Rising adoption of digital breast tomosynthesis and government initiatives to support and provide advanced imaging technologies are fueling global market growth
The global computer aided detection (CAD) market size is expected to reach USD 1579.5 million in 2028 and register a CAGR of 10.9% according to the latest report by Reports and Data. Growing need for computational assistance for error-free, precise detection and rising awareness about importance of early diagnosis of diseases to minimize death rates are key factors fueling global market revenue growth.
Computer Aided Detection (CAD) is a software system that helps in detecting various types of cancers, neurological or cardiovascular disorders using various imaging modalities such as computed tomography, tomosynthesis, and magnetic resonance imaging. It aids in reducing observational oversights, false-negative results, and provides error-free results in minimum time. Rising prevalence of chronic diseases, such as breast cancer, lung cancer, stroke, and neurological dysfunctions, is a primary factor increasing demand for CAD systems. Technological advancements in diagnostic techniques, increasing efforts by government to raise awareness about cancer and treatment, and growing investments by market players to develop advanced products with 3D imaging are significant factors boosting revenue growth.
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However, factors, such as unfavorable reimbursement policies, increasing costs associated with CAD tools, and lack of trained professionals to operate systems are major restraining factors expected to affect growth of global computer aided detection market.
Some key highlights in the report:
- Based on application, the cardiovascular segment is expected to account for a considerable market share between 2021 and 2028. Rising prevalence of cardiovascular diseases around the globe and increasing need for accurate diagnosis of disease are key factors boosting segment revenue growth, thereby supporting global market growth.
- Among the imaging modalities segments, the mammography segment accounted for largest market share in 2020 and is expected to maintain its dominant position during the forecast period. Rising prevalence of breast cancer worldwide, increasing awareness about need for early breast cancer screening, and increasing deployment of CAD mammography systems, especially in multispecialty hospitals, are fueling segment revenue growth.
- Asia Pacific is expected to account for fastest revenue growth over the forecast period. Factors, such as growing awareness about need for early detection and treatment for chronic diseases, government initiatives to raise awareness about cancer and importance of periodic health checkups, and rising investment in research and development activities are fueling global market growth in the region.
- North America dominated other regional markets in the global computer aided detection market in 2020. The region is expected to account for robust revenue growth throughout the forecast period. High revenue share is attributable to factors, such as availability of advanced diagnostic technology, increasing adoption of CAD systems, and well-established healthcare systems.
- EDDA Technology, Inc., FUJIFILM Medical Systems, Hitachi High Technologies Corporation, Hologic Inc., GE Healthcare Ltd., iCAD, Inc., Vucomp, McKesson Corporation, Philips Healthcare, Siemens Healthcare, Toshiba Medical Systems Corporation, Invivo Corporation, and Agfa-Gevaert N.V are key players operating in the global computer aided detection market.
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For this study, Reports and Data has segmented the global Computer Aided Detection (CAD) market based on Application, Breast CAD Imaging Modalities, Imaging Modalities, and Region:
Application Outlook (Revenue, USD Million, 2018-2028)
- Breast Cancer
- Lung Cancer
- Colon/ Rectal Cancer
- Prostate Cancer
- Liver Cancer
- Bone Cancer
Imaging modalities Outlook (Revenue, USD Million, 2018-2028)
- X-Ray Imaging
- Computed Tomography
- Ultrasound Imaging
- Magnetic Resonance Imaging
- Nuclear Medicine Imaging
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Regional Outlook (Revenue, USD Million, 2018 – 2028)
- North America
- Rest Of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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