Computed Tomography - Market Insights, Competitive Landscape and Market Forecast-2027

Computed Tomography - Market Insights, Competitive Landscape and Market Forecast-2027

Computed Tomography (CT) Devices Market By Type (Stationary CT Scanners, Portable CT Scanners), By Modality (O-Arm, C-Arm), By Technology (Low End, Mid-End, High End), By Application (Oncology, Cardiology, Neurology, Others), By End-User (Hospitals, Diagnostic Imaging Centres, Others), by geography is expected to grow at a steady CAGR forecast till 2027 owing to rising incidence various chronic diseases and rapid technological developmental activities

Global Computed Tomography (CT) Devices Market was valued at USD 6.13 billion in 2021, growing at a CAGR of 6.36% during the forecast period from 2022 to 2027 to reach USD 8.87 billion by 2027. The Computed Tomography (CT) Devices market is witnessing positive growth owing to the rising incidence of severe chronic diseases such as cardiovascular, oncology, and others, further rapid technological developmental activities, growing awareness for early detection, and increasing incidences of the aging population, thereby contributing to the growth of the Computed Tomography (CT) Devices market during the forecast period from 2021-2026.

Computed Tomography Devices Market Dynamics:

The Computed Tomography (CT) Devices market is witnessing a growth in product demand owing to various reasons. The key factor includes the advantage offered by Computed Tomography for its ability to image bone, blood vessels, and soft tissue at the same time, which helps in the detection of various disorders in the patient. CT is widely used to diagnose chronic diseases like cardiovascular diseases such as coronary artery disease, blood clots among others. CT imaging is also used to detect abnormal brain function in adult patients with cognitive impairment who are being evaluated for Alzheimer’s disease and other causes of cognitive decline.

In addition to chronic diseases, a CT scan can reveal whether or not a patient has a tumor, as well as where it is located and how large it is. CT scans can also reveal the blood arteries that provide the tumor with nutrients. These scans might be used by doctors to check if cancer has spread to other regions of the body, such as the lungs or liver. Moreover, CT scans are frequently used by doctors to guide a needle through a tiny bit of tissue. This is called a CT-guided biopsy. CT scans can also be used to guide needles into tumors for cancer therapies like radiofrequency ablation (RFA), which utilizes heat to eliminate malignancies, therefore the rising prevalence of cancers is another important factor responsible for the growth of the Global Computed Tomography Devices market. As per International Agency for Research on Cancer, WHO 2021, around 1.2 million young adults (aged 20-39) were diagnosed with cancer globally in 2020, and 360,000 died from the disease.

Hence, early detection is essential for a cure because survival is dependent on the treatment pathway for the disease. With efficient CT scans, the diagnosis of diseases becomes better. Therefore, the increasing prevalence of cancer is projected to lead to the growing demand for Computed Tomography Devices, thereby contributing to the growth of the overall Computed Tomography Devices market during the forecast period.

Another key factor responsible for the growth of the Computed Tomography Devices market is the increasing geriatric population base across the globe. According to the data provided by the World Health Organization, in 2020, about one billion people across the world were over the age of 60. The source further stated that by 2050, the elderly population in the 60 and above age group is expected to double in number representing about 2.1 billion people, and people in the age group of 80 and above are estimated to triple between 2020 and 2050 to reach 426 million. Age is considered as one of the key risk factors associated with the development of various disorders such as examining internal and bone injuries, diagnosing spinal problems and skeletal injuries, detecting osteoporosis, therefore, the rising elderly population is expected to lead to a rise in the patient population of chronic diseases across the world, which in turn would lead to an increase in demand for Computed Tomography Devices in the forecast period, which will drive the Computed Tomography Devices market growth.

Along with the factors mentioned above, technological advancements in the field of Computed Tomography Devices such as the development of new techniques like the introduction of 64 slices CT systems is also contributing to the market, key manufacturers are actively involved in developing higher slice CT systems to augment image quality, lesser scanning time. Moreover, enhancement in imaging techniques to build smaller and portable equipment is another factor that has led to the positive growth of Computed Tomography Devices. These benefits thereby by boosting the growth of the Global Computed Tomography Devices market.

However, high costs and doses of ionizing radiation delivered during scanning may be certain limiting factors of the Computed Tomography Devices market growth.

COVID-19 outbreak has extensively instigated increased use of CT scans, as it is one of the diagnostic tools for COVID along with laboratory tests. Background Chest CT was used in the diagnosis of coronavirus disease and it was an important complement to reverse-transcription polymerase chain reaction (RT-PCR) tests. This resulted in the increased demand for Computed Tomography Devices during the pandemic. Moreover, the process of economic recovery with the easing of lockdown restrictions and the return of normalcy in the economic landscape post pandemically made the resumption of regular healthcare services, which kept the demand for these products on course in the Computed Tomography Devices market.

Computed Tomography Devices Market Segment Analysis:

Computed Tomography Devices Market By Type (Stationary CT Scanners, Portable CT Scanners), By Modality (O-arm, C-arm), By Technology (Low end, Mid end, High end), By Application (Oncology, Cardiology, Neurology, Others), By End-User (Hospitals, Diagnostic Imaging Centres, Others), and By Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the Technology segment of the Computed Tomography Devices market, the High-end scanners are estimated to hold a higher share in the Computed Tomography Devices market during the forecast period. This can be attributed to the specific features associated with these devices.

The dominance of this segment is owing to the strong installation base globally of these systems. Several market players have a strong portfolio of High-end scanners and are now actively being involved to significantly develop 256 slice scanner systems. These systems help in scanning an organ, including the brain, heart, entire joints, lungs, and liver. A High-end machine is faster than a low or mid-end system. Another added advantage associated with High end is that they have superior imaging qualities, higher spatial resolution.

Therefore, considering the advantages associated with High-end systems, this product category is expected to generate significant revenue share eventually contributing to the overall growth of the global Computed Tomography Devices market during the forecast period.

North America is expected to dominate the overall Computed Tomography Devices Market:

Among all the regions, North America is expected to account for the largest share in the Global Computed Tomography Devices market. Factors such as the rising incidence of cancer cases, increase in the utilization of CT, technical improvements, strong financial incentives, and increased product launches are expected to aid in the growth of the North America Computed Tomography Devices Market.

The cases of cancer are rising constantly in North America. These cases promote the need for use of CT in disease diagnosis. For instance, according to the American Cancer Society 2021, 1,898,160 new cancer cases and 608,570 cancer deaths were projected to occur in the United States in 2021. Moreover, as per the American Cancer Society, Cancer Facts & Figures 2022, a little over 1.9 million new cancer cases were expected to be diagnosed in the US in 2022.

Another factor responsible for the growth of the Computed Tomography Devices market is the utilization of CT in the United States which has increased rapidly over time. Among Medicare beneficiaries, the increase in utilization has always been higher for medical imaging than other physician-provided services. Medical imaging contributes to accurate disease diagnosis and improved treatment. Therefore, the rising adoption of Computed Tomography Devices in the country would result in the rising demand for treatments that make use of Computed Tomography Devices, which in turn would provide a conducive growth environment for the United States Computed Tomography Devices market as well as the North American region.

Furthermore, the increased emphasis on product development activities and the high interest of device manufacturers in accessing local markets further aid in the growth of the regional markets for Computed Tomography Devices. For instance, in October 2021, Siemens Healthineers announced the Food and Drug Administration (FDA) 510 (k) clearance of the Naeotom Alpha, the world’s first photon-counting computer tomograph.

These kinds of product launches in the local markets may drive the product demand in the market. Therefore, the interplay of various factors such as the presence of a large patient population, encouraging reimbursement policies as well as new product launches in the region is expected to boost the North America Computed Tomography Devices market during the forecast period.

Computed Tomography Devices Market Key Players:

Some of the key market players operating in the Computed Tomography Devices market include General Electric Company, FUJIFILM Holdings Corporation, Siemens Healthcare GmbH, Koninklijke Philips N.V., Canon Medical Systems Corporation, NeuroLogica Corp. (Samsung Electronics), Shimadzu Corp., Thermo Fisher Scientific, Xoran Technologies LLC, Trivitron Healthcare, Neusoft Medical Systems Co., Ltd., Shenzhen Anke High-Tech Co. Ltd., Shenzhen Basda Medical Apparatus Co. Ltd., PerkinElmer Inc., ICRco, Inc., MARS Bioimaging Ltd., United Imaging Healthcare Co., Ltd., SternMed GmbH, MinFound Medical Systems Co., Ltd, MR Solutions and others.

Recent Developmental Activities in the Computed Tomography Devices Market:

• On May 19, 2021, Royal Philips announced the launch of its newest solution for precision diagnosis with the global introduction of its spectral detector-based Spectral Computed Tomography (CT) 7500. This latest intelligent system delivers high-quality spectral images for every patient on every scan 100% of the time to help improve disease characterization and reduce rescans and follow-ups, all at the same dose levels as conventional scans.
• On February 18, 2021, Hitachi announced the conclusion of the absorption-type company split agreement relating to diagnostic imaging-related business (CT, MRI, X-RAY) to Fujifilm. This acquisition expanded FUJIFILM’S business in Medical Systems.
• On December 16, 2020, FUJIFILM announced a CT partnership with UroPartners and chose to standardize the Persona CT Computed Tomography (CT) system to accelerate its oncology treatment planning capabilities. Designed and built in the US, the Persona CT is an innovative CT system from Fujifilm in partnership with Analogic. The system offers advanced oncology simulation and general radiography imaging capabilities with a focus on the patient experience.
• On August 2, 2020, Siemens Healthineers inked a USD 16.4 billion deal to buy Varian Medical Systems to become the global leader in cancer care solutions.

Key Takeaways from the Computed Tomography Devices Market Report Study

• Market size analysis for current Computed Tomography Devices market size (2021), and market forecast for 5 years (2022-2027)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Computed Tomography Devices market.
• Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
• Key companies dominating the global Computed Tomography Devices market.
• Various opportunities available for the other competitor in the Computed Tomography Devices market space.
• What are the top performing segments in 2021? How these segments will perform in 2027.
• Which is the top-performing regions and countries in the current Computed Tomography Devices market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Computed Tomography Devices market growth in the coming future?

Target Audience who can be benefited from this Computed Tomography Devices Market Report Study

• Computed Tomography Devices products providers
• Research organizations and consulting companies
• Computed Tomography Devices-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in Computed Tomography Devices
• Various End-users who want to know more about the Computed Tomography Devices market and latest technological developments in the Computed Tomography Devices market.

Frequently Asked Questions for Computed Tomography Devices Market:

1. What are Computed Tomography Devices?

Computed Tomography (CT) exams help physicians diagnose a range of conditions by producing images of internal organs and structures of the body. A CT scanner is an x-ray machine that combines many x-ray images with the aid of a computer to generate cross-sectional views and, if needed, three-dimensional images of the internal organs and structures of the body.

2. What is the market for Global Computed Tomography Devices?

Global Computed Tomography (CT) Devices Market was valued at USD 6.13 billion in 2021, growing at a CAGR of 6.36% during the forecast period from 2022 to 2027 to reach USD 8.87 billion by 2027.

3. What are the drivers for Global Computed Tomography Devices Market?

The Computed Tomography Devices market is witnessing a positive market growth owing to the rising incidence of severe chronic diseases such as cardiovascular, oncology, and others, rapid technological developmental activities, growing awareness for early detection, increasing incidences of the aging population.

4. Who are the key players operating in the Global Computed Tomography Devices Market?

Some of the key market players operating in the Computed Tomography Devices market include General Electric Company, FUJIFILM Holdings Corporation, Siemens Healthcare GmbH, Koninklijke Philips N.V., Canon Medical Systems Corporation, NeuroLogica Corp. (Samsung Electronics), Shimadzu Corp., Thermo Fisher Scientific, Xoran Technologies LLC, Trivitron Healthcare, Neusoft Medical Systems Co., Ltd., Shenzhen Anke High-Tech Co. Ltd., Shenzhen Basda Medical Apparatus Co. Ltd., PerkinElmer Inc., ICRco, Inc., MARS Bioimaging Ltd., United Imaging Healthcare Co., Ltd., SternMed GmbH, MinFound Medical Systems Co., Ltd, MR Solutions, and others.

5. Which region has the highest share in Computed Tomography Devices Market?

North America is expected to hold the highest share in the revenue in the Computed Tomography Devices market during the forecast period. Factors such as the rising incidence of cancer cases, increase in the utilization of CT, technical improvements, strong financial incentives, and increased product launches are expected to aid in the growth of the North America Computed Tomography Devices Market in this region.

Please Note: It will take 7-10 business days to complete the report upon order confirmation.