Computer Aided Detection (CAD) Market to Reach USD 1579.5 Million In 2028 | Reports and Data

Rising prevalence of chronic diseases and growing demand for computational assistance are key factors surging global market growth

New York, June 09, 2021 (GLOBE NEWSWIRE) -- Rising prevalence of chronic diseases and growing demand for computational assistance are key factors surging global market growth 

Market size: USD 690.3 Million 2020, Market Growth: CAGR of 10.9%, Market Trends: Increasing requirement for advanced diagnostic tools 

The global computer aided detection 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 awareness on importance of early-stage detection and rising significance of regular checkups among public are key factors fueling global market revenue growth. 

Computer Aided Detection (CAD) is a clinically developed tool essential for detecting various types of cardiovascular disorders, cancers, and neurological diseases and reducing false-negative readings. The CAD system is broadly deployed by radiologists and physicians to examine medical images. These systems aid in minimizing human errors and mortality rates due to early detection of diseases. CAD also helps in increasing sensitivity of diagnostic imaging devices, which is crucial for differential diagnosis and medical investigations. Rising prevalence of various types of cancer, especially breast cancer and lung cancer, and growing need for early detection and treatment of such diseases are boosting demand for CAD systems. Technology advancements in diagnostic imaging has increased demand for enhanced CAD solutions, which is further expected to drive revenue growth. Moreover, growing investments by market players to develop and launch advanced CAD systems, rising adoption of health insurance, and surging medical tourism are a few factors further enhancing global market growth. 

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However, high costs of CAD systems, unfavorable reimbursement scenarios, and dearth of skilled technicians to handle and operate these systems are some key restraints that are expected to hamper growth of the global computer aided detection market to some extent between 2021 and 2028. 

Some key highlights in the report:

  • Among the imaging modalities segment, the tomosynthesis segment revenue is expected to grow at the fastest pace whereas magnetic resonance imaging is expected to register highest CAGR throughout the forecast period. Tomosynthesis technique is useful for early detection of cancer with no symptoms. Rapid growth of tomosynthesis segment is attributed to rising prevalence of breast cancer and a large percentage of breast cancer detection through digital tomosynthesis.  
  • Based on the application, the breast cancer sub-segment is expected to account for substantial revenue growth throughout the forecast period. Rising prevalence of breast cancer worldwide, growing awareness about significance of early detection and regular health checkups, and government initiatives to spread awareness about cancer treatment and support women with last-stage breast cancer are key factors fueling segment revenue growth. 
  • North America accounted for largest market share in 2020 and is expected to continue dominating other regional markets in the global computer aided detection market during the forecast period. High revenue growth is attributable to factors such as increasing adoption of latest techniques for imaging and presence of well-established healthcare systems. 
  • Asia Pacific is expected to account for fastest revenue growth throughout the forecast period owing to factors such as government initiatives to raise awareness about chronic diseases and adoption of cost-effective CAD systems.

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key players operating in the global computer aided detection market:

  • 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
  • Agfa-Gevaert N.V.

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)

  • Oncology
    • Breast Cancer
    • Lung Cancer
    • Colon/ Rectal Cancer
    • Prostate Cancer
    • Liver Cancer
    • Bone Cancer
  • Neurological
  • Musculoskeletal
  • Cardiovascular

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Imaging modalities Outlook (Revenue, USD Million, 2018-2028)

  • Mammography
  • Tomosynthesis
  • X-Ray Imaging
  • Computed Tomography
  • Ultrasound Imaging
  • Magnetic Resonance Imaging
  • Nuclear Medicine Imaging
  • Others

Regional Outlook (Revenue, USD Million, 2018 - 2028)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Rest Of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA

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