Albany, NY -- (SBWIRE) -- 03/13/2017 -- Transparency Market Research presents this most up-to-date research on "Computer Aided Detection Market (Imaging Modality -Imaging Modality, Mammography, MRI, Ultrasound Imaging, Tomosynthesis, CT; Application - Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Liver Cancer, Bone Cancer) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024"
The global computer aided detection (CAD) market is in its early stages of growth and is increasingly reliant on the market dynamics of corresponding imaging modalities for market penetration. The growing usage of CAD software solutions for a number of diagnostic applications such as cardiovascular, oncology, musculoskeletal, and neurological has made the market highly specific, dynamic, and competitive with significant growth potential. The revenue generated by the global CAD market was pegged at US$437 mn in 2015 and is anticipated to cross US$1 bn by 2024. The market is expected to expand at a strong CAGR of 9.8% from 2016 to 2024.
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The global computer aided detection market is extremely consolidated, with the top five players – namely Hologic, Inc., GE Healthcare, Invivo Corporation, Siemens Healthcare, and Agfa-Gevaert N.V. – accounting for nearly three quarters of the market in 2014. Transparency Market Research finds that among these, Hologic alone held a share of 35% that year, emerging as the clear leader. "A diversified product portfolio, well-timed acquisition strategies, and extensive geographical presence have enabled these companies to dominate the market," the author of the study states.
Alarming Rise in the Prevalence of Cancer Boosts Computer Aided Detection Market
The global rise in the incidence of various cancers is the major factor driving the computer aided detection market, TMR finds. "The number of cancer cases, according to the WHO, is projected to increase by 30% in the next two decades, with Asia, Africa, and South and Central America accounting for most of the world's new cancer cases and cancer deaths," the TMR analyst states. This alarming rise in cancer incidence and prevalence has encouraged citizens in developed as well as developing countries to opt for random tests and checkups. Early detection leads to high cure rate, especially in cancer, and the growing adoption of diagnostics and detection equipment is likely to fuel the demand for computer aided detection products.
Dearth of Skilled Professionals an Ongoing Battle
The technique of refining images to reveal intricate details is rather complex and requires specific technical skills pertaining to computer operations. "The lack of skilled and experienced programmers and technicians has proven to be challenging for the computer aided detection market in several developing countries," the author of the study observes. This has widened the gap between the global demand for and supply of CAD technology, thereby forcing potential customers to look for alternatives, which ultimately hurts the bottomlines of players in the computer aided detection market. In addition, premium pricing of software solutions and noted resistance from conservative medical practitioners hampers the adoption of CAD systems.
Global CAD Market to Exhibit 9.8% CAGR between 2016 and 2024
The global computer aided detection market was valued at US$437 mn in 2015 and is anticipated to cross US$1 bn by 2024, expanding at a strong CAGR of 9.8% from 2016 to 2024. North America is the leading revenue generator in the computer aided detection market and will continue in this position throughout the forecast period. By imaging modality, mammography has emerged as the most prominent revenue contributor to the global CAD market, accounting for a share of just over 50% in 2016. The segment is estimated to contribute a little over US$240 mn by the end of 2016.
On the basis of application, computer aided detection is most extensively used in oncology for the detection of cancers of the prostate, breast, liver, lung, colon, and bone. Among these, breast cancer has been identified to be the leading revenue contributor.
"Besides oncology, computer aided detection is also used in neurology and cardiology on a small scale," the analyst states. "However, these segments have been gaining popularity among practitioners and are likely to expand at a robust CAGR during the forecast period."
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The segment of Holter monitors also holds immense growth promise owing to the rising prevalence of conditions such as arrhythmia and conduction block. The segment was valued at US$416.1 mn in 2015 and is expected to expand at a high single-digit CAGR from 2016 to 2024.