Global Computer Aided Detection Market will grow at 9.5% CAGR to exceed USD 770.0 Million by 2021

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Computer Aided Detection Market Analysis, Computer Aided Detection Market Size Computer Aided Detection Market Share,  Computer Aided Detection Market Growth,  Computer Aided Detection Market Segment,  Computer Aided Detection Market Trends,  Computer Aided Detection Market Forecast,
Computer Aided Detection Market

Computer-aided detection is a procedure in medicine that assists doctors in the interpretation of medical images.  Computer-aided detection technology can help to scan digital images, e.g. from computed tomography, for typical appearances and to highlight conspicuous sections, such as possible diseases.

According to the report, global computer aided detection market was valued at around USD 450.0 million in 2015 and is expected to generate revenue of approximately USD 770.0 million by end of 2021, growing at a CAGR of around 9.5% between 2016 and 2021.

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The Computer aided detection market is expected to witness significant growth over the next few years. The market is mainly driven by increasing incidence and prevalence of chronic diseases such as cancer coupled with the aging population. As per the WHO report, cancer is the leading cause of mortality and morbidity across the globe. Around 12 million new cancer cases and 8.0 million cancer related deaths in 2012, and these cases are estimated to reach around 22 million within next two decades. Favorable reimbursement for breast cancer CAD solutions and its well-established identity as a supplement tool in the diagnosis of the breast is another key driving factor for this market. However, scarcity of healthcare IT professionals and high maintenance and service expenditure may hamper the market growth during the forecast period. Nonetheless, the evolution of artificial intelligence (AI) to assist in the continuous development of CAD is expected to open up new growth opportunities in the near future.

Resonance imaging, mammography, ultrasound imaging, tomosynthesis, computed tomography and others are some of the key products in the market.  Mammography was the leading segment and it accounted for the largest share of the total market in terms of revenue in 2015. This growth is mainly due to increase prevalence of cancer, which is the lead cause of morbidity and mortality. For instance, according to the World Cancer Research Fund International, North America, and Oceania accounted for the highest breast cancer rate. Thus, this segment is also expected to exhibit strong growth within the forecast period.

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On the basis of application, the market can be segmented into oncology, cardiovascular and neurological indications. Oncology is further classified into breast cancer, lung cancer, colorectal cancer, prostate cancer, liver cancer, bone cancer and other cancer. The computer aided detection market dominated by oncology segment. The prostate cancer application segment is expected to increase at the fastest growth rate from 2016 to 2021. This can be attributed to the increasing number of regulatory approvals for various prostate cancer detection CAD solutions and the rising incidence of the disease.

Based on product, the computer aided detection can be segmented into magnetic resonance imaging, mammography, ultrasound imaging, tomosynthesis, computed tomography and others. Among all products, mammography dominated the computer aided detection market owing to increasing prevalence of cancer, which is the lead cause of morbidity and mortality. For instance, according to the World Cancer Research Fund International, North America, and Oceania accounted for the highest breast cancer rate. Thus, this segment is also expected to be a fastest growing segment over in forecast period.

North America held the largest share of computer aided detection market and is projected to witness the highest growth within the forecast period owing to the adoption of new technology and surging R&D initiatives. Europe was the second largest regional market and is expected to show significant growth in the years to come. Asia Pacific computer aided detection market is expected to be the fastest-growing region in the years to come. Growth in this region will be mainly driven by factors such as rising aged population, coupled with the increasing incidence of chronic disease.

Some of the key players in the market operating in this market include GE Healthcare, Agfa-Gevaert N.V., Fujifilm Medical Systems USA, Inc., Hologic, Inc., Samsung Medison Co. Ltd, and Philips Healthcare.

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