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Computer Aided Detection Market is expanding at a CAGR of 9.8% from 2016 - 2024

08-21-2017 01:28 PM CET | Health & Medicine

Press release from: Transparency Market Research

Computer Aided Detection Market

Computer Aided Detection Market

The global computer aided detection (CAD) market is in its early stages of growth and is increasingly reliant on the market dynamics of corresponding imaging modalities for market penetration. The growing usage of CAD software solutions for a number of diagnostic applications such as cardiovascular, oncology, musculoskeletal, and neurological has made the market highly specific, dynamic, and competitive with significant growth potential. The revenue generated by the global CAD market was pegged at US$437 mn in 2015 and is anticipated to cross US$1 bn by 2024. The market is expected to expand at a strong CAGR of 9.8% from 2016 to 2024.

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Computer aided detection technology finds application mainly in oncology and cardiovascular and neurological indications. Breast cancer was the leading application segment of the market in 2015 and is projected to sustain its position during the forecast period. Its dominance can be attributed to the increasing number of breast cancer detection applications and a lower risk of observational errors by using CAD solutions in combination with mammography. Favorable reimbursement scenario for breast cancer CAD solutions in developed nations and its well-established identity as a supplement tool in the diagnosis of breast cancer also contribute to the growth of the segment. The prostate cancer application segment is projected to expand at the fastest growth rate from 2016 to 2024. 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.

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Geographically, the computer aided detection market has been segmented into five major regions: North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. North America held the leading share in the global computer aided detection market in terms of revenue in 2015, followed by Europe. The dominance of these two regions is owing to the rising incidence and prevalence of breast cancer, the growing awareness level about early screening of breast cancer, an increase in the geriatric population, and rapid advancement in various healthcare technologies. The U.S. forms the most significant market for computer aided detection in North America as well as globally as it is an important innovation hub and leading companies in the segment have been conducting thorough research and development. Moreover, the World Cancer Research Fund (WCRF) statistics show that North America reported the highest number of new breast cancer cases in 2012, with around 226,125 in the U.S. alone. This also acts as a growth driver for the computer aided detection market in the region.

Asia Pacific is also a prominent market for computer aided detection. The region accounts for over 60% of the world’s population, which translates to a significant patient pool and large number of imaging procedures. According to the Asian Pacific Journal of Cancer Prevention (2010), there were over 3 million new cancer cases and over 2 million cancer deaths in Asia. Projections suggest the number of new cancer cases in Asia will increase to 7.1 million by 2020 if existing prevention and management strategies remain unchanged. However, most of the countries in the region are positioning themselves as medical tourism destinations for developed nations. This will encourage healthcare providers to adopt advanced computer aided detection in imaging technologies.

Key players in the computer aided detection market include Agfa-Gevaert N.V., Fujifilm Medical Systems USA, Inc., GE Healthcare, Hitachi Medical Corporation, Hologic, Inc., Samsung Medison Co. Ltd, and Philips Healthcare.

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.

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