Global CAD Market To Cross USD 1 Bn By 2024: TMR
The global Computer Aided Detection (CAD) market was valued at $437 million in 2015, and is estimated to cross the threshold of USD 1 billion by 2024, expanding at a strong CAGR (compounded annual growth rate) of 9.8 per cent from 2016 to 2024. North America is the leading revenue generator in the CAD market, and will continue in this position throughout the forecast period, as per the Transparency Market Research (TMR) study. By imaging modality, mammography has emerged as the most prominent revenue contributor to the global CAD market, and is accounting for a share of just over 50 per cent in 2016. The segment is estimated to contribute a little over USD 240 million 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. There were some other notable findings of the TMR study are as follows:
Alarming rise 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 per cent 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 (CAD) 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 bottom-line 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.
On the basis of geographical markets, CAD systems are prevalent in North America, Europe, Asia Pacific, Latin America, Middle East & Africa. In terms of Computer Aided Detection (CAD), the major applications are for:
- Oncology - Breast cancer - Lung cancer - Colorectal cancer - Prostate cancer - Liver cancer - Bone cancer - Other cancer - Cardiovascular and neurological indications
- Tele-Health To Bolster Home Healthcare Services
- Intel Imparts AI Training To 9,500 Techies
- Fitness Technology To Redefine India's Healthcare Market
- 203 Mn Records Breached In India In H1 2017: Gemalto
- Bank Branches Will Not Die Anytime Soon: Study
- How Digital Is Transforming Child Healthcare
- How Big Data Can Thwart Epidemic Diseases
- Escaping Automation-Led Redundancy In The Indian IT Industry
- Workplace Culture Drives Company’s Financial Performance
- IBM Collaborates With MIT On AI Research