Computed Tomography (CT) Market Insights 2030
The computed tomography (CT) market size was valued at $5,625.0 million in 2020, and is estimated to reach $9,919.0 million by 2030, growing at a CAGR of 5.7% from 2021 to 2030. Computed tomography is defined as a computerized x-ray imaging procedure in which it creates detailed images of internal organs, bones, soft tissue, and blood vessels. In this procedure, cross-sectional images are generated during computed tomography scan. Computer tomography scanning is the best method for detecting many different types of cancers and the images allow doctors to identify the presence of tumor and determine its location and size. It is used to visualize the infection and evaluate injuries related to head, shoulders, spine, heart, abdomen, knee, and chest. It can diagnose life threatening conditions.
Impact Of Covid-19 On Computed Tomography (CT) Market (Pre And Post Analysis)
Growth of the global computed tomography (CT) market is majorly driven by increase in prevalence of cardiovascular diseases such as coronary heart disease, chronic diseases such as diabetes; increase in various types of cancer such as lung cancer, breast cancer, head cancer; increase in cases of communicable diseases such as COVID-19 ; rise in demand for computed tomography scan to detect the infection; surge in usage of computed tomography scans to determine the efficacy of treatment over various disorders; development of new computed tomography system by large number of key players; and advancements in technologies in the field of computed tomography system. According to the International Osteoporosis Foundation in 2019, approximately 200 million people were affected by osteoporosis related fractures worldwide. Thus, with rise in burden of orthopedic disorders, the demand for computed tomography scan to diagnosis is anticipated to foster the growth of the computed tomography market.
Rise in geriatric population, surge in demand to identify efficacy of the treatment are the factors that fuel the growth of the computer tomography market. For instance, in December 2020, United Imaging launched uCTATLAS, an ultra-wide bore computed tomography system with innovative artificial intelligence technology designed to control pandemic. In addition, according to the Radiological Society of North America (RSNA), in 2020, the chest computer tomography (CT) in COVID-19 indicates that chest CT images indicate common symptoms in patients with COVID-19 such as ground glass opacities, vascular enlargement, and lower lobe involvement. This procedure increases awareness among patients for early detection of disorders and to avoid the spread of infection in chest. Thus, rise in awareness among people about computed tomography scan fuels the market growth.
According to The National Cancer Statistics in 2020, there were 1,806,590 new cases of cancer in the U.S. In March 2021, Nikon Corporation launched a new 225 kV, micro-focus X-ray CT system, which provides both interior and exterior sample to be calculated and examined non-destructively.
In addition, increase in number of manufacturers of computed tomography system is anticipated to boost the growth of the market. For instance, in December 2020, Waygate Technologies, a Baker Hughes business- the world leader, launched its first high-energy computed tomography (CT) system, the Phoenix Power scan HE. Furthermore, rise in awareness among individuals for early diagnosis and management of diseases such as cardiovascular disorders, neurological disorders, & musculoskeletal disorders, and increase in number of product approvals are expected to provide remunerative opportunities for the expansion of the global computed tomography (CT) market during the forecast period.
The COVID-19 outbreak is anticipated to have a positive impact to fuel the growth of the global computed tomography market. CT scan assesses the impact of COVID infection in lung and it has improved visibility and specificity of the infection in the lung. The respiratory issues were identified in patients during COVID-19 with the help of computed tomography scan. Implementing appropriate preventative safety measures, optimizing chest CT protocols, and developing a consistent reporting system based on pulmonary findings in this condition have improved the clinical value of chest CT. Thus rise in number of COVID-19 cases has increased the usage of computed tomography scan, which is anticipated to drive the computed tomography market during the forecast period.
Thus, technological advancements in diagnostic instrument and rise in awareness regarding early diagnosis propel the growth of the market. However, high cost associated with computer tomography systems installation and maintenance is expected to restrict the market growth during the forecast period.
Computed Tomography (CT) Market Segmentation
The computed tomography market is segmented into type, application, end user, and region. By type, the market is categorized into low slice, medium slice, and high slice. On the basis of application type, it is divided into oncology, neurology, cardiovascular, musculoskeletal, and others. Depending on end user, it is categorized into hospitals & Clinic, diagnostic centers, and others. Region-wise, the computed tomography (CT) market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
By Type
Depending on type, the medium slice segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in R&D activities in the pharmaceutical & medical device industry, rise in demand for early detection, and surge in adoption of computed tomography systems. However, the high slice segment is expected to witness considerable growth during the forecast period, owing to increase in number of diagnostic centers and growth in number of key players for development of computed tomography systems in the medical device industry.
By Type
Low Slice & Medium Slice segments holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
By Application
On the basis of application, the oncology segment was the major contributor in 2020, and is expected to maintain its lead during the forecast period, owing to increase in prevalence of lung cancer, rise in the number of musculoskeletal disorders, and increase in demand for early diagnosis. However, the cardiovascular segment is expected to witness considerable growth during the forecast period due to increase in number of COVID-19 cases, rise in demand for early diagnosis, and development of advanced computed tomography systems in the hospital and clinics.
By End User
On the basis of end user, the hospitals & clinic segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to large number key players offering advanced computed tomography devices, increase in demand to determine efficacy of treatments, development of novel & innovative computed tomography systems, and advancement in R&D activities for diagnosis of various diseases. However, the diagnostic centers segment is expected to witness considerable growth during the forecast period, owing to increase in detection of vascular diseases, and surge in awareness about computed tomography scan.
By End User
Hospitals segment is projected as one of the most lucrative segment.
By Region
North America garnered the major share in the computed tomography market in 2020, and is expected to continue to dominate during the forecast period, owing to rise in prevalence of inflammatory diseases, presence of key players, development of the healthcare sector, presence of new innovative computer tomography systems, and advancement in technology for computed tomography in the region. However, Asia-Pacific is expected to register the highest CAGR of 7.2% from 2021 to 2030, owing to increase in prevalence of chronic diseases, rise in demand for early diagnosis, and development of healthcare infrastructure.
By Region
Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 8.4% during the forecast period.
Competition Analysis
The key players that operate in the global computed tomography market include Cannon Medical Systems Corporation, Fujifilm Holdings Corporation, GE Healthcare, Koning Corporation, Koninklijke Philips NV, Neurologica Corporation, Neusoft Medical Systems CO.Ltd., Shimadzu Corporation, Siemens Healthineers, and Stryker Corporation.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the computed tomography market, and the current trends & future estimations to elucidate imminent investment pockets.
- It presents a quantitative analysis of the market from 2021 to 2030 to enable stakeholders to capitalize on the prevailing computed tomography (CT) market opportunities.
- Extensive analysis of the market based on procedures and services assists to understand the trends in the industry.
- Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the computed tomography (CT) market.
Computed Tomography (CT) Market Report Highlights
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Analyst Review
This section provides the opinions of the top level CXOs in the computed tomography market. According to the insights of CXOs, increased prevalence of cancer, rise in geriatric population, surge in incidences of chronic diseases, shift of medical care toward image-guided interventions, and technological advancements are all attributed for growth of the computed tomography market.
The CXOs further added greater consumer awareness and demand for preventive diagnostic screening, escalating demand for healthcare services from overall population. Furthermore, new technical advancements are predicted to broaden diagnostic imaging technology's clinical applications and increase the number of scans conducted.
In addition, rise in oncology, neurology, cardiovascular, musculoskeletal, and other disorders are expected to drive the market. Furthermore, the emphasis on less invasive procedures for diagnosis, as well as the growth in popularity of automated workflow in emergency clinical settings, contributes toward the growth of the market.
The market gains interest of healthcare companies, owing to focus on preventive diagnosis, early detection of diseases, and highly advanced CT scanners, providing 3D images virtually in any patient, includes those with cardiac or respiratory conditions, which are more complex than other health conditions. This leads to increase in its utilization for computed tomography, thus is a great opportunity for that further propels the growth of the market.
North America is expected to witness highest growth, in terms of revenue, owing to rise in geriatric population, chronic diseases, presence of key players, and advancements in healthcare investments. Asia-Pacific was the second largest revenue contributor to the market in 2020, and is expected to register the fastest CAGR during the forecast period, owing to increase in incidences of chronic diseases, unmet needs for advanced diagnostic systems, and surge in awareness of preventive diagnosis in healthcare sectors. However, high cost of the implementation, maintenance, and stringent government policies may restrain the market growth during the forecast period
The total market value of computed tomography market is $5625.0 million in 2020.
The forecast period for computed tomography market is 2021 to 2030
The market value of computed tomography market in 2021 is $ 6,013.1 million.
The base year is 2020 in computed tomography market
Top companies such as Cannon Medical Systems Corporation, Fujifilm Holdings Corporation, GE Healthcare, Koning Corporation, Koninklijke Philips NV, Neurologica Corporation, Neusoft Medical Systems CO. Ltd., Shimadzu Corporation, Siemens Healthineers, Stryker Corporation held a high market position in 2020.
Low Slice & medium slice imaging systems segment dominated the global market in 2020, and expected to continue this trend throughout the forecast period due to the technological advancements and new product launch and thus is expected to drive the segment
Increase in demand for new technologies in computed tomography such as cone beam CT, photon-counting CT, advanced infrastructure for research & development and investments in healthcare is anticipated to drive the market in the forecast period.
North America is projected to account for a major share of the global computed tomography market during the forecast period. U.S. dominated the North America rise in investments for new computed tomography system launch in the R & D sector due to presence of key players across the country.
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