PUNE, India, March 17, 2020 /PRNewswire/ -- Computer aided detection identifies suspicious features on the image that helps radiologists in detecting potential abnormalities on diagnostic radiology exams as well as helps to improve performance by increasing the sensitivity rate. Infinium Global Research has recently published a global report on "Computer Aided Detection Market (Application - Oncology, Neurological Disorders, and Cardiovascular Diseases; Imaging Modalities - Nuclear Imaging, Mammography, Ultrasound, Tomosynthesis, Magnetic Resonance Imaging, and Other Imaging Modalities): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025" published by Infinium Global Research", the reported study estimated the market for Computer Aided Detection to reach up to USD 1.2 billion in 2025, with a compound annual growth rate of 10.3% over the forecast period (2019-2025).
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Global Computer Aided Detection Market is Capital Intensive with a Large Part of Market Controlled by Some of the Major Players
The global computer aided detection market is highly competitive and consolidated in nature. A large share of the market is held by the bigger players including Siemens Healthineers and Phillips Healthcare. Moreover, the small companies and the new entrants find it difficult to compete with the bigger players owing to greater entry barriers. The companies require comparatively higher capital and highly skilled manpower to develop computer-aided detection systems. Moreover, the companies require to comply with the FDA standards to market their products. Acquiring the approvals from FDA is complicated and difficult for small players.
Market Players Are Developing New and Differentiated Products to Consolidate Their Position in the Global Computer Aided Detection Industry
The key market players are largely focusing on the development of computer-aided detection software dedicated to a specific application such as diagnosis of different types of cancers, cardiovascular disorders and neurological disorders. For instance, iCAD Inc. has expertise in CAD software for the detection of breast cancers. While some of the market players are diversifying their portfolio by launching new software that is used in different applications. For instance, Hologic, Inc. launched Trident HD Specimen Radiography System with Automatic Exposure Control (AEC) optimized for breast excisions and core biopsies in the US, Canada, and Europe. Such strategies are anticipated to offer companies with opportunities to grow.
Increasing Incidences of Breast Cancer are Augmenting the Demand for Computer Aided Detection
Breast cancer is the second leading cause of death among women around the globe. As per the Breastcancer.org, an estimated 268,600 new cases of invasive breast cancer are expected to be diagnosed in women in the U.S. in 2019, while about 62,930 of them are new non-invasive breast cancer cases. Mammography is the basic tool available for screening to find breast cancer at the earliest. Currently, CAD is most commonly used for mammogram screening in the United States. CAD system helps in achieving high accuracy, a sensitivity which benefits for diagnosing mammography and also the patients. Moreover, growing healthcare expenditure and favorable reimbursement policies are also expected to facilitate the use of computer aided detection systems in healthcare centers.
Growing Research and Developments in Computer-Aided Detection are Aiding the Future Growth of Computer Aided Detection Industry
Recently, computer-aided detection (CAD) has become a part of the routine clinical work for the detection of breast cancer on mammograms at many screening sites and hospitals in the United States. A large number of applications of CAD are being developed by companies for various imaging modalities. The most recent clinical use of CAD is for screen-film mammography, which is mainly due to the commercially available Food and Drug Administration (FDA) approved systems. Furthermore, problems arise in the existing computer-aided diagnosis when targeting small nodules, nodules attached to vessels, nodules attached to parenchymal wall and diaphragm, and ground-glass opacity nodules. Therefore, several CAD manufacturers are focusing on the development of bringing advancements in the existing technologies. Thus, creating fruitful opportunities for the growth of the computer-aided detection market.
Oncology Application is Set to Drive the Global Computer Aided Detection Market
By application, the oncology segment dominates the global computer aided detection market. The effective detection of cancerous tumors by CAD in different medical imaging modalities is one of the major drivers for the domination of the oncology segment. Moreover, CAD is one of the cost effective methods for cancer detection as compared to conventional methods. Additionally, the increasing prevalence of different types of cancers due to unhealthy lifestyle and dietary habits is contributing to the growth of the segment in the market. Furthermore, a cloud computing framework, which incorporates algorithms for cancer detection is anticipated to offer beneficial growth opportunities to further propel the oncology segment in the global computer aided detection market.
North America to Dominate the Global Computer Aided Detection Market
In terms of geography, the North America region generated the highest revenue for the computer aided detection. The domination of North America in the global computer aided detection market is attributed to the factors including the rising prevalence of chronic diseases such as cancer, cardiovascular, neurovascular and others along with progressive reimbursement policies. Moreover, the growing adoption of advance technologies and increasing awareness in consumers fuel the growth of computer aided detection market in the region. Furthermore, the Asia Pacific region is anticipated to grow at the fastest rate in the global computer aided detection market.
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Global Computer Aided Detection Coverage
Chapter - 1 Preface
Chapter - 2 Executive Summary
Chapter - 3 Global Computer Aided Detection Market Overview
Chapter - 4 Computer Aided Detection Market Macro Indicator Analysis
Chapter - 5 Global Computer Aided Detection Market by Application
Chapter - 6 Global Computer Aided Detection Market by Imaging Modalities
Chapter - 7 Global Computer Aided Detection Market by Region 2019-2025
Chapter - 8 Company Profiles and Competitive Landscape
Browse in-depth TOC on "Computer Aided Detection Market"
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