The global computer aided detection (CAD) market has been prognosticated to exhibit an enormously consolidated nature, owing to an almost three quarters of share accounted by industry toppers in the past, viz. Agfa-Gevaert N.V., Siemens Healthcare, Invivo Corporation, GE Healthcare, and Hologic, Inc. During the same period, Hologic, Inc. was identified as a clear winner by Transparency Market Research (TMR) accounting for a 35.0% share in the global CAD market.
The authors of the report have foreseen widespread geographical presence, opportune acquisition strategies, and diversified product portfolio as key strategies that could have empowered the top players to attain a secured position in the global CAD market.
According to the market intelligence statistics of TMR procured in a report, a revenue valuation of US$1.0 bn has been prophesied to be earned by the global CAD market by the end of 2024. In 2015, the global CAD market had reached around US$0.4 bn. The analysts have foretold the global CAD market to expand at a robust CAGR of 9.8% for the forecast period 2016–2024. By region, North America could take the wheel of the global CAD market as it had dominated with a US$0.2 bn share in 2015. As per imaging modality, mammography has been anticipated to be a promising market as it had secured an over 50.0% share in 2016.
Advance Detection Benefit amid Aggressive Prevalence of Various Cancers Propels Demand
The world CAD market has been predicted to attract a significant demand with the rise in the adoption of detection and diagnostics equipment. Since early detection paves way for an improved cure rate, a high adoption of CAD could be on the cards. Informed citizens in developed as well as emerging nations have been envisaged to opt for random checkups and tests on account of a disturbing rise in cancer prevalence and incidence.
One of the major driving factors of the world CAD market could be the growing incidence of different types of cancer. According to WHO statistics, the count of cancer cases have been analyzed to augment by a 30.0% in the next 20 years while South and Central America, Africa, and Asia could showcase the most number of cancer deaths and new cases.
Lack of Technical Skills to Operate CAD Tools Encumbers Growth
Notable resistance in demand from conventional medical practitioners and high pricing of software solutions have been envisioned to hamper the growth of the international CAD market to some extent. However, one of the chief deterrents of the international CAD market could be the dearth of professional and skilled technicians, especially in emerging nations, who are well-versed with the image refining technique for exposing complex details.
Nevertheless, appropriate training for operating CAD equipment and software provided to technicians could counter the restraint. Besides this, the rising application of CAD software solutions for neurological, musculoskeletal, oncology, and cardiovascular diagnostics has been projected to set the tone for a reliable demand in the international CAD market. Even though the international CAD market has been researched to be in its early stages of growth, market penetration could be possible on the back of reliable market dynamics of corresponding imaging modalities.
The information presented in this review is based on a TMR report, titled, “Computer Aided Detection Market (Application - Oncology (Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Liver Cancer, and Bone Cancer) and Cardiovascular and Neurological Indications; Imaging Modality - Mammography, Ultrasound Imaging, Magnetic Resonance Imaging, Tomosynthesis, and Computed Tomography) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The global CAD market has been segmented as presented below:
Global Computer Aided Detection Market by Application
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Prostate Cancer
- Liver Cancer
- Bone Cancer
- Cardiovascular and Neurological Indications
Global Computer Aided Detection Market by Imaging Modality
- Ultrasound Imaging
- Magnetic Resonance Imaging
- Computed Tomography
Global Computer Aided Detection Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
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