Australia Computed Tomography Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Australia Computed Tomography Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Australia computed tomography market was valued at USD 274.78 million in 2021 and is projected to register a CAGR of 6.4% during the forecast period (2022-2027).

Australia's healthcare sector had adverse effects during COVID-19 despite having a robust health system that includes national strategies and models for outbreak control. Data from the Organization for Economic Cooperation and Development (OECD) show that in 2020, there were 6.8 total in-person doctor consultations per person, down from 7.3 in 2019. Following the suspension of cancer screening services in March 2020, cancer screening tests decreased nationwide. However, after the state-wide lockdown was lifted in late April and early May 2020, screening activities were restarted with extra precautions and longer appointments. On the other hand, several jurisdictional social isolation laws and infection control regulations significantly impacted the start of services. In addition, a recent news report from September 2021 reported that in August 2021, hospitals in Western Australia had 6,000 patients waiting to be admitted. Due to the difficulties the emergency departments were having, patients were waiting for their cataract procedures as well as a new knee or hip procedure. The use of computed tomography equipment in the nation was significantly impacted by the outbreak since these diseases may be accurately diagnosed using computed tomography scans. The aforementioned reasons negatively affected market growth in Australia during the pandemic period, but future growth is anticipated.

The country's market is also influenced by the rising elderly population, expanding R&D activities, and an increase in product launches. Because of their weakened immune systems, older people are more likely to develop chronic diseases. Australia currently has 4.013 million adults 65 and older, and by 2050, that number is projected to rise to 8.811 million, according to the World Ageing Report 2019. The incidence of chronic diseases in the nation would rise due to the anticipated rise in the older population, which will encourage the use of computed tomography in their diagnosis and grow the market. A total body PET-CT scanner project worth USD 15 million was launched in March 2021. It will change Australia's biomedical imaging capabilities, enhance patient outcomes, and support medical and health science research initiatives. By comparison to the country's present scanners, the PET-CT scanner, which is anticipated to be operational by early 2022, will generate clinical whole-body PET/CT scans that are faster and of greater quality. As a result, over the forecast period, the installation of such projects in the nation would fuel the relevant market.

The market for PET applications is seeing a number of developments in Australia, including product launches and approvals, partnerships, collaborations, mergers, and acquisitions. For instance, the Australian Government's Medical Research Future Fund provided funds in March 2021 to Adelaide-based business Micro-X for the creation of a revolutionary portable brain CT scanner. Under the initiative, the Australian Stroke Alliance was awarded USD 40 million for a five-year effort to establish the groundwork for a national and equitable approach to stroke treatment. Of that, Micro-X received USD 8 million to use in the development of the portable scanner. These types of grants are anticipated to encourage research and accelerate market expansion during the anticipated timeframe.

However, lack of reimbursement and high cost of devices are expected to hinder the market growth.

Key Market TrendsMedium Slice Segment is Expected to Hold a Significant Market Share Over the Forecast Period

The 32 slice and 64 slice CT scanners are within the category of medium-slice CT scanners. Using a computer to reconstruct the "slices" into actual images, a 64-slice CT scan combines a number of X-ray scans obtained at various angles. A 64-slice scan offers better picture detail than earlier scans with fewer slices since these slices can be as thin as half a millimeter. This ensures the doctor has the most precise information when making the diagnosis. One of the major drivers of market expansion is the rising incidence of cancer. Additionally, the expansion of the market is being aided by technological developments, an increase in the number of product approvals, partnerships, and collaborations between important companies. For example, in 2021, an Adelaide firm named Micro-X (MX1) has begun working on creating a compact CT brain scanner that can be installed in ambulances and emergency helicopters. If the technology is successful, it will enable paramedics and retrieval teams to identify stroke victims and begin treating them in the "golden hour," or the first hour following a stroke. A CT scanner that is both highly sophisticated and conveniently small for installation. Over the course of the projected period, this development is anticipated to enhance the segment. More patients can now be diagnosed with cardiovascular disease more easily and affordably without having to be admitted to the hospital thanks to improvements in the reduction of radiation exposure during CT and X-rays, the ability of CT scanners to take images between heart beats, and other advancements.

The medium slice sector is thus anticipated to grow throughout the projected period as a result of all the aforementioned factors.

Competitive Landscape

Australia computed tomography market is moderately competitive and consists of several major players. Some of the companies that are currently dominating the market are Carestream Health, Koning Corporation, GE Healthcare, Planmeca Group (Planmed OY), and Koninklijke Philips NV among others.

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