Albany, NY -- (SBWIRE) -- 02/26/2015 -- According to a new market report published by Transparency Market Research "Computer Aided Detection Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020," the global computer aided detection market was valued at USD 0.72 billion in 2013 and is expected to grow at a CAGR of 10.8% from 2014 to 2020, to reach an estimated value of USD 1.47 billion in 2020.

Computer Aided Detection (CAD) is a technique that can help radiologists precisely interpret images and procure potential findings to avoid erroneous interpretation, thereby enhancing the error free diagnosis of various diseases. Currently, the global CAD market is in early growth stage and is highly reliant on its corresponding imaging modality market dynamics for its market penetration. With the increasing use of CAD software solutions for various diagnostic applications such as oncology, cardiovascular, neurological and musculoskeletal, the market can be described to be highly specific, dynamic and competitive with substantial growth potential.

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Rising incidence of various types of cancer such as breast, lung, prostate and colorectal cancer is the primary responsible factor for the growth of CAD market. Additionally, advancements in digital imaging techniques, improved efficiencies of CAD solutions, ease of integration of CAD solutions with various imaging equipment and growing awareness among the patients about early detection of cancer have boosted the overall growth of this market. Further, expansion of CAD applications to newer clinical areas, active research and development activities in medical imaging, rapid transition of hospitals to promote automatic workflow integration in their current work environment and rising installation base of CAD solutions in various multispecialty hospitals is further expected to accentuate the growth of this market in coming years. However, certain restraining factors such as lack of adequate clinical data validating the clinical efficacy of CAD solutions in its role of early diagnosis of the disease, disinclination of healthcare professionals in accepting these solutions as a standard imaging tool and premium pricing might hamper the growth of this market. Similarly, unfavorable taxation and lack of favorable reimbursement policies in the European and Asian governments have also negatively impacted the growth of this market.

The CAD market for breast cancer application was estimated to be the largest market with a share of more than 70% in 2013 and is predicted to maintain its leading position until the end of forecast period i.e. 2020. Such dominance is observed mainly due to the increasing number of breast cancer detection applications and lower risk of observational errors by using CAD solutions in combination with mammography. Digital mammography offers significantly better diagnosis in early detection of breast cancer than film mammography. Additionally, favorable reimbursement scenario for breast cancer CAD solutions in developed nations and its well-established identity as a supplement tool in diagnosis of breast cancer is further aiding the growth of this market. Simultaneously, in terms of growth rate, the CAD market for lung cancer application is forecast to grow at the fastest growth rate from 2014 to 2020. The faster growth rate of lung cancer CAD market has been attributed to the increasing number of regulatory approvals for various lung cancer detection CAD solutions and rising incidence of the disease.

Geographically the North American market accounted for the largest share of overall CAD market in 2013. However, Asia-Pacific countries namely Japan, South Korea, Malaysia, Australia, Thailand, India and China are witnessing fast growth and are predicted to emerge as opportunistic markets in the near future owing to growing awareness among patients, education on the importance of early screening by various government agencies and NGOs and increased disposable income in these nations. Additionally, growth in medical tourism in this region is also boosting the adoption of CAD solutions in various multispecialty hospitals.

The major players of this market include Hologic, Inc. iCAD, Inc., Agfa-Gevaert N.V., EDDA Technology, Inc., Fujifilm Medical Systems, Inc., GE Healthcare Ltd., Hitachi Medical Corporation, Invivo Corporation, VuCOMP, McKesson Corporation, Philips Healthcare, Siemens Healthcare, etc.

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The global computer aided detection market is segmented as follows:

Computer Aided Detection Market, by Application

Breast Cancer

- Mammography
- Magnetic Resonance Imaging
- Ultrasound Imaging
- Tomosynthesis
- Nuclear Imaging
- Lung Cancer
- Colorectal Cancer
- Prostate Cancer
- Liver Cancer
- Boner Cancer
- Neurological/Musculoskeletal/Cardiovascular

Computer Aided Detection Market, by Imaging Modalities

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

Computer Aided Detection Market, by Geography

- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)

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