Laboratory Water Purification Market to be Worth $5.44 Billion by 2031

According to this latest publication from Meticulous Research^®, the Computer-aided Detection (CAD) Market is projected to reach $1.56 billion by 2031, at a CAGR of 7.4% during the forecast period 2024–2031.The growth of this market is driven by the rising prevalence of chronic diseases, increasing awareness regarding the importance of early cancer diagnosis, increasing investments and funding for cancer research, and rising healthcare expenditures. Additionally, the growing acceptance of CAD among radiologists, increasing cancer screening programs, and advancements in CAD solutions, such as the integration of Artificial Intelligence (AI) and Machine Learning (ML), are expected to generate significant market growth opportunities.

However, the high costs of CAD solutions restrain the growth of this market. Additionally, the lack of technical expertise required for using CAD solutions is a significant challenge impacting the market's growth.

Key Players

The key players operating in the Computer-aided Detection (CAD) market are Siemens Healthineers AG (Germany), Koninklijke Philips N.V. (Netherlands), GE HealthCare Technologies Inc. (U.S.), Hologic, Inc. (U.S.), FUJIFILM Holdings Corporation (Japan), EDDA Technology, Inc. (U.S.), Canon Medical Systems Corporation (Japan), Riverain Technologies (U.S.), Median Technologies (France), Agfa-Gevaert NV (Belgium), iCAD Inc. (U.S.), CureMetrix, Inc. (U.S.), and THERAPIXEL (France).

Computer-aided Detection (CAD) Market: Future Outlook

The Computer-aided Detection (CAD) market is segmented based on Application (Oncology [Breast Cancer, Lung Cancer, Liver Cancer, Bone Cancer, Other Cancers], Cardiology, Other Applications), Imaging Modality (Mammography, Magnetic Resonance Imaging [MRI], Ultrasound Imaging, Computed Tomography [CT], Other Imaging Modalities), End User (Hospitals & Clinics, Diagnostic Imaging Centers, Ambulatory Care and Surgery Centers), and Geography. The study also evaluates industry competitors and analyzes the CAD market at the regional and country levels.

Based on application, the CAD market is segmented into oncology, cardiology, and other applications. In 2024, the oncology segment is expected to account for the largest share of the CAD market. The segment’s large share is attributed to the increasing awareness regarding the importance of early cancer diagnosis and the growth in cancer awareness and screening programs. For instance, in October 2023, the Government of Luxembourg launched a breast cancer awareness program to combat breast cancer and highlight the importance of early detection. Also, in February 2023, the Union for International Cancer Control (UICC) (Switzerland) launched a breast cancer awareness program to facilitate the early detection of breast cancer.

Based on imaging modality, the CAD market is segmented into mammography, Magnetic Resonance Imaging (MRI), ultrasound imaging, Computed Tomography (CT), and other imaging modalities. In 2024, the mammography segment is expected to account for the largest share of the CAD market. The segment’s large share is attributed to the introduction of advanced mammography systems with cutting-edge technologies. Mammography enables early detection and identification of cancers, which is critical for effective cancer diagnosis and treatment. Furthermore, computer-aided digital mammograms expose cancer patients to substantially less radiation compared to traditional film mammography, preventing hazardous side effects.

Based on end user, the CAD market is segmented into hospitals & clinics, diagnostic imaging centers, and ambulatory care and surgery centers. In 2024, the hospitals & clinics segment is expected to account for the largest share of the CAD market. The segment’s large share is attributed to the growing number of hospitals and clinics. For instance, according to the American Hospital Association (AHA), the total number of hospitals in the U.S. increased from 5,534 in 2018 to 6,093 in 2022, an 11.9% increase. Furthermore, as per the Federal Statistical Office of Germany, the total number of hospitals in Germany reached 1,893 in 2022. Also, the availability of highly skilled professionals in hospitals and clinics drives the demand for CAD solutions.

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Geographic Review

This research report comprehensively analyzes major geographies, namely North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the CAD market, followed by Europe and Asia-Pacific. Furthermore, in 2024, the U.S. is expected to be the largest market share holder in the region. North America’s large share is attributed to the region’s advanced healthcare infrastructure and the presence of major market players such as GE HealthCare Technologies Inc. (U.S.) and Hologic, Inc. (U.S.).

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