Computer Aided Detection Market Expected to Achieve $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 report 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% from 2024 to 2031. This substantial growth is driven by the rising
prevalence of chronic diseases, particularly cancer, and the increasing
recognition of the importance of early cancer detection.
Additionally,
heightened investments and funding for cancer research, alongside rising
healthcare expenditures, are further propelling market expansion. The growing
acceptance of CAD among radiologists, advancements in CAD solutions—especially
those integrating Artificial Intelligence (AI) and Machine Learning (ML)—and
the increase in cancer screening programs are expected to unlock significant
growth opportunities in the market.
However,
challenges such as the high costs associated with CAD solutions and the lack of
technical expertise required for their use pose hurdles to market growth.
Key Players
Leading the
Computer-aided Detection (CAD) market are prominent companies 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.
Oncology is the largest segment by application, driven by increasing awareness
of early cancer diagnosis and the proliferation of cancer awareness and
screening programs. Mammography is the dominant imaging modality segment due to
its critical role in early cancer detection and advancements in mammography
systems.
Hospitals and
clinics constitute the largest end-user segment, fueled by the growing number
of healthcare facilities globally and the availability of skilled
professionals.
Geographic
Insights
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
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