Transparency Market Research has published a new market report titled, “Computer Aided Detection Market: (By Imaging Modality: Mammography, Magnetic Resonance Imaging, Ultrasound Imaging, Tomosynthesis, Computed Tomography, and Others; By Application: Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Liver Cancer, Bone Cancer, and Cardiovascular and Neurological Indications): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024.” According to the report, the global computer aided detection market was valued at US$ 437.0 Mn in 2015 and is projected to expand at a CAGR of 9.8% from 2016 to 2024 to reach US$ 1,015.60 Mn in 2024.
Computer aided detection is a technique that helps radiologists to interpret radiology images accurately and identify potential findings in order to avoid incorrect interpretations. There has been significant advancement in medical imaging technology since the late 1980s. The calculating ability of computers and quality of digital medical imaging have improved. This has led to widespread usage of computer aided detection systems. The global computer aided detection market is concentrated in the developed regions of the world. Additionally, rising patient awareness levels because of awareness programs organized by breast cancer charities is likely to drive the market, as these programs encourage women to undertake regular medical examinations.
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Geographically, the computer aided detection market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the largest share of 62.8% of the global computer aided detection market in terms of revenue in 2015, followed by Europe. Dominance of these two regions is due to rise in incidence and prevalence of breast cancer, growing awareness about early breast cancer screening, increase in the geriatric population, and rapid advancement in technologies. The U.S. held a major share of the market in North America as well as globally. According to World Cancer Research Fund (WCRF) statistics, North America had the highest number of new breast cancer cases in 2012 (around 226,125 in the U.S. alone).
The region is a major innovation hub, where leading companies in the segment conduct research and development.
Europe accounted for the second largest share of the global computer aided detection market in 2015 due steady rise in incidence of cancer and coronary artery diseases and introduction of a large number of white papers and publications validating the efficiency of CAD as a supportive diagnostic tool. According to the European Journal of Cancer published in 2013, breast cancer was the leading type of cancer in women in Europe. A report published by the European Union stated that breast, prostate, and colon cancers, and coronary artery diseases act as the largest cause of death in Europe. Countries such as Germany, France, Spain, and Italy have the highest growth rate of various types of cancers. According to the WHO, 450,000 new cases of colorectal cancer were reported in the WHO European Region, and 232,000 deaths in 2008. About 65% of all the new cases occur in high-income countries. Growing health care awareness among the population, need for digitization in the health care sector, and accuracy in detecting cancerous lesions are likely to drive demand for CAD in Europe.
Asia Pacific accounts for over 60% of the world’s population, which translates to a significant patient pool and large number of imaging procedures. According to the Asian Pacific Journal of Cancer Prevention (2010), there were more than 3 million new cancer cases and over 2 million cancer deaths in Asia. Projections suggest the number of new cancer cases in Asia will increase to 7.1 million by 2020 if existing prevention and management strategies remain unchanged. However, most of the countries in the region are positioning themselves as medical tourism destinations for developed nations. This will encourage health care providers to adopt advanced CAD in imaging technologies.
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The computer aided detection market in Latin America, Africa, and the Middle East is in the development phase. According to the Cancer Atlas, about 1.1 million new cancer cases and 600,000 cancer deaths are estimated to occur in Latin America and the Caribbean each year. Prostate cancer is the leading cause of cancer death among males, with about 51,000 deaths annually, followed by lung cancer and stomach cancer. Breast cancer is the leading cause of death among females, with about 43,000 deaths annually, followed by cervical and lung cancer. Furthermore, the burden of cancer is increasing in Africa because of the rapidly aging and growing population, and high prevalence of risk factors associated with economic transition, including smoking, obesity, physical inactivity, and reproductive behaviors. Latin America is one of the most promising regions for the growth of the medical imaging market, with Mexico and Brazil being the largest markets. Growing awareness about diagnostic procedures, low cost of imaging procedures, and rising investment in health care facilities and infrastructure are likely to drive the computer aided detection market in Brazil during the forecast period.
Hologic Inc., GE Healthcare, Invivo Corporation, Siemens Healthcare, and Agfa-Gevaert N.V. are the major players operating in the global computer aided detection market. Hologic Inc. was identified as the leading player in the global computer aided detection market in 2014, accounting for a share of over 35% in terms of revenue, followed by GE Healthcare and Invivo Corporation.