"Increasing Cancer Prevalence and Raising Awareness in the Population for Regular Health Checkups Are the Major Factors Driving the Growth of the Market."
The Computer Aided Detection Market size is forecast to reach $2.6 billion by 2026, growing at a CAGR of 8.7% during the forecast period 2021-2026. Computer Aided Detection is a set of algorithms that uses pattern recognition method and assist physicians with medical images. It is a diagnostic analysis technology that assists in reducing detection errors and is helpful in the diagnosis of several diseases such as cancer, cardiovascular diseases, and neurological diseases among others. Increasing cancer prevalence and raising awareness in the population for regular health checkups are the major factors driving the growth of the market. Rising preference for digital breast tomosynthesis and increasing demand of insurance policies is set to further enhance the overall market demand for the Computer Aided Detection Market for the period 2021-2026.
Computer Aided Detection Market Segment Analysis - By Imaging Modality
Tomosynthesis held the largest share in the Computer Aided Detection Market in 2020 and is estimated to grow at a CAGR 8.2% during the forecast period 2021-2026. The largest share is attributed to the fact that a digital breast tomosynthesis computer aided detection system allows the detection of a large percentage of breast cancer that is 895, 99 of 111 manifesting as masses and microcalcification clusters. The concurrent computer aided detection system uses digital breast tomosynthesis and a tomosynthesis review workstation to generate an enhanced synthetic image. Mammography, also known as mastography uses low energy X-rays to examine the human breast for diagnosis and screening with a goal of early detection of breast cancer through detection of microcalcifications. Magnetic resonance imaging is employed in radiology to take pictures of the anatomy and therefore the physiological processes of the body. It uses strong magnetic fields to generate images of the organs in the body. Magnetic Resonance Imaging is set to be the highest growing segment and is estimated to register the highest CAGR over the period 2021-2026.
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Computer Aided Detection Market Segment Analysis - By Application
Oncology held the largest share in the Computer Aided Detection Market in 2020 and is estimated to grow at a CAGR 8.0% during the forecast period 2021-2026. The largest share is attributed as computer aided detection can detect the smallest and the largest cancer. It has an important impact on the reduction of the occurrence of missed cancers and on breast cancer prognosis. The use of computer-aided detection in oncology increases the mammography detection of breast cancer. Computer-aided detection is used as a prompt for the radiologist to identify potential areas of abnormality on the mammogram and it is a useful tool for the improved detection of breast cancer regardless of the size of cancer. Electroencephalography based computer-aided diagnosis improves the diagnostic accuracy and reduces the cost and results in the diagnosis support regardless of time and place. Cardiovascular and neurological indications are set to be the highest growing segment and are estimated to register the highest CAGR over the period 2021-2026.
Computer Aided Detection Market Segment Analysis - By Geography
North America dominated the Computer Aided Detection Market with the major share of 40.2% in 2020. This is owing to the increasing incidences of breast cancer and the development of advanced breast cancer imaging techniques. An increase in awareness about early breast cancer screening and promotional campaigns as the early detection of chronic diseases by various agencies is also increasing the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the huge population base and subsequent incidences of diseases. Affordable investment cost motivated the key manufacturers to increase the scale of operation in this region.
Computer Aided Detection Market Drivers
Increase in Prevalence of Chronic Diseases
Increase in the prevalence of chronic diseases is increasing the growth of the Computer-Aided Detection Market. Increasing cancer treatment awareness, routine medical check-up and advanced digital imaging techniques have enhanced the effectiveness and efficiencies of computer aided detection solutions. Early detection of chronic diseases is possible owing to the easy integration with various imaging equipment and has applications in research and development activities. Computer aided detection is also boosted by medical tourism along with the gradual increase in demand for health insurance. Thus, increasing the growth of the Computer Aided Detection Market during the forecast period 2021-2026.
Availability of Health Insurance Policies
Availability of health insurance policies is accumulating the growth of the Computer Aided Detection Market. Availability of health insurance policies is important as it provides the best medical care without any strain of finance. It provides protection against the high medical costs of computer aided detection and covers hospitalization expenses, day care procedures, and expenses among others. Health insurance policies enables to focus on the speedy recovery instead of worrying about the high costs of computer aided detection. Thus, increasing the growth of the Computer Aided Detection Market during the forecast period 2021-2026.
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Computer Aided Detection Market Challenges
High Cost of Computer Aided Detection System
Some of the factors that are set to impede the growth of the Computer Aided Detection Market are the high cost of computer aided detection system and inadequate reimbursement policies. Most medical insurance companies do not offer reimbursement for procedures using computer aided detection and so people tend to choose conventional methods for diagnosis. Lack of trained technicians is also set to hinder the growth of the Computer Aided Detection Market.
Computer Aided Detection Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Computer Aided Detection Market. In 2020, the Computer Aided Detection Market share is consolidated by the top ten players present in the market. Computer Aided Detection Market, top 10 companies are Hologic Inc., GE Healthcare, Invio Corporation, Paragon Bioscience LLC, Siemens Healthcare, Agfa, Samsung Medicon Co. Ltd., Hitachi Medical Corporation, IBM, and Mckesson Corporation among others.
Acquisitions/Product Launches
In July 2019, Paragon Biosciences LLC launched its portfolio company, Qlarity Imaging LLC to develop QuantX, a computer aided detection system for breast cancer.
Key Takeaways
North America dominated the Computer Aided Detection Market in 2020 owing to the increasing incidences of breast cancer and development of advanced breast cancer imaging techniques. The Computer Aided Detection Market scope for different regions will be provided in the final report.
Increase in prevalence of chronic diseases and availability of health insurance policies are likely to aid in the market growth of the Computer Aided Detection Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Computer Aided Detection Market report.
High cost of computer aided detection system and inadequate reimbursement policies are poised to create hurdles for the Computer Aided Detection Market.
Related Reports :
A. Digital Breast Tomosynthesis Market
https://www.industryarc.com/Report/15716/digital-breast-tomosynthesis-market.html
B. Magnetic Resonance Imaging Systems Market
https://www.industryarc.com/Report/10605/magnetic-resonance-imaging-systems-market.html
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