation. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to strengthen their foothold in the healthcare machine vision system market.