Computer Aided Detection Market to Rise to US$1.47 bn by 2020 due to Growing Prevalence of Cancer: Transparency Market Research

Albany, NY, March 21, 2016 (GLOBE NEWSWIRE) -- The global computer aided detection market is expected to progress at a CAGR of 10.8% between 2014 and 2020. The market was valued at US$0.72 bn in 2013. It is expected to reach US$1.47 bn by the end of 2020, according to a research report released by Transparency Market Research, titled “Computer Aided Detection Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”.

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According to the report, the primary growth driver for the global computer aided design market is the growing prevalence of cancers, including that of colorectal, liver, bone, prostate, lung, and breast. This is creating a major demand for the use of CAD systems for an efficient diagnostics process.

The global computer aided design market is currently in its early stages and is therefore heavily dependent on the dynamics of the global imaging modality market for its own regional penetration. The market is, however, benefitting largely from a growing number of CAD applications in musculoskeletal, neurological, cardiovascular, and oncological medical fields.

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The report describes the global computer aided design market as one with a high potential for growth, with healthy competitive dynamics albeit a highly specific utility spectrum.Other growth drivers for the global computer aided design market are the growing awareness among consumers about the early detection advantages of cancer, the growing integration of CAD systems with multiple imaging equipment.

In terms of applications, the global CAD market was dominated by the breast cancer segment in 2013. It held over 70% of the market in that year and is expected to maintain its lead for the report’s forecast period owing to a growing number of breast cancer diagnoses, greater efficiency of CAD systems, and feasible reimbursement schemes.

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The fastest application segment for the global CAD market’s forecast period is expected to be lung cancer.North America led the global CAD market in 2013, from a geographical point of view. However, the future of the market’s growth rate is expected to be dictated by the emerging economies of Asia Pacific. Countries including India, China, Japan, South Korea, and Australia are experiencing a rapid rate of improvements in healthcare infrastructure, making it easier for the global CAD market to penetrate these regions. Countries such as India are additionally benefitting from the growth of medical tourism, making it a more profitable avenue for the global CAD market.

Key players in the global computer aided design market are Siemens Healthcare, Philips Healthcare, McKesson Corporation, VuCOMP, Invivo Corporation, Hitachi Medical Corporation, GE Healthcare Ltd., Fujifilm Medical Systems, Inc., EDDA Technology, Inc., Agfa-Gevaert N.V., iCAD, Inc., and Hologic, Inc.

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Key segments of the Global Computer Aided Detection Market

Global Computer Aided Detection Market, by Application

  • Oncology
    • Breast Cancer
    • Mammography
    • Magnetic Resonance Imaging (MRI)
    • Ultrasonography
    • Tomosynthesis
    • Nuclear Imaging
    • Others
  • Lung Cancer
  • Colorectal Cancer
  • Prostate Cancer
  • Liver Cancer
  • Bone Cancer
  • Cardiovascular and Neurological Indications

Global Computer Aided Detection Market, by Imaging Modalities

  • X-ray Imaging
  • Ultrasound Imaging
  • Computed Tomography Imaging
  • Magnetic Resonance Imaging (MRI)
  • Nuclear Imaging
  • Others

Global Computer Aided Detection Market, by Geography

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World

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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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Source:Transparency Market Research