Computer Aided Imaging Market Size (2024 – 2030)

Global Computer-Aided Imaging Market was valued at USD 742.07 Million and is projected to reach a market size of USD 2,113.76 Million by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 16.13%.

The deaths due to cancer have led the governments to come up with various awareness initiatives along with the key industry contributors to come up with breakthrough imaging technologies. Computer aided assistance in medical sciences has subsisted for a long time. Over the past decades, Doctors, Practitioners and Researchers have been using medical imaging equipment that are integrated Computer Aided Detection (CAD) or Computer Aided Diagnosis. CAD is applied to increase the sensitivity of diagnostic imaging in case of medical investigation and differential diagnostics.

Key Market Insights:

• According to an article published by the American Cancer Society (ACS), 43,250 women deaths from breast cancer were guessed in 2022, with 2,87,850 new instances of invasive breast cancer. Women aged 50 and over accounted for 83% of new cases of invasive breast cancer and 91% of all breast cancer-related deaths.

• The breast cancer segment with a market share of 67.1% in 2022 owing to the increasing incidence rate of breast cancer globally, increasing awareness & initiatives, early detection, and improvements in available treatment. In 2020, 2.3 million women were confirmed with breast cancer, with 685,000 deaths globally.

Computer Aided Imaging Market Drivers:

• Hiking demand for computer-aided detection (CAD) solutions driving market growth.

Increasing demand for (CAD) solutions is forecasted to drive the U.S. computer-aided detection (CAD) market over the estimated period. Computer-aided detection (CAD) units are rising in multispecialty hospitals. Versatile diagnostics systems are preferred in multispecialty hospitals, owing to advantages such as cost-effectiveness and higher return on investment.  

• Rising prevalence of Chronic diseases is fueling market demand.

The growing incidence rate of breast, prostate and lung cancer is the most important factor driving the growth for this market. Moreover, the increased government efforts to raise awareness regarding cancer and treatment is expected to accelerate the overall growth of the market. The increasing number of patients choosing for diagnostic imaging techniques are projected to cushion the improvement of the market. Moreover, its usage in applications such as clinical and research and development activities, growing awareness among the healthcare professionals regarding its benefits such as its ability to detect chronic diseases in early stages accurately, lowering mortality rates due to cancer, cardiovascular, and neurological diseases is also expected to fuel market growth. Moreover, the healthcare expenditure in developing economies and escalating disposable income also cushions the market’s growth within the forecasted period.

• The accessibility to Health Insurance Plans is propelling market growth.

The availability of Health Insurance Plans is attributing to the growth of the CAD market. These policies are crucial because they allow the greatest medical care to be obtained without financial pressure. Policies protect against the costly medical expenditures associated with CAD and pay for things such as hospital bills, daycare procedures and other fees. Insurance policies allow people to concentrate on their faster recovery rather than worrying about the expenditures of CAD.    

Computer Aided Imaging Market Restraints and Challenges:

The unfavorable factors that are hampering the expansion of CAD market are:

• Costly CAD solutions. Increasing costs attached to CAD solutions coupled with probability of risk of failure to detect the abnormalities are a major restraint to the growth of the global CAD Imaging Market. Additionally, the lack of skilled technicians to handle CAD equipment and low awareness in rural areas are further slowing down the growth.

Computer Aided Imaging Market Opportunities:

• The advanced digital imaging techniques have enhanced the effectiveness and efficiencies of computer aided detection solutions, which expands profitable opportunities to the market players in the estimated period. Furthermore, the investments in research and development of computer aided detection with 3D imaging will further expand the computer aided detection (CAD) market's growth rate in the future.
• One noticeable trend is the rising use of AI and Machine Learning algorithms in CAD systems. These technologies have permitted CAD systems to detect anomalies more accurately and efficiently, improving diagnostic capacities and lowering false-positive rates. In 2020, the endoscopic program ENDO-AID CAD, a cutting-edge platform driven by Al for the colon, was launched by Olympus Corporation, which provides a real-time presentation of automatically detected problematic lesions.
• The expansion of CAD into various medical fields

The spread of CAD into other medical specialties apart from radiology is another noteworthy development. While CAD systems were primarily centred on mammography for the early identification of breast cancer, they have since expanded into fields like gastrointestinal imaging, cardiovascular imaging, and lung imaging. By enabling the detection of multiple diseases and ailments across multiple medical specialties, this growth has widened the applications of CAD.

COMPUTER AIDED IMAGING MARKET REPORT COVERAGE:

Computer Aided Imaging Market Segmentation: By Application

• Breast Cancer

• Lung Cancer

• Colon/Rectal Cancer

• Prostate Cancer

• Liver cancer

• Bone Cancer

• Neurological/ Musculoskeletal/ Cardiovascular Cancer

Based on applications, the breast cancer segment is estimated to account for a key share of the market during the forecast period because of its increasing prevalence of breast cancer among women. Moreover, growing awareness to undergo cancer testing among pregnant women and their concerns for regular health checkups are key factors boosting the segment growth.

Computer Aided Imaging Market Segmentation: Imaging Modalities

• X-Ray Imaging

• Computed Tomography

• Ultrasound Imaging

• Magnetic Resonance

• Nuclear Medicine Imaging

The X-Ray segment is expected to hold a large share of the market during the forecast period as it forms a core constituent for any imagining process that involve in the detection of all types of cancer. To overcome the restrictions of X-Ray, several researches have been conducted, which present a major factor propelling the segment expansion.

Computer Aided Imaging Market Segmentation: End User

• Hospitals

• Diagnostic Centres

• Research Centres

Diagnostic Imaging Centres holds the largest market share and persuades the market by a CAGR of 5.2% over the forecasted period. The attributing factor for the growth of this segment is it helps to facilitate the MRI/A which prevents the risks of arterial puncture, iodinated contrast load, and radiation exposure while giving information on arterial wall anatomy and obtaining a generalized arterial survey in TAK. These centres provide the facilities like Ultrasound which can help detect sub-millimetre changes in wall thickness of the carotid arteries and in differentiating TAK from atherosclerotic disease based on minimal plaque content, concentric and long segmental inclusion and location of the lesion.

Computer Aided Imaging Market Segmentation: By Region

• North America

• Asia-Pacific

• Europe

• South America

• Middle East and Africa

On the basis of regions, North American is anticipated to dominate the market CAGR during the projected period owing to early acceptance of advanced technology in cancer diagnostics and cure and increasing efforts in research to develop newer technology. Moreover, shifting trends towards workflow management functions for the diseases and conditions which form image analysis and pattern recognition algorithm are factors fuelling the regional market expansion.

On the other hand, the market in Asia Pacific is expected to show a rapid growth rate in the coming years owing to the fastest-growing market, development of cost-effective technologies, ask for medical tourism and government initiatives and programs in the region.

COVID-19 Impact Analysis on the Computer Aided Imaging Market:

The various stringent guidelines and regulations by the government due to the COVID-19 has affected the healthcare market negatively. The CAD market was deteriorating too as the smaller number of patients were able to go the hospitals, diagnostic centres and research centres to diagnose for breast cancer, lung cancer, colon/rectal cancer, prostate cancer, liver cancer, bone cancer or neurological/ musculoskeletal/ cardiovascular cancer due to the lockdown regulations.

However, the market bounced back to the same position in the post COVID-19 scenario as the key players focused towards various innovations and developments which accelerated the market’s growth across the world.

Latest Trends:

• Emerging Economies Improve the Market:

Developing economies such as India, China, Brazil, South Korea, Turkey, Russia, and South Africa are trying to offer high growth opportunities for big players in the Diagnostic Imaging Market. The economies are majorly eyeing on the cost factor because it acts as a concern for these developing countries, their huge population base, especially India and China are trying to make a sustainable market for diagnostic imaging devices. The higher cases of chronic diseases such as cancer, stroke and neurological and cardiovascular diseases and the higher mortality rates in these countries show the need for early detection​​​​​​

• Growing demand for state-of-the-art imaging modalities by teaching hospitals and universities to provide training for advanced technology:

The rise in the prevalence of cardiac disease drives the growth of the medical/diagnostic imaging market size and also pushes the hospitals because it is the only platform that facilities this technology for diagnostic market. The imaging system such as Radionuclide imaging, Ultrasound, Optical imaging, and CT scan is applied in the diagnosis of cardiac disorders to increase diagnosis accuracy and enhance patient care by hospitals. In addition, an upsurge in the number of hospitals and diagnostics centres and initiatives taken by the government and private organizations to improve medical sectors drive the medical imaging market trends.​​​​​​ Furthermore, the growing R&D activities in imaging technology and rise in the number of approval for products boost the medical/diagnostic imaging industry. For example, in April 2021, Canon Medical Systems USA, Inc., a leading developer of medical devices, received U.S. FDA permit for One-Beat Spectral Cardiac CT, for cardiovascular imaging.

Key Players:

1. EDDA Technology, Inc.

2. FUJIFILM Holdings Corporation

3. Hologic, Inc.

4. Siemens

5. NANO-X Imaging Ltd.

6. Canon Medical Systems Corporation

7. GENERAL ELECTRIC

8. IBM