Healthcare Machine Vision System Market to Reach $4.5 Billion, Globally, By 2031 at 22.4% CAGR: Allied Market Research

Increase in demand for automation in healthcare applications and rise in demand for machine vision-guided robotics in the drug dispensing industry drive the growth of the global healthcare machine vision system market.

PORTLAND, Ore., June 15, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, 'Healthcare Machine Vision System Market By Product Type (MV Camera with Host PC, Smart Camera, Vision-Based Barcode Readers), Type (1D, 2D, 3D), Application (In Vitro Diagnostics, Access Tracking, Surgical, Patient Monitoring, Microscopy [Histopathology], Drug Dispensing): Global Opportunity Analysis and Industry Forecast, 2021-2031.' According to the report, the global healthcare machine vision system industry generated $617.40 million in 2021, and is expected to reach $4.5 billion by 2031, witnessing a CAGR of 22.4% from 2022 to 2031.

Drivers, Restraints, and Opportunities

Increase in demand for automation in healthcare applications, the introduction of cloud-based healthcare solutions, and rise in demand for machine vision-guided robotics in the drug dispensing industry drive the growth of the global healthcare machine vision system market. However, lack of skilled professionals in developing countries limits the market growth. On the other hand, surge in demand for artificial intelligence (AI)-based equipment in the healthcare sector creates new opportunities in the coming years.

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COVID-19 Scenario:

• The demand for machine vision systems increased in the healthcare sector during the Covid-19 pandemic patient monitoring and tracking. However, supply chain disruptions and stoppage of manufacturing activities during the lockdown created a supply-demand gap.
• R&D activities related to machine vision systems were restrained due to lockdown measures, lack of availability of skilled professionals, and delay in investments in new projects with occurrence of economic uncertainty.

The 2D segment to maintain its lead position throughout the forecast period

Based on type, the 2D segment accounted for the highest share in 2021, accounting for nearly half of the global healthcare machine vision system market, and is estimated to maintain its lead position throughout the forecast period. This is due to increase in applications such as drug dispensing, patient monitoring, and others with rise in demand for two-dimensional (2D) barcode and label scanning systems in hospitals and clinics. However, the 3D segment is projected to witness the highest CAGR of 23.8% from 2022 to 2031. This is attributed to usage of devices that offer 3D vision images in the healthcare sector that enable the surgeons to understand and devise accurate strategies for a better procedure.

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The surgical segment to continue its leadership status throughout the forecast period

Based on application, the surgical segment held for the highest share in 2021, accounting for nearly one-fourth of the global healthcare machine vision system market, and is estimated to continue its leadership status throughout the forecast period. This is due to increase in advanced surgical facilities across the healthcare sector globally. However, the patient monitoring segment is projected to manifest the highest CAGR of 23.6% from 2022 to 2031, owing to implementation of wireless health monitoring devices for tracking respiration, invasive & non-invasive blood pressure, and others.  

Asia-Pacific contributes to the highest revenue 

Based on region, Asia-Pacific held the highest market share in 2021, accounting for around one-third of the global healthcare machine vision system market. This is due to rise in adoption of internet of things (IoT) technology and surge in investments by prime players in data centers. However, Europe is projected to portray the fastest CAGR of 23.3% from 2022 to 2031, owing to technological advancements in machine vision technology.

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Leading Market Players

• Baumer
• Cognex Corporation
• FLIR Systems, Inc.
• Basler
• Keyence
• Omron Corporation
• Teledyne Group
• TKH Group
• Sony Corporation

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