Global Computer Aided Detection Market Size to exceed $770.0 Million by 2021

Zion Market Research has published a new report titled “Computer Aided Detection Market by Imaging Modalities (Magnetic, Resonance Imaging, Mammography, Ultrasound Imaging, Tomosynthesis, Computed Tomography and Others) for Oncology, Cardiovascular and Neurological Indications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2015 – 2021”. 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.

Computer aided detection (CAD) is a technology designed to analyze a radiographic finding to estimate the likelihood that the feature represents a specific disease process. The CAD is used to increase the detection of disease by reducing the false negative rate due to observational oversights. CAD helps to standardize breast MRI study analysis and provides customized reporting, designed to generate highly detailed breast MRI study reports that thoroughly and effectively communicate the extent of disease.

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Growing incidence and prevalence of various chronic diseases such as cancer coupled with the aging population are key drivers for fueling the growth of computer aided detection market. As per the WHO report, cancer is the leading cause of mortality and morbidity across the globe. More than 12 million new cancer cases and 8.0 million cancer related deaths in 2012, and the cases are projected 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 breast cancer is further expected to boost the market growth in the years to come. However, scarcity of healthcare IT professionals and high maintenance and service expenditure are some of the key restraints for the market. 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.

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 the forecast period.

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The computer aided detection market is segmented on the basis of key application including oncology, cardiovascular and neurological indications. Oncology segment includes breast cancer, lung cancer, colorectal cancer, prostate cancer, liver cancer, bone cancer and other cancer. Oncology was the largest application segment for computer aided detection market. 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.

The computer aided detection market was dominated by North America with the largest share of the total market in 2015. The growth is mainly due to increase scientific research and development in this region. The dominance of North America is due to the rising incidence and prevalence of breast cancer, the increasing awareness level about an early screening of breast cancer. In terms of revenue, North America was followed by Europe in 2015. Moreover, Asia-Pacific market is expected to witness the fastest growth during the forecast period. This growth is mainly due rising cost-effective technologies, demand for medical tourism, and government initiatives. However, Latin America and the Middle East & Africa are also expected to exhibit significant growth over the forecast period.

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Some of the key players 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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