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Computer Aided Diagnostics (CADx) Market is expected to offer significant growth at a CAGR of 13.3%

Author : Senha sam | Published On : 16 Jan 2024

The global Computer Aided Diagnostics (CAD) Market size was valued at USD 5.62 Billion in 2022. It is expected to expand at CAGR of 13.3% from 2022 to 2030.

 Market Overview

Computer-aided diagnosis is the term used to describe the use of imaging software created by computers to help physicians care for their patients (CAD). Radiologists have been using this approach increasingly frequently in recent years. Researchers found that the ability of computer-aided diagnostics to identify breast cancer is improving. The use of artificial intelligence in healthcare is growing, which facilitates simpler, more convenient, and more accurate diagnosis. Although it can be used to detect other types of cancer as well, computer-aided diagnostics (CAD) is most frequently employed to detect breast cancer. Mammography is a technique that looks at pictures to find breast cancer.

The goal of computer-aided detection is to decrease false-negative results and observational errors. Magnetic resonance imaging, X-ray imaging, computed tomography, mammography, and ultrasound imaging are some of the modalities that are used to help in the diagnosis and early detection of various cancers, neurological conditions, and cardiovascular issues. The development of CAD has simplified the process of diagnosing and treating complicated cases. Thanks to technical developments, CAD produces outputs with great precision and no errors, and it takes less time to interpret images. CAD systems are used by healthcare practitioners for a number of activities, one of which is the automatic detection of all non-calcified lesions that may be cancerous.

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Market Dynamics:

Growth Drivers:

The increasing number of incidences of lung, prostate, and breast cancer is the main factor propelling growth in this market. Additionally, a quicker growth rate for the market is anticipated due to increased government efforts to disseminate information about cancer and its therapies.
The fact that more patients are opting for diagnostic imaging procedures is probably going to slow the market's growth. The market is anticipated to grow due to its application in clinical and research and development endeavors, as well as the increasing awareness among medical professionals of its advantages, which include the ability to correctly identify chronic illnesses in their early stages and a reduction in the death rates from neurological, cardiovascular, and cancer disorders. The amount of money that is spent on healthcare in developing nations and the amount that individuals must set aside for personal expenses may further hinder the market's expansion.
Increase in Prevalence of Chronic Diseases:
Because there are more people suffering from chronic illnesses, the market for computer-aided detection is expanding. Computer-aided detection systems operate better and are more efficient because more individuals are aware of how to cure cancer, undergo frequent medical checks, and employ improved digital imaging techniques. Early detection of chronic diseases is made possible by its simple integration with various imaging devices, which may also be applied to research and development. Another positive trend for computer-aided detection is the steady increase in the number of persons seeking health insurance and medical tourism. Thus, it is anticipated that the market for computer-aided detection will expand between 2021 and 2026.

Based on types, the Computer Aided Diagnostics (CADx) Market  is segmented into:

By Type, Mammography

Magnetic Resonance Imaging (MRI), Ultrasound, Tomosynthesis, Computed Tomography (CT)

Based on application, the Computer Aided Diagnostics (CADx) Market  is segmented into:

By End-Use, Hospitals

Clinics, Medical diagnostic centres, Others, By Application, Lung Cancer, Liver Cancer, Oncology, Others

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Regional Insights:
Over the coming years, Asia Pacific's economic output is predicted to grow at a CAGR of 8.6%. In comparison to other regional markets, the Asia-Pacific market is anticipated to grow at a higher rate during the forecast period. The development of diagnostic centers with sufficient infrastructure and technological advancements in the healthcare industry are two major factors anticipated to support market expansion. China, India, Japan, Australia, and Korea are anticipated to continue generating large amounts of revenue during the predicted period.

 Strategic Developments:

 

  •  In January 2019, the American producer of electron sources, Applied Physics Technologies, Inc., had all of its shares acquired by Hitachi High-Technology Corporation. Applied Physics Technologies makes and sells electron sources for electron microscopes and other devices.
  •  In September 2019 - FUJIFILM Medical Systems bought a share in Yokogawa Medical Solutions Corporation, a provider of IT systems for radiology departments. Picture-archiving communication systems are among the many medical information technology systems and products that FUJIFILM offers all over the world.
  • To enhance product design and manufacturing, Hexagon AB announced in March 2020 that it will acquire CAE fatigue Limited, a supplier of mechanical fatigue simulation systems. The former company hopes to improve its smart factory simulation solutions with this purchase.

Regional Computer Aided Diagnostics (CADx) Market  coverage (Regional Status, Demand Forecast, Country Trends, etc.):

  • North America, Europe, China, Japan, Southeast Asia, India.
  • North America (USA, Canada, and Mexico).
  • Europe (Germany, France, UK, Russia and, Italy).
  • Asia-Pacific (China, Japan, Korea, India and, Southeast Asia). 

    Key segments covered in Computer Aided Diagnostics (CADx) Market  include:

  • Computer Aided Diagnostics (CADx) Market  Growth Drivers and Barriers.
  • Market Trends, Market Opportunities, Porter's Five Forces Analysis.
  • Market Overview, Industry Development, Market Maturity, Value Chain Analysis.
  • Regional and Country Level Analysis.
  • Trends and Forecasts for Market Segments.
  • Market Analysis and Various Recommendations.
  • Key market forces.

    Report Customization:

    This report will be customized to your needs for additional data up to 5 companies or 5 countries or nearly 40 analyst hours.

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Key Market Participants in the Computer Aided Diagnostics (CADx) Market :

Hitachi High Technologies Corporation, Vucomp, Siemens Healthcare, EDDA Technology, McKesson Corporation, iCAD, GE Healthcare, Riverain Technologies, Invio Corporation, Median Technology.
 

 

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