Computer Aided Detection Market Anticipated to Achieve Lucrative Growth by 2027

Global Computer Aided Detection Market: Overview

The computer aided detection technology is used for detection and diagnosis of cancer in the healthcare sector. Global Computer-Aided Detection market was valued at US$ 621.4 Mn in 2019 and is expected to reach US$ 1,405.2 Mn by 2027, expanding at a CAGR of 10.7% from 2019 to 2027.

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Rise in Incidence of Cancer Drives Demand for CAD

The dramatic change in the levels of pollution and changes in lifestyle have, over time, led to a rise in the number of cancer cases. The high incidence of various types of cancer such as prostrate, breast, lunch, colorectal, and others has triggered a need for technologically advanced computer aided detection solutions. These are sophisticated imaging technologies have played a critical role in enabling accurate magnetic resonance imaging, mammography, ultrasound imaging, and nuclear imaging among others. This has increased the demand for CAD in multispecialty hospitals, ensuring growth of this market in coming years. The market is also being driven by exceptional advancements in digital imaging, development of efficient CAD solutions, quick integration of CAD solutions in a wide range of imaging equipment, and growing awareness among the patients about early detection of cancer.
Medical researchers and practitioners have only been recently using medical imaging devices that are integrated with computer aided detection. The need for computational assistance came from the increasing demand for error-free detection. With technological advancement, CAD has enabled an accurate assessment of the condition that patient maybe suffering from. CAD has achieved this by increasing the sensitivity of diagnostic imaging obtained from radiological imaging devices in the practice of medical investigation and differential diagnostics. Statistics released by WHO state, there is a likelihood of a 30% rise in the number of cancer cases by 2038. The organization further reveals that one third out of these will meet a fatal end due to behavioral and dietary risks. Poor body mass index, low fruit and vegetable intake, tobacco use, alcohol use, and lack of physical activity have been identified as the key causes of cancer cases and morbidity.

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Computer Aided Detection Market Taxonomy

The CAD market is broadly classified on the basis of application, imaging modalities and geography.
Based on application, the market is segmented into oncology and cardiovascular and Neurological Indications.
Based on imaging modality, the market is segmented into mammography, MRI, ultrasound, tomosynthesis, and CT.
Based on region, the market is segmented into North America, Europe, Asia pacific, Middle East & Africa and South America.
The Asia-Pacific region is expected to represent the highest growth rate during the forecast period owing to the growing incidence of cancer in these regions. WHO states that more than 3 million new cases are registered each out of which 1.7 million meet a fatal end.

Figure: Global Computer Aided Detection Market, by Region

Global Computer Aided Detection Market: Competitive Dynamics

Some of the key players of the global computer aided detection market are Agfa-Gevaert N.V, iCAD, Inc., Hologic, Inc., G.E Healthcare Ltd, Invivo Corporation, Philips Healthcare, Siemens Healthcare, Toshiba Medical Systems Corp., and McKesson Corporation. Hologic, Inc.

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