|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The computed tomography (CT) market size is expected to be valued at USD 7,565.39 million in 2022, at a projected CAGR of 5.76% during the forecast period.
The increasing number of COVID-19 cases has increased the demand for CT scanners, which is expected to impact the CT market positively. For instance, in June 2020, the Abu Dhabi Health Services Company (SEHA) launched a 16-slice mobile CT scanner in the United Arab Emirates for diagnosing pneumonia in COVID-19 patients, indicating that developing countries are using CT scanners for the detection of COVID-19. As per an article titled ‘Chest CT features and their role in COVID-19’, published in June 2020, CT examination played an important auxiliary role in the diagnosis and subsequent management of COVID-19 patients. CT scans can reduce the chance of false-negative results in the RT-PCR assay. These findings led to increased demand for CT scans in the country during COVID-19. Governments worldwide are adopting policy measures to reduce the transmission of COVID-19, which is further decreasing the demand for imaging independent of COVID-19. Measures taken by hospitals for expanding crisis capacity are further reducing the amount of appropriate medical imaging that can be safely performed.
CT scans are considered the most critical diagnostics tool, especially for lung cancer and traumatic brain injuries. The prevalence of these diseases is boosting the market’s growth. Other market drivers are the rising geriatric population, increasing chronic diseases, shifting medical care toward image-guided interventions, and technological advancements. As per the data published by the American College of Chest Physicians in July 2020, lung cancer is one of the most frequently diagnosed cancers. It accounts for 11.6% of the total cancer cases globally. Worldwide lung cancer incidents are estimated to increase by 38%, to 2.89 million, by 2030. According to the International Osteoporosis Foundation (IOF) 2019, one in three women and one in five men aged 50 years and above sustain osteoporosis-related fractures. Approximately 200 million people are affected by osteoporosis worldwide, resulting in a fracture every three seconds. A CT scan provides 3D images of bones and helps in better diagnosis and surgeries for orthopedics. Thus, with the rising burden of orthopedic disorders, the demand for CT scanners is also expected to grow.
Many collaborations, partnerships, and agreements are also taking place in the market. For instance, in December 2020, JSCN Medical Clinic LP and Siemens Healthineers Canada collaborated to open a diagnostic imaging center in Canada. The center will be equipped with magnetic resonance imaging (MRI), computer tomography (CT), X-rays, and ultrasound. Such initiatives by various organizations are expected to influence the market's growth. However, a lack of adequate reimbursement and stringent regulatory framework is expected to hinder the market’s growth.
Scope of the Report
As per the scope of the report, computed tomography (CT) is an imaging process that customizes special X-ray equipment to generate a sequence of exhaustive images or scans of areas inside the body. The computed tomography (CT) market is segmented by type (low slice, medium slice, and high slice), application (oncology, neurology, cardiovascular, musculoskeletal, and other applications), end user (hospitals, diagnostic centers, and other end users), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the market size and forecast in value (USD million) for the above segments.
|By End User|
|Other End Users|
Key Market Trends
The High Slice Segment Is Expected to Observe a Healthy Growth
High slice scanners include scanners that are more than 128 slices, such as 256, 320, and 640 slices, the highest number of slices. Due to the COVID-19 outbreak, companies are developing new products and ramping up production, as CT scanners are used as a primary tool in many areas. In February 2020, United Imaging donated medical imaging equipment worth USD 1.4 million to hospitals in China. It installed one uCT 780 (160-slice CT scanner) high slice scanner at the Huoshenshan Hospital. In April 2020, Canon Medical Systems introduced a deployable 160-slice computed tomography (CT) system integrated with a rapid decontamination tool to improve safety among patients and healthcare professionals.
A High slice CT scanner helps reduce scan time, increase patient throughput, reduce radiation doses, and offers images with more detail and fewer artifacts. It is also preferred for advanced imaging, like in cardiovascular exams. On the other hand, patients with arrhythmias, fast heart rates, obesity, and pediatric patients are better suited for high-slice systems, which are faster and have a larger imaging area. High slice CT is also quicker as no film images need to be developed. Radiologists can further optimize images using computers to detect micro-calcifications that could be missed on low and medium slice CTs. Thus, the advantages of high slice CT scanners may boost the market’s growth.
These CT scanners are one of the most advanced, providing 3D images virtually in any patient, including those with cardiac or respiratory conditions, which are more complex than other conditions.As per the data provided by the British Heart Foundation report in January 2021, cardiovascular and circulatory diseases cause more than 27% of deaths in the United Kingdom, and about 7.6 million people in the country are living with heart diseases.Therefore, such factors are expected to drive the segment's growth in the future.
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North America Accounted for the Largest Share in the Computed Tomography (CT) Market
The North American computed tomography (CT) market holds a significant share globally. In 2020, United Imaging, a global leader in advanced medical imaging and radiotherapy equipment, announced its plan to deploy readily transportable computed tomography (CT) scanners in the United States to help fight against COVID-19. Thus, the demand for CT scanners is expected to rise due to the COVID-19 outbreak.
The US market’s growth can be attributed to the rising geriatric population. As the population ages, more cancer cases and chronic diseases are likely to be identified. According to the National Brain Tumor Society, in 2020, about 700,000 people in the United States had a brain tumor, and around 87,000 people are estimated to be diagnosed with it. Hence, the rising geriatric population is leading to a growing burden of chronic diseases, which may increase the demand for CT scans and drive the market.
According to the National Institutes of Health 2020 report, the estimated investment for cardiovascular diseases is USD 2,622 million in 2022, a significant increase from the 2021 figures of USD 2,499 million. CT rapidly creates detailed pictures of the heart and its arteries. The test can diagnose or detect plaque build-up in the coronary arteries to determine the risk of heart disease, leading to high demand for CT scans in disease management. The market players are focusing on growth strategies, such as product launches, innovations in the existing products, and mergers and acquisitions. For instance, in March 2019, Siemens Healthineers received the US FDA approval to launch its product, SOMATOM Force, which has a dual source and dual detectors technology, coupled with 4D imaging and minimum radiation exposure.
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The computed tomography (CT) market is consolidated due to the presence of a few major players, including Canon Medical Systems Corporation, Koninklijke Philips NV, GE Healthcare, and Siemens Healthineers. These major players hold a significant share in the industry. Most of the players focus on bringing technologically advanced products into the market to acquire the maximum market share.
- In November 2021, Siemens Healthineers launched a photon-counting CT scanner called Naeotom Alpha, and this system is cleared for clinical use in the United States and Europe.
- In May 2021, Royal Philips launched spectral detector-based Spectral Computed Tomography (CT) 7500 for precision diagnostics.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Geriatric Population and Increasing Incidences of Chronic Diseases
4.2.2 Shifting Medical Care Toward Image-guided Interventions
4.2.3 Technological Advancements
4.3 Market Restraints
4.3.1 Lack of Adequate Reimbursement
4.3.2 Stringent Regulatory Framework
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Type
5.1.1 Low Slice
5.1.2 Medium Slice
5.1.3 High Slice
5.2 By Application
5.2.5 Other Applications
5.3 By End User
5.3.2 Diagnostic Centers
5.3.3 Other End Users
5.4 By Geography
5.4.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle-East and Africa
5.4.5 South America
220.127.116.11 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Canon Medical Systems Corporation
6.1.2 Fujifilm Holdings Corporation
6.1.3 GE Healthcare
6.1.4 Shimadzu Corporation
6.1.5 Koning Corporation
6.1.6 Koninklijke Philips NV
6.1.7 Neusoft Medical Systems Co. Ltd
6.1.8 Siemens Healthineers
6.1.9 CareStream Health
6.1.10 Planmeca Group (Planmed OY)
6.1.11 Hitachi Healthcare Systems
6.1.12 Stryker Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Computed Tomography (CT) Market market is studied from 2019 - 2027.
What is the growth rate of Global Computed Tomography (CT) Market?
The Global Computed Tomography (CT) Market is growing at a CAGR of 5.76% over the next 5 years.
Which region has highest growth rate in Global Computed Tomography (CT) Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Computed Tomography (CT) Market?
North America holds highest share in 2021.
Who are the key players in Global Computed Tomography (CT) Market?
Canon Medical Systems Corporation, GE Healthcare, Koninklijke Philips NV, Siemens Healthineers, Fujifilm Holdings Corporation are the major companies operating in Global Computed Tomography (CT) Market.