Computer Aided Detection Market to Receive overwhelming hike in Revenues by 2025

Medical imaging has played an important role in the healthcare industry. The prevalence of various chronic conditions among patients has augmented the need for advanced diagnostics, paving the way for computer-aided detection services for debilitating conditions such as cancers. Due to its precise technology, computer-aided detection services are able to detect anomalies in the fledgling stages, allowing patients to undergo timely treatment and prevent further complications. Technological enhancements in the form of nanomaterials, big data analytics and 3D/4D imaging have largely simplified the entire computer-aided detection process, producing highly accurate results.

However, the onset of COVID-19 has dented growth prospects of the market. Imposition of nationwide lockdowns has generated a reduction in the number of hospital visits for preventive care, leading to a dip in medical imaging services for the detection of possible chronic malignancies. Additionally, shifting hospital priorities to care for coronavirus patients has reoriented medical imaging towards the detection of respiratory problems from other issues. However, the past two months have witnessed a flattening of the infection curve, prompting several countries to ease lockdown restrictions, thereby uplifting growth prospects of the computer aided detection services market.

“Computer-aided detection systems are riding the high wave due to their perfect suitability in the detection of lung and breast cancers. Leading market players are exploiting this trend in order to bolster their research & development capabilities and launch technologically advanced devices with a high degree of patient comfort,” comments a prominent Fact.MR analyst.

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Computer Aided Detection Market- Important Takeaways

• The global computer-aided detection market shall exceed a value of US$ 1.1 Bn by 2025, expanding at a CAGR of nearly 10% during the forecast period.
• Mammography shall find extensive applications of computer-aided detection systems attributed to the introduction of digital technologies which provide a greater degree of accuracy.
• North America is set to be at the forefront of the computer-aided detection market. Increasing prevalence of breast cancer and subsequent awareness drive to mitigate it drives the market.
• Asia-Pacific is an emerging hub due to a large population base, low production costs, large number of market competitors and a rapidly developing healthcare infrastructure.
• Digital breast tomosynthesis is an emerging detection technology due to its ability to detect anomalies in dense breasts.

Computer Aided Detection Market- Prominent Drivers

• Investments in health insurance policies by individuals is mandating the need to screen for chronic conditions, especially for policies involving a hefty sum of money. This is anticipated to provide traction to the market.
• Burgeoning investment inflows by prominent market players as well as merger and acquisitions amongst them, strengthening their market position and expanding the market.
• The computer aided detection systems market is also multiplying due to the emergence of a large geriatric population pool, increasing the need for minimally-invasive screening procedures for chronic ailments.

Computer-Aided Detection Market- Key Constraints

• Premium pricing of software solutions has rendered it difficult for radiologists and physicians to become discouraged from using computer-aided detection systems.
• Dearth of skilled technicians to operate sophisticated detection equipment is a challenging factor for the computer-aided detection market’s growth in developing nations.
• Opposition from old-school surgeons and radiologists towards technological advancements due to established conventions is proving a hindrance for market growth.

Anticipated Impact of the COVID-19 Outbreak

While the pandemic has a moderate impact on computer-aided detection services across a host of medical applications, a significant crunch was observed in the mammography segment. According to estimates, seven out of ten healthcare settings registered a downturn in mammography screening procedures.

This was attributed to the decrease in the number of in-patient screenings for possible signs of breast cancer due to the imposition of nationwide lockdowns and curbs on transport and movement of people in general to contain the spread of the virus. However, medical practitioners remained undeterred and have utilized the lockdown period to enhance their screening capabilities.

For instance, several mammography centers have been utilizing VolparaEnterprise to analyze their performance and develop improvement plans prior to the resumption of their operations.

Over the past several weeks, various countries are relaxing the restrictions imposed during the lockdowns, allowing businesses to resume their operations. This is attributed to the dip in the number of infections experienced. As a consequence, medical care for other ailments have resumed, restoring the growth trajectory of the computer-aided detection market.

The number of in-patient screenings are witnessing a resurgence albeit with strict social distancing protocols as a precautionary measure. A key challenge the healthcare settings must prepare for is to address the backlog of patients which has accumulated over the past four months by devising contingencies to address the higher-than-normal volume of patients in the months to come.

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Competition Landscape

The global computer-aided detection systems market is highly competitive characterized by the presence of prominent players at a global level. The market in developing regions is fragmented due to intense competitive rivalry among vendors. However, competition is moderate in developing regions. The leading market players specializing in computer-aided detection services are: GE Healthcare, Siemens Healthcare, Agfa-Gevaert N.V, Invio Corporation and Hologic, Inc. In order to acquire a firm footing, these market players are leveraging their product portfolios by virtue of investments in technological innovations through artificial intelligence and digitization. For instance, Agfa manufactures the DR 600 fully-automated digital X-ray room while Hologic Inc. offers the SecureView and Selenia imaging solutions.

More about the market

The research study on the global computer-aided detection market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the global computer-aided detection market over 2020-2025. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2025. Market statistics have been presented on the basis of application (Oncology (Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Liver Cancer, Bone Cancer and Other Cancers) and Cardiovascular & Neurological Indications), and imaging modality (Mammography, MRI, CT, Tomosynthesis and Others (Nuclear Imaging Technology, etc.)) across five major regions (North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa).

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