Computer Aided Detection Market to reach $2454.41 million, At 9.8% CAGR by 2027 Says Coherent Market Insights

Rise in prevalence of cancer to foster growth of computer aided detection market”

— Coherent Market Insights

SEATTLE, WASHINGTON, UNITED STATES, November 22, 2021 / — Computer Aided Detection, also known as computer-assisted diagnostic, are instruments that help physicians in the interpretation of digital medical images. These instruments are essential in diagnosing a patient's condition and in the planning of treatment. The most common use for these tools is in radiology where the images provided by these diagnostic tools are used to aid in the diagnosis of abnormalities on the imaging screen. Currently, there are more than 80 different types of computer aided devices used for diagnostic purposes in radiology. Some of the most popular diagnostic imaging tools include computed tomography (CT), fluoroscopy, magnetic resonance imaging (MRI), mammography, ultrasound, and optical imaging.

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Key vendors engaged in global computer aided detection market are GE Healthcare, Hologic, Inc., Inc. Philips Healthcare, iCAD, Agfa-Gevaert N.V., Fujifilm Medical System, EDDA Technology, Invivo Corporation, Hitachi Medical Corporation, and Siemens Healthineers.

Growing prevalence of cancer is driving growth of the computer aided detection market. Computer aided detection system helps in early detection of such chronic diseases. According to the U.S. National Library of Medicine, screening-detected cancers increased 13.3% with CAD assistance (four in addition to 30 screening-detected cancers) in the recent years. Computer-aided detection (CAD) is a software technology that has become widespread in radiology practices, particularly in breast cancer screening for improving detection rates at earlier stages.

Expanding medical tourism is another major factor augmenting growth of the computer aided detection market. According to the Health-Tourism, over the last few years, medical tourism has gained popularity among highly industrialized countries such as the United States. The number of medical tourists from the United has increased from about 750,000 in 2007, to over 1.4 million a decade later in 2017. The medical tourism market will be at a value of 125 billion by 2021 whilst the wellness market would reach a staggering 808 billion.

Covid-19 Impact Analysis

The COVID-19 pandemic has impacted tourist business on a global scale drastically, medical tourism was one of them. Most of the patients lined up to undergo organ transplants has been waiting for months due to travel restrictions during a pandemic. However, the sector is witnessing a sedate recovery amid the Coronavirus pandemic after it was hit by the Covid-19 infection and subsequent travel restrictions.

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Key Takeaways:

1. The computer aided detection market is expected to exhibit a CAGR of 9.8 % over the forecast period, owing to growing technological advancement. For instance, in September 2021, the U.S. Food and Drug Administration approved the first new major technological improvement for Computed Tomography (CT). The device uses the emerging CT technology of photon-counting detectors which can measure each individual X-ray that passes through a patient's body.

2. North America is expected to gain significant growth over the forecast period owing to high adoption rate of CAD system for early diagnosis of cancers. For instance, after the US Food and Drug Administration (FDA) approved computer-aided detection (CAD) for mammography in 1998, and the Centers for Medicare and Medicaid Services (CMS) provided increased payment in 2002, CAD technology disseminated rapidly. Despite sparse evidence that CAD improves accuracy of mammographic interpretations and costs over $400 million a year, CAD is currently used for most screening mammograms in the United States.

Computer Aided Detection Market is segmented on the basis of application, end users, imaging modalities

On the basis of application:.

Lung cancer
Breast cancer
Liver cancer
Bone cancer
Prostate cancer
Colorectal cancer
Others (Cardiovascular and Neurological Indications etc.)

On the basis of imaging modalities:

Ultrasound imaging
Computed tomography
Magnetic resonance imaging

On the basis of End Users:

Research centers
Diagnostic centers

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About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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Source: EIN Presswire