Global Computer Aided Detection Market to Reach US$1.4 bn by 2020, Driven by Rise in Cancer Incidence
The global computer aided detection market was valued at US$0.7 bn in 2013 and is expected to be valued at US$1.4 bn by 2020. Increase in cancer incidence will help the global computer aided detection market to grow at a 10.80% CAGR till 2020.
Rising Number of Various Cancers Driving Global CAD Market
Computer aided detection technique helps radiologists precisely and easily understand diagnostic images and relate potential findings. The global computer aided detection market is in its growth stage, as the technology is used in numerous applications, such as cardiovascular, oncology, neurological, and musculoskeletal. The global computer aided detection market is highly dynamic and competitive.
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The global computer aided detection market is segmented on the basis of geography, application, and imaging modalities. By geography, the global computer aided detection market is divided into Asia Pacific, North America, Europe, and Rest of the World. In 2013, the North America market for computer aided detection applications accounted for the highest share and will continue to dominate during the forecast period. The Asia Pacific market for computer aided detection is expected to develop rapidly during the forecast period. Growth in the number of NGOs and the rising medical tourism sector in the Asia Pacific region will further boost the growth of the global computer aided detection market.
Some of the leading players in the global computer aided detection market are Hologic Inc., EDDA Technology Inc., GE Healthcare Ltd., Fujifilm Medical Systems Inc., Hitachi Medical Corporation, VuCOMP, Philips Healthcare, Invivo Corporation, Siemens Healthcare, and iCAD Inc.
Application of CAD Highest in Oncology, X-Ray Systems Top Market Demand
By application, the global computer aided detection market is divided into oncology and cardiovascular and neurological indications. By application, the oncology segment accounted for 90% of the global market in 2013; breast cancer was the largest application segment within oncology.
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On the basis of type of imaging modalities, the global computer aided detection market is divided into computed tomography, magnetic resonance imaging, X-Ray imaging, ultrasound imaging, and nuclear medicine imaging. By imaging modality, the X-ray segment led the global imaging modalities market with a value of US$351.3 mn in 2012.
Many leading players in the global computer aided detection market are introducing advanced computer aided detection services and applications to serve different industries. iCAD, Inc. will present its computer aided detection services at the 6th Annual Craig-Hallum Alpha Select conference in Nashua, New Hampshire. iCAD, Inc. is an industry-leading service provider of image analysis, radiation therapy, and workflow solutions for early detection and identification of cancer. iCAD offers a wide variety of computer aided detection solutions to support accurate detection of prostate, breast, and colorectal cancers.
The comprehensive technology platforms offered by iCAD, Inc. comprise of advanced software and hardware and management services to support radiation therapy treatments and cancer detection. iCAD’s Xoft Axxent Electronic Brachytherapy (eBx) System is a noninvasive and painless technology that delivers low-energy radiation and high dose rate, which targets cancer and minimizes radiation damage to healthy tissue. iCAD’s Xoft System is CE-marked and FDA-cleared and can be used for treatments such as early-stage breast cancer, non-melanoma skin cancer, and gynecological cancers.