The global market for computer aided detection is in a nascent stage at present. This market is robustly growing with dependence on the market dynamics of the corresponding imaging modalities for the purpose of market penetration. The market has gained traction over the last couple of years owing to the rising adoption of computer aided detection software solutions for numerous applications for diagnostic such as neurological, musculoskeletal, oncology, and cardiovascular.
The market has been significantly witnessing strong growth owing to the alarming rise in the cases of cancer across the globe. According to a recent study by the World Health Organization (WHO), it is being expected that the number of cancer cases will gain traction by 30%, with Central and South America, Africa, and Asia leading the list. This has triggered concern among people and encouraged the adoption of random checkups and tests as early detection enables a higher cure rate in terms of cancer and the implementation of advanced diagnostic techniques is expected to propel the demand for computer aided detection equipment. The global computer aided detection market is likely to witness a strong 9.8% CAGR from 2016 to 2024. It has been estimated that the market will be pegged at US$1 bn by the end of 2024 from a valuation of US$437 mn in 2015.
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How is rising prevalence of breast cancer a boon for the computer aided detection market?
The leading application for computer aided detection in 2015 was the breast cancer segment and it expected to sustain the position by the end of the forecast period. The dominance of this market can be attributed to the rising number of applications for detecting breast cancer and a low risk of observational errors with the us e of computer aided detection solutions combined with mammography. This segment is also expected to substantially contribute to the growth of the global market with the promising reimbursement scenario for CAD solutions for breast cancer and a well-established identity as a supplementing tool in diagnosing breast cancer.
Physicians are also on the verge to develop new techniques, for instance, the physicians from the Georgia Urology Centre have helped Northside Hospital by developing a system that can produce 3D images of the of the cancer gland by combining ultrasound with CAD and magnetic resonance imaging.
Which factors are responsible for inhibiting the growth of the market?
The technique of polishing images in order to reveal the details is a complex process and thus requires advanced technical skills relating to computer operations. In many developing countries, the dearth of skilled technicians and programmers has surfaced as a key challenge. This has also broadened the gap between the supply and demand of the CAD technology. Additionally, the market is also likely to face challenges from noted resistance from practitioners and premium pricing of the software solutions.
What are the key lucrative regions for vendors to gain from?
Closely trailed by Europe, North America held the leading share in the global CAD market in 2015. The rising number of cases of cancer is the main cause behind the dominance of these regions. With the rising number of death due to cancer, Asia Pacific is also expected to emerge as a region for the growth of the market in the near future. Growing medical tourism in the region and adoption high-end CAD technologies is further expected to provide the market with significant growth prospects.