Global Computed Tomography Market

Global Computed Tomography Market, By Type (Low Slice, Medium Slice, High Slice), By Application (Oncology, Neurology, Cardiovascular, Musculoskeletal, Other Applications), By End-User (Hospitals, Diagnostic Centers, Others), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: August 2021
  • Report ID: BWC2130
  • Available Format: PDF
  • Page: 200

Report Overview

The global computed tomography market is flourishing due to the broad spectrum of uses of computed tomography (CT) scanners, such as the detection of bone and joint problems, cancer diagnosis, cardiovascular diseases, or live masses, as well as the technological advancements introduced in the system.

The global computed tomography market was worth USD 6.2 billion in 2020 and is further projected to reach USD 9.5 billion by the year 2027, growing at a CAGR of 6.4% in the forecast period.A wide range of applications of computed tomography (CT) scans, such as detecting bone and joint disorders, cancers, cardiovascular conditions, etc., are driving its use in healthcare facilities. Furthermore, technological advancements in the CT scan are also expected to drive the global computed tomography market in the forecast period.

Computed Tomography Market

Source: BlueWeave Consulting

Global Computed Tomography Market- Overview

In radiology, a CT scan or Computed Tomography is a diagnostic technique used to obtain images of the body in detail through non-invasive means. This painless method is mainly used to diagnose injuries as well as illnesses. In radiology, the CT scan is widely used to evaluate the size, shape, and location of tumors during a cancer diagnosis. Moreover, Traumatic Brain Injury (TBI) is most often diagnosed with computed tomography (CT). Also, a needle may be used for removing a small piece of tissue through a CT-guided biopsy.A CT image can help radiologists observe the size, shape, and texture of internal structures. Medical problems can be determined by reviewing this detailed information.

Global Computed Tomography Market Forecast and Trends

Growth Drivers

The Increasing Prevalence of Chronic Diseases and Other Medical Conditions

The increasing prevalence of various chronic diseases and other medical conditions as a result of poor lifestyles or other factors fuels the demand for diagnostic tests and treatment. Computed tomography is widely used for cancer diagnosis. It has been estimated that there are about 19.3 million cancer cases and around 523 million cases of cardiovascular diseases prevalent worldwide. In addition to detecting cancer, CT scans can reveal particular characteristics of each tumor. Because of this, the demand for the computed tomography systems is flourishing at a high rate across the globe, thereby driving the growth of the global computed tomography market.

Innovations and Advancements in The Computed Tomography Technology

The computed tomography manufacturers invest heavily into bringing innovation into their modalities to gain a competitive edge in the computed tomography market. Therefore, they try to bring several technologies into CT scan modalities, such as iterative reconstruction, more sensitive detectors which emit less electronic noise, and new hardware and software features. For instance, Philips recently launched a workhouse computed tomography (CT) system called ‘Spectral CT 7500’, which is capable of delivering high-quality spectral images on every scan 100% of the time. These kinds of innovations are a major factor driving the growth of the global computed tomography market.

Restraints

High Cost of Computed Tomography Modality

The high cost of computed tomography systems is one of the major restricting factors for the market growth. Several healthcare facilities, especially in developing and low-income countries are generally reluctant to adopt advanced medical technologies like computed tomography because of financial constraints. The CT scan machine costs as low as USD 35,000 but as much as USD 2.5 million depending on the slide type. Due to this, healthcare facilities resort to accumulating refurbished machines, which negatively affects the market revenue, thereby impeding the growth of the global computed tomography market.

Impact of COVID-19 on Global Computed Tomography Market

COVID-19 pandemic had mixed consequences for the global computed tomography market. A majority of countries used Computed Tomography for lung screening, bringing them to the forefront of the fight against COVID-19. The market, at the same time, suffered from the wrath of the pandemic due to the sudden drop in the diagnostic tests of various diseases resulting from the pandemic. Several countries considered lockdowns to curb the spread of the virus, which resulted in a decline in hospital visits for diagnostic and therapeutic purposes. Furthermore, the COVID-19 pandemic resulted in the postponement of elective surgeries, which negatively impacted radiology and CT imaging. Additionally, the market was also negatively affected by the import and export ban, which directly affected the distribution system of the manufacturers, resulting in huge demand and supply gaps.

Global Computed Tomography Market - By Type

Based on types, the global computed tomography market is grouped into three segments—a lowslice, medium slice, and high slice. The high slice CT scan type holds the largest market share because of its high efficiency in producing three-dimensional images for patients of any age group. Furthermore, radiation exposure is very low in high slice CT because image processing is very fast. Moreover, the high slice CT scan takes better quality pictures and offers a precise diagnosis of diseases, which is why its adoption is very prominent in disease diagnosis.

Global Computed Tomography Market - By Category

Based on applications, the global computed tomography market is categorized into oncology, neurology, cardiovascular, musculoskeletal, and other applications. Among these, the oncology segment dominates the market because of the increasing prevalence of cancer around the world. It is one of the most commonly used imaging techniques for cancer diagnosis, which is estimated to be accurate around 70% of the time. Also used during the treatment of cancer, it helps doctors determine the shape, size, and location of cancerous tumors.

Global Computed Tomography Market - Regional Insights

Geographically, the global computed tomography market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America holds the largest market share in the adoption of computed tomography techniques. The increasing prevalence of various chronic diseases like cancer and cardiovascular diseases and high diagnostic rates are the major factors propelling the growth of the computed tomography market in North America. However, the European market is also gaining significant traction due to the growing cases of lung cancer and proficient use of CT scan for lung cancer diagnosis.

Regional Insights

Source: BlueWeave Consulting

Competitive Landscape

The leading market players in the global computed tomography market are Stryker Corporation, GE Healthcare, AB-CT – Advanced Breast-CT GmbH, Shimadzu Corporation, Hitachi Healthcare Systems, Koning Corporation, Illinois Tool Works, Koninklijke Philips NV, MinFound Medical Systems, NeuroLogica Corporation, Planmed OY, Neusoft Medical Systems Co. Ltd., Fujifilm Holdings Corporation, Shenzhen Anke High-Tech Co., CareStream Health, Siemens Healthineers, Analogic Corporation, United Imaging Healthcare Co. Ltd., Canon Medical Systems Corporation, and other prominent players.

The market is highly dense and consolidated with the presence of several industry giants such as GE Healthcare, Philips, Fujifilm, etc., which cover a major market share. The companies invest heavily in innovating and advancing their products and often engage in product approvals and launch to gain a competitive edge. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, collaboration, etc., is also very prominent.

Recent Developments

  1. In July 2021, Canon Medical Systems USA announced its strategic partnership with Cleerly, a healthcare company to integrate Canon’s AI-powered CT technology with Cleerly’s digital pathway solution for the analysis of coronary artery disease.
  2. In March 2021, Siemens Healthineers announced to have received Food and Drug Administration clearance for its Biograph Vision Quadra, a positron emission tomography/computed tomography (PET/CT) scanner.

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Million

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia

Product Service/Segmentation

By Type, By Application, By End-User, By Region

Key Players

Stryker Corporation, GE Healthcare, AB-CT – Advanced Breast-CT GmbH, Shimadzu Corporation, Hitachi Healthcare Systems, Koning Corporation, Illinois Tool Works, Koninklijke Philips NV, MinFound Medical Systems, NeuroLogica Corporation, Planmed OY, Neusoft Medical Systems Co. Ltd., Fujifilm Holdings Corporation, Shenzhen Anke High-Tech Co., CareStream Health, Siemens Healthineers, Analogic Corporation, United Imaging Healthcare Co. Ltd., Canon Medical Systems Corporation, and other prominent players.

By Type

  • Low Slice
  • Medium Slice
  • High Slice

By Application

  • Oncology
  • Neurology
  • Cardiovascular
  • Musculoskeletal
  • Other applications

By End-User

  • Hospitals
  • Diagnostic Centers
  • Others

By Region

  • North America
  • Europe
  • The Asia-Pacific
  • Latin America
  • The Middle East & Africa

 

FAQs:

 

1. What is the current size of the global computed tomography market?

Answer: The global computed tomography market reached USD 6.2 billion in 2020.

2. What are the major factors driving the growth of the global computed tomography market?

Answer: The major factors driving the growth of the global computed tomography market are; increasing prevalence of chronic diseases and other medical conditions and innovations and advancements in the computed tomography technology.

3. Who are the key players in the global computed tomography market?

Answer: The key players in the global computed tomography market are Stryker Corporation, GE Healthcare, AB-CT – Advanced Breast-CT GmbH, Shimadzu Corporation, Hitachi Healthcare Systems, Koning Corporation, Illinois Tool Works, Koninklijke Philips NV, MinFound Medical Systems, NeuroLogica Corporation, Planmed OY, Neusoft Medical Systems Co. Ltd., Fujifilm Holdings Corporation, Shenzhen Anke High-Tech Co., CareStream Health, Siemens Healthineers, Analogic Corporation, United Imaging Healthcare Co. Ltd., Canon Medical Systems Corporation, and other prominent players.

4. Which end-user segment accounted for the largest share in the global computed tomography market?

Answer: The hospital segment accounted for the largest share in the global computed tomography market.

5. Which region is at the highest growth rate in the global computed tomography market?

Answer: North America has the largest share in the global computed tomography market.