Increasing number of government initiatives to create awareness about early cancer diagnosis, rapidly improving healthcare infrastructure across the globe, and rising investments in research and development activities are some key factors expected to drive global market growth .
Increasing number of government initiatives to create awareness about early cancer diagnosis, rapidly improving healthcare infrastructure across the globe, and rising investments in research and development activities are some key factors expected to drive global market growth
According to Emergen Research, the global computer aided diagnosis market size was USD 685.62 million in 2020 and is expected to reach USD 1,190 million in 2028 and register a revenue CAGR of 7.0% during the forecast period, 2021-2028.
Market Dynamics:
Computer aided diagnosis also called computer aided detection is a system designed to enhance interpretation of medical images and assist healthcare experts for accurate diagnosis and precise treatment. It uses a set algorithm to process medical images, highlights suspicious sections, and also helps in decreasing false-negative rates. Over the recent years, there has been a significant increase in the usage of CAD technology with various diagnostic modalities such as ultrasound, CT scan, MRI among others. Computer aided diagnosis market revenue growth is significantly driven by factors such as rapid advancements in diagnostic and imaging technology, high usage of AI and CAD technologies in diagnostics, and high prevalence of chronic diseases including cancer types, neurological diseases, and cardiovascular disorders worldwide.
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In addition, rising awareness about regular health checkups, growing availability funds from various public and private organizations, and increasing focus on developing cost-effective and advanced CAD systems are expected to fuel market growth going ahead. However, high cost of CAD systems, dearth of trained healthcare professionals and radiologists, lack of well-established healthcare and diagnostic facilities in certain developing countries, and unfavorable reimbursement schemes are key factors that can hamper market growth to a certain extent during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Mammography Segment to Account for Largest Revenue Share:
The mammography segment is expected to account for largest revenue share between 2020 and 2028. Factors such as increasing incidence of breast cancer across the globe and rising focus on early diagnosis, availability of high-end mammography systems, high adoption of CAD systems in multispecialty hospitals, and growing disposable income among individuals are expected to drive revenue growth of the segment.
Hospital Segment Register Rapid Revenue CAGR:
The hospital segment is expected to register rapid revenue CAGR over the forecast period. Revenue growth of this segment can be attributed to factors high hospital admissions due to rising prevalence of various chronic diseases, increasing penetration of advanced CAD technologies in hospitals due to rise in healthcare expenditure, and growing awareness about timely diagnosis and early medical intervention.
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North America To Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period owing to factors such as increasing incidence of various types of cancer across the region, presence of well-developed healthcare facilities and research centers, and availability of advanced diagnostic equipment and devices. Other factors such as increasing adoption of CAD technology for cancer diagnosis, growing initiatives to raise awareness about benefits of early diagnosis and detection, and rapid rise in product approvals are expected to further fuel North America market growth going ahead.
Major Companies in the Market Include:
- Toshiba Medical Systems Corporation
- Agfa-Gevaert N.V.
- iCAD, Inc.
- GE Healthcare Ltd
- Hitachi High Technologies Corporation
- EDDA Technology, Inc.
- Philips Healthcare
- FUJIFILM Medical Systems
- Hologic Inc.
- Vucomp
- McKesson Corporation
- Siemens Healthcare
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For the purpose of this report, Emergen Research has segmented the global computer aided diagnosis market on the basis of application, imaging modalities, end use and region:
Application Outlook (Revenue, USD Million; 2018–2028)
- Breast Cancer
- Lung Cancer
- Liver Cancer
- Oncology
- Others
Imaging Modalities Outlook (Revenue, USD Million; 2018–2028)
- Mammography
- X-Ray
- Ultrasound
- MRI
- CT Scan
- Others
End Use Outlook (Revenue, USD Million; 2018–2028)
- Hospitals
- Clinics
- Diagnostic Centers
- Others
Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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