Computer Aided Detection (CAD) Market Growth, Revenue Share Analysis, Company Profiles, and Forecast To 2028
The global computer-aided detection (CAD) 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 need for computational assistance for error-free, precise detection and raising awareness about the importance of early diagnosis of diseases to minimize death rates are key factors fueling global market revenue growth.
Computer-Aided Detection (CAD) is a software system that helps in detecting various types of cancers, and neurological or cardiovascular disorders using various imaging modalities such as computed tomography, tomosynthesis, and magnetic resonance imaging. It aids in reducing observational oversights, and false-negative results, and provides error-free results in minimum time. The rising prevalence of chronic diseases, such as breast cancer, lung cancer, stroke, and neurological dysfunctions, is a primary factor in increasing the demand for CAD systems. Technological advancements in diagnostic techniques, increasing efforts by the government to raise awareness about cancer and treatment, and growing investments by market players to develop advanced products with 3D imaging are significant factors boosting revenue growth.
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Some Key Factors Contributing to the Global Pharma & Healthcare Market Growth
Unprecedented revenue growth of the global pharma & healthcare industry is attributed to factors such as the rising prevalence of chronic and acute diseases worldwide, increasing geriatric population, rising awareness of health & wellness among consumers, and growing demand for more advanced healthcare services. Increasing demand for advanced drugs and therapeutics, growing availability of next-generation diagnostics and treatment options – especially in developing countries like India and China – rise in R&D activities and clinical trials in the pharmaceutical and biotechnology sectors, increasing public and private investments in healthcare research projects, and rising consumer expenditure on healthcare are among the other significant factors contributing to the industry revenue growth.
Some key highlights in the report:
- Based on application, the cardiovascular segment is expected to account for a considerable market share between 2021 and 2028. The rising prevalence of cardiovascular diseases around the globe and the increasing need for accurate diagnosis of disease are key factors boosting segment revenue growth, thereby supporting global market growth.
- Among the imaging modalities segments, the mammography segment accounted for the largest market share in 2020 and is expected to maintain its dominant position during the forecast period. The rising prevalence of breast cancer worldwide, increasing awareness about the need for early breast cancer screening, and increasing deployment of CAD mammography systems, especially in multispecialty hospitals, are fueling segment revenue growth.
- The Asia Pacific is expected to account for the fastest revenue growth over the forecast period. Factors, such as growing awareness about the need for early detection and treatment for chronic diseases, government initiatives to raise awareness about cancer and the importance of periodic health checkups, and rising investment in research and development activities are fueling global market growth in the region.
- North America dominated other regional markets in the global computer-aided detection market in 2020. The region is expected to account for robust revenue growth throughout the forecast period. High revenue share is attributable to factors, such as the availability of advanced diagnostic technology, increasing adoption of CAD systems, and well-established healthcare systems.
Top Players in the Global Computer-Aided Detection (CAD) Market:
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, and Agfa-Gevaert N.V are key players operating in the global computer-aided detection market.
The coronavirus pandemic has had a drastic impact on the global healthcare industry, with rising cases of COVID-19 worldwide, substantially growing hospital admission and readmission rates, and rising demand for telehealth and telemedicine services for remote patient monitoring. Furthermore, rising focus on the development of rapid COVID-19 diagnostics such as the RT-PCR test kits, increased government funding for vaccine development, stringent regulatory norms and protocols for COVID-19 safety, and increasing sales of COVID-19 safety equipment, such as N-95 masks, face shields, PPE kits, and hand sanitizers, have driven the global pharma & healthcare industry revenue growth over the recent past.
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Computer-Aided Detection (CAD) Market Segmentation:
Application Outlook (Revenue, USD Million, 2018-2028)
Imaging modalities Outlook (Revenue, USD Million, 2018-2028)
- X-Ray Imaging
- Computed Tomography
- Ultrasound Imaging
- Magnetic Resonance Imaging
- Nuclear Medicine Imaging
Global Computer-Aided Detection (CAD) Market Report: Regional Segmentation
- North America
- The U.S.
- The U.K.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Global Computer-Aided Detection (CAD) Market: Table of Contents
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.4. Research Sources
1.4.1. Primary Sources
1.4.2. Secondary Sources
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
Chapter 3. Key Insights
Chapter 4. Global Pharma & Healthcare Market Segmentation
4.1. Global Pharma & Healthcare Market COVID-19 Impact Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
4.2.3. Market restraints analysis
4.3. Technological Insights
4.4. Porter’s Five Forces Analysis
4.5. Regulatory Framework
4.6. Price trend Analysis
4.7. Competitive Metric Space Analysis
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Frequently Asked Questions Answered in the Report:
- What is the estimated revenue growth rate of the global Computer-Aided Detection (CAD) market over the forecast period?
- What are the major factors driving the global market revenue growth?
- Which are the leading manufacturers and suppliers in the global Computer-Aided Detection (CAD) market?
- Which regional market is expected to lead in terms of revenue share in the global Computer-Aided Detection (CAD) market over the forecast years?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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