Sarasota, FL, Dec. 13, 2016 (GLOBE NEWSWIRE) -- Zion Research has published a new report titled “Computer Aided Detection Market by Imaging Modalities (Magnetic, Resonance Imaging, Mammography, Ultrasound Imaging, Tomosynthesis, Computed Tomography and Others) for Oncology, Cardiovascular and Neurological Indications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021” . According to the report, global computer aided detection market was valued at around USD 450.0 million in 2015 and is expected to generate revenue of approximately USD 770.0 million by end of 2021, growing at a CAGR of around 9.5% between 2016 and 2021.
Computer aided detection (CAD) is a technology designed to analyze a radiographic finding to estimate the likelihood that the feature represents a specific disease process. The CAD is used to increase the detection of disease by reducing the false negative rate due to observational oversights. CAD helps to standardize breast MRI study analysis and provides customized reporting, designed to generate highly detailed breast MRI study reports that thoroughly and effectively communicate the extent of disease.
Browse through 27 Market Tables and 19 Figures spread over 110 Pages and in-depth TOC on “Global Computer Aided Detection Market: By Size, Applications, Segments, Industry Share, Analysis and Forecast 2015-2021”.
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Growing incidence and prevalence of various chronic diseases such as cancer coupled with the aging population are key drivers for fueling the growth of computer aided detection market. As per the WHO report, cancer is the leading cause of mortality and morbidity across the globe. More than 12 million new cancer cases and 8.0 million cancer-related deaths in 2012, and the cases are projected to reach around 22 million within next two decades. Favorable reimbursement for breast cancer CAD solutions and its well-established identity as a supplement tool in the diagnosis of breast cancer is further expected to boost the market growth in the years to come. However, scarcity of healthcare IT professionals and high maintenance and service expenditure are some of the key restraints for the market. Nonetheless, the evolution of artificial intelligence (AI) to assist in the continuous development of CAD is expected to open up new growth opportunities in the near future.
Based on product, the computer aided detection can be segmented into magnetic resonance imaging, mammography, ultrasound imaging, tomosynthesis, computed tomography and others. Among all products, mammography dominated the computer aided detection market owing to increasing prevalence of cancer, which is the lead cause of morbidity and mortality. For instance, according to the World Cancer Research Fund International, North America, and Oceania accounted for the highest breast cancer rate. Thus, this segment is also expected to be a fastest growing segment over the forecast period.
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The computer aided detection market is segmented on the basis of key application including oncology, cardiovascular and neurological indications. Oncology segment includes breast cancer, lung cancer, colorectal cancer, prostate cancer, liver cancer, bone cancer and other cancer. Oncology was the largest application segment for computer aided detection market. The prostate cancer application segment is expected to increase at the fastest growth rate from 2016 to 2021. This can be attributed to the increasing number of regulatory approvals for various prostate cancer detection CAD solutions and the rising incidence of the disease.
In terms of revenue, North America held the largest share of global computer aided detection market and is expected to dominate the market over the next few years. This growth is mainly due to advancement in technology and adoption of new trends in image analysis and pattern recognition algorithm to workflow management functions for the diseases and conditions. The U.S. held the most significant market for computer aided detection as it is a key innovation hub and leading companies in the segment have been conducting thorough R&D.
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In 2015, North America was followed by Europe in terms of revenue. Europe was the second largest regional market increasing chronic diseases. Moreover, the adoption of new technologies is expected to witness significant growth in the years to come. The growth in the market is led by rising awareness for health and rapid expansion of the healthcare industry.
Asia Pacific is expected to be the fastest growing market in near future. This growth is mainly due to rise cost-effective technologies, demand for medical tourism, and government initiatives. Asia Pacific computer aided detection market is mainly driven by the increasing population, rising incidence rate of chronic diseases, coupled with the rising health awareness among people, especially in China and India.
The Middle East & Africa regional market is expected to witness moderate growth in the near future. The growth is attributed to rapid growth in aging population coupled with health care awareness regarding the chronic disease. Latin America is another important regional market and is expected to experience significant growth over the forecast period. Increasing healthcare industry coupled with the adoption of new technology developed for computer aided detection in Brazil is anticipated to fuel market growth in Latin America.
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Some of the key players operating in this market include GE Healthcare, Agfa-Gevaert N.V., Fujifilm Medical Systems USA, Inc., Hologic, Inc., Samsung Medison Co. Ltd, and Philips Healthcare.
This report segments the global computer aided detection market as follows:
Global Computer Aided Detection Market: Imaging modality Segment Analysis
- Mammography
- Ultrasound Imaging
- Magnetic Resonance Imaging
- Tomosynthesis
- Computed Tomography
- Others
Global Computer Aided Detection Market: Application Segment Analysis
- Oncology
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Prostate Cancer
- Liver Cancer
- Bone Cancer
- Other Cancer
- Cardiovascular & Neurological Indications
Global Computer Aided Detection Market: Regional Segment Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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