The global computer aided detection market size is projected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising awareness regarding frequent health checkup due to growing number of health-conscious population and increasing prevalence of cancer globally.
Computer aided detection (CAD) is a clinically proven technology for diagnosing and detecting cancer, cardiovascular, and neurological diseases. This technology aids physicians in lowering the false negative rate, offering early diagnosing to detect cancer at early stage, lowering the chance of cancer and other illness death rates, and improving inter and intra reader variability. CAD systems are also widely utilized to assist physicians with a variety of tasks including providing a second opinion on diagnostic and detection outcomes and automatically detecting all non-calcified lesions suspected of malignancy on images.
Market Trends, Drivers, Restraints, and Opportunities
- Increased efficiency and effectiveness of CAD solutions due to development of advanced digital imaging technology is expected to boost the market growth.
- Wide prevalence of chronic illness and rising number of the global aging population are projected to fuel the market growth during the forecast period.
- Increasing demand for health insurance and government initiatives encouraging the development of advanced cancer screening systems are anticipated to drive the market expansion in the coming years.
- High cost of CAD solutions and requirement of skill technicians to handle CAD devices are likely to hamper the market growth during the forecast period.
- R&D investment from key players and gradual advancement of technology for computer aided detection with 3D imaging are projected to offer significant opportunities for the market expansion.
Scope of the Report
The report on the global computer aided detection market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Computer Aided Detection Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Applications (Breast Cancer, Lung Cancer, Colon/Rectal Cancer, Prostate Cancer, Liver Cancer, Bone Cancer, and Neurological/Musculoskeletal Cancer), Breast CAD Imaging Modalities (Mammography, Magnetic Resonance Imaging, Ultrasound Imaging, Tomosynthesis, and Nuclear Imaging), Imaging Modalities (X-ray Imaging, Computed Tomography, Ultrasound Imaging, Magnetic Resonance, and Nuclear Medicine Imaging)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
EDDA Technology, Inc.; FUJIFILM Medical Systems; Hitachi High Technologies Corporation; Hologic Inc.; iCAD, Inc.; Vucomp; McKesson Corporation; Philips Healthcare; Siemens Healthcare; and Toshiba Medical Systems Corporation.
Market Segment Insights
Breast cancer segment is expected to account for a key market share
Based on applications, the computer aided detection market is segmented into breast cancer, lung cancer, colon/rectal cancer, prostate cancer, liver cancer, bone cancer, and neurological/musculoskeletal cancer. The breast cancer segment is expected to account for a key share of the market during the forecast period owing to its increasing prevalence of breast cancer among women. Moreover, rising awareness to undergo cancer testing among pregnant women and their concerns for regular health checkups are key factors boosting the segment growth.
Mammography segment is projected to constitute a major share
In terms of breast CAD Imaging Modalities, the market is divided into mammography, magnetic resonance imaging, ultrasound imaging, tomosynthesis, and nuclear imaging. The mammography segment is projected to constitute a major share of the market during the forecast period due to rise in cancer cases, which is the leading cause of death and morbidity. Wide adoption of X-ray and other screening tests for detecting breast cancer among women are major driving factors for the segment growth since mammography represents a vital component for early diagnosis of breast cancer.
X-ray segment is expected to hold a large market share
Based on imaging modalities, the computer aided detection market is segmented into x-ray imaging, computed tomography, ultrasound imaging, magnetic resonance, and nuclear medicine imaging. The x-ray segment is expected to hold a large share of the market during the forecast period as it forms a core element for any imagining process that involve in the detection of all types of cancer. To overcome the limits of x-ray, several researches have been conducted, which present a major factor propelling the segment expansion.
North American is anticipated to dominate the market
On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North American is anticipated to dominate the market CAGR during the forecast period owing to early acceptance of advanced technology in cancer diagnostics and treatment and increasing efforts in research to develop newer technology. Moreover, shifting trends towards workflow management functions for the diseases and conditions with form image analysis and pattern recognition algorithm are factors fueling the regional market expansion.
On the other hand, the market in Asia Pacific is expected to exhibit a rapid growth rate in the coming years owing to the fastest-growing market, development of cost-effective technologies, demand for medical tourism, and government initiatives and programs in the region.
Segments Covered in the Report
The global computer aided detection market has been segmented on the basis of
Breast CAD Imaging Modalities
- Breast Cancer
- Lung Cancer
- Colon/Rectal Cancer
- Prostate Cancer
- Liver Cancer
- Bone Cancer
- Neurological/Musculoskeletal Cancer
- Magnetic Resonance Imaging
- Ultrasound Imaging
- Nuclear Imaging
- X-ray Imaging
- Computed Tomography
- Ultrasound Imaging
- Magnetic Resonance
- Nuclear Medicine Imaging
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- EDDA Technology, Inc.
- FUJIFILM Medical Systems
- Hitachi High Technologies Corporation
- Hologic Inc.
- iCAD, Inc.
- McKesson Corporation
- Philips Healthcare
- Siemens Healthcare
- Toshiba Medical Systems Corporation
Key players competing in the global computer aided detection market are EDDA Technology, Inc.; FUJIFILM Medical Systems; Hitachi High Technologies Corporation; Hologic Inc.; iCAD, Inc.; Vucomp; McKesson Corporation; Philips Healthcare; Siemens Healthcare; and Toshiba Medical Systems Corporation.
Many of these key players have been widely adopting several business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.