Transparency Market Research (TMR) states that EDDA Technology, Inc., Agfa-Gevaert N.V., Hologic, Inc., Fujifilm Medical Systems, Inc., and iCAD, Inc. are some of the leading players in the global computer aided detection (CAD) market. The competitive landscape is quite fragmented, reports TMR. The competition is expected to intensify in the coming years as several new players and startups are entering the market with technological upgrades. Mergers and acquisitions and technological innovation are expected to give the international players an edge over others in the near future.
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According to the report, the global computer aided detection market is projected to reach US$1115.3 mn by the end of 2025. The global market is expected to surge at CAGR of 9.8% from 2017 to 2025. The report points out that the computer aided detection technology will be predominantly used for detection and diagnosis of breast cancer in the healthcare sector. Owing to this reason, the breast cancer segment held a share of 70% in the global market in 2016 and is expected to continue on similar lines. Geographically, North America is leading the global with a share of 62%. High incidence of cancer in the region and better healthcare facilities are driving this regional segment.
The dramatic change in the levels of pollution and changes in lifestyle have, over time, led to a rise in the number of cancer cases. The high incidence of various types of cancer such as prostrate, breast, lunch, colorectal, and others has triggered a need for technologically advanced computer aided detection solutions. These are sophisticated imaging technologies have played a critical role in enabling accurate magnetic resonance imaging, mammography, ultrasound imaging, and nuclear imaging among others. This has increased the demand for CAD in multispecialty hospitals, ensuring growth of this market in coming years. The market is also being driven by exceptional advancements in digital imaging, development of efficient CAD solutions, quick integration of CAD solutions in a wide range of imaging equipment, and growing awareness among the patients about early detection of cancer.
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Medical researchers and practitioners have only been recently using medical imaging devices that are integrated with computer aided detection. The need for computational assistance came from the increasing demand for error-free detection. With technological advancement, CAD has enabled an accurate assessment of the condition that patient maybe suffering from. CAD has achieved this by increasing the sensitivity of diagnostic imaging obtained from radiological imaging devices in the practice of medical investigation and differential diagnostics. Statistics released by WHO state, there is a likelihood of a 30% rise in the number of cancer cases by 2038. The organization further reveals that one third out of these will meet a fatal end due to behavioral and dietary risks. Poor body mass index, low fruit and vegetable intake, tobacco use, alcohol use, and lack of physical activity have been identified as the key causes of cancer cases and morbidity.