CAD Market Expected to Hit $1.56 Billion by 2031
Meticulous Research®— leading global market research company, published a research report titled, ‘Computer-aided Detection (CAD) Market by Application (Oncology [Breast, Lung, Colorectal, Liver], Cardiology), Modality (Mammography, MRI, CT, Ultrasound), End User (Hospitals & Clinics, Imaging Centers, Ambulatory Care Centers) - Global Forecast to 2031.’
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According
to the latest findings by Meticulous Research®, the global Computer-aided
Detection (CAD) Market is projected to soar to $1.56 billion by 2031, with a
notable CAGR of 7.4% during the forecast period spanning from 2024 to 2031.
This substantial growth trajectory is attributed to several key factors,
including the escalating prevalence of chronic diseases, particularly cancer,
and the growing recognition of early cancer detection's critical importance.
Moreover,
increased investments and funding for cancer research, coupled with rising
healthcare expenditures, are further propelling market expansion. The
acceptance of CAD among radiologists, advancements in CAD
solutions—particularly integrating Artificial Intelligence (AI) and Machine
Learning (ML)—and the surge in cancer screening programs are poised to unlock
significant market growth opportunities.
However,
challenges such as the high costs associated with CAD solutions and the lack of
technical expertise required for their utilization pose hurdles to market
growth.
Key Players:
Leading
the charge in the Computer-aided Detection (CAD) market are prominent entities
such as Siemens Healthineers AG (Germany), Koninklijke Philips N.V.
(Netherlands), GE HealthCare Technologies Inc. (U.S.), and Hologic, Inc.
(U.S.). Other notable players include FUJIFILM Holdings Corporation (Japan),
EDDA Technology, Inc. (U.S.), Canon Medical Systems Corporation (Japan), and
Riverain Technologies (U.S.), among others.
Future Outlook:
The CAD
market is segmented based on Application, Imaging Modality, End User, and
Geography. Under application, oncology commands the largest segment, driven by
the increasing awareness surrounding early cancer diagnosis and the
proliferation of cancer awareness and screening programs. Mammography emerges
as the dominant imaging modality segment due to its critical role in early
cancer detection and advancements in mammography systems.
Moreover,
hospitals & clinics constitute the largest end-user segment, fueled by the
growing number of healthcare facilities globally and the availability of
skilled professionals.
Geographic
Review:
North
America leads the CAD market, with the U.S. expected to hold the largest market
share in the region by 2024. Europe and Asia-Pacific follow suit, with North
America's dominance attributed to its advanced healthcare infrastructure and
the presence of key market players.
In summary, the CAD market's exponential
growth trajectory underscores its pivotal role in revolutionizing cancer
diagnosis and healthcare outcomes globally.
About Meticulous Research®:
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