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Increasing demand for multi-modal devices that combine several functions is a key factor driving market revenue growth
— Emergen Research
VANCOUVER, BC, CANADA, June 26, 2023/EINPresswire.com/ — The global computer aided diagnosis market size was USD 742.8 Million in 2021 and is expected to register a revenue CAGR of 7.1% during the forecast period, according to latest analysis by Emergen Research. Increase in number of patients and need for computer aided imaging and cancer detection techniques globally is driving market revenue growth. Computer aided diagnostic devices are equipped with high-end facilities, which enhance degree of accuracy and quality of diagnostic outputs, thereby allowing improved oncological diagnosis.
Rapid integration of Artificial Intelligence (AI) in imaging modalities decreases level of manual errors that get generated during the diagnostic process. In addition, improved accuracy mediated by AI upgrades patient healthcare, thereby generating a surge in demand for computer aided diagnostic devices in clinical therapies.
In the recent years, there has been an increasing awareness among patients regarding early diagnosis of cancer owing to the fact that detection and diagnosis of cancer at its early stage can decrease probability of cancer-mediated death significantly. Successful treatment of cancer owing to its early detection is driving surge in patients opting for routine oncological health checkup. In addition, market companies and researchers are developing smart diagnostic and imaging instruments that incorporate a variety of sensors and high-resolution lenses, which simplify the operation process. For instance, in June 2021, Koninklijke Philips N.V. launched DynaCAD, a state-of-the-art visualization device. Highly advanced devices facilitating real-time evaluation, assessment and reporting are increasing adoption rate of these devices by various diagnostic centers and hospitals.
Increase in cases of various types of cancer, especially breast cancer, lung cancer, liver cancer, leukemia, and others is driving revenue growth of the computer aided diagnosis market. According to World Cancer Research Fund, there were around 18 million cases of cancer worldwide in 2020. In addition, in case of opting for health insurance policies, it is mandatory to show reports of various chronic ailments, which require usage of various imaging techniques. With increase in demand for health insurance, market revenue growth is expected to surge during the forecast period.
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Market Overview:
The report bifurcates the Computer Aided Diagnosis market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
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Competitive Terrain:
The global Computer Aided Diagnosis industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
Market Segmentations of the Computer Aided Diagnosis Market
This market is segmented based on Types, Applications, and Regions. The growth of each segment provides accurate forecasts related to production and sales by Types and Applications, in terms of volume and value for the forecast period. This analysis can help readers looking to expand their business by targeting emerging and niche markets. Market share data is given on both global and regional levels. Regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Research analysts assess the market positions of the leading competitors and provide competitive analysis for each company. For this study, this report segments the global Computer Aided Diagnosis market on the basis of product, application, and region:
Leading Market Players Profiled in the Report:
Toshiba Medical Systems Corp., Agfa-Gevaert N.V, Philips Healthcare, Hologic, Inc., iCAD, Inc., Invivo Corporation, G.E. Healthcare Ltd., Siemens Healthcare, McKesson Corporation
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Segments Covered in this report are:
Global Computer-Aided Diagnosis Market Segmentation By Imaging Modalities:
Mammography
Computed tomography
Ultrasound imaging
Magnetic resonance imaging (MRI)
Tomosynthesis
Global Computer-Aided Diagnosis Market Segmentation By Application:
Breast cancer
Lung cancer
Prostate cancer Liver cancer
Colorectal cancer
Bone cancer
Others (cardiovascular and neurological indications)
Global Computer-Aided Diagnosis Market Segmentation By End-User:
Diagnostic centers
Research centers
Hospitals
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Regional Outlook:
North America (the U.S., Canada, Mexico)
Europe (the U.K., Germany, France, Italy)
Asia Pacific (India, China, Japan, Korea)
Latin America (Brazil, Argentina, Ecuador, Chile)
Middle East & Africa (Egypt, Turkey, Saudi Arabia, Iran)
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Research Report on the Computer Aided Diagnosis Market Addresses the Following Key Questions:
Who are the dominant players of the Computer Aided Diagnosis market?
Which regional market is anticipated to have a high growth rate over the projected period?
What consumer trends and demands are expected to influence the operations of the market players in the Computer Aided Diagnosis market?
What are the key growth drivers and restraining factors of the Computer Aided Diagnosis market?
What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
What is the overall impact of the COVID-19 pandemic on the Computer Aided Diagnosis market and its key segments?
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