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  • Computed Tomography Market Analysis | 2022-2028

    Computed Tomography Market Analysis | 2022-2028

    Computed Tomography Market Analysis | 2022-2028
    Report code - SR2266 Delivery - 2 Weeks
    Computed Tomography Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth See more...

    Market Insights

    The Computed Tomography Market was estimated at US$ 4.09 billion in 2021 and is expected to grow at a CAGR of 7.84% during 2022-2028 to reach US$ 7.84 billion in 2028.

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    What is computed tomography?

    Computed Tomography (CT) is a medical imaging technique that uses X-rays to create detailed cross-sectional images of the body. It involves rotating an X-ray source and detector around the patient, capturing multiple images from different angles. These images are then processed by a computer to generate cross-sectional slices, providing a three-dimensional view of internal structures.

    CT is valuable for diagnosing various medical conditions, such as detecting tumours, fractures, and abnormalities in organs. Its non-invasive nature and ability to reveal fine anatomical details make it a widely used tool in medical diagnostics, guiding treatment plans with precision and efficiency.

    Market Dynamics

    Technological developments in CT technology, together with the increasing frequency of chronic ailments such as cancer, orthopedics, cardiovascular, and neurological conditions, are likely to drive market growth. According to the WHO, cancer will account for around 10 million deaths worldwide in 2020. Because of the increased use of CT scan equipment since the commencement of the COVID-19 pandemic, demand for advanced imaging solutions is expected to fuel market growth. According to the OECD, the number of CT units deployed in the United States in 2020 will be 42 per million population.

    The introduction of CT has greatly aided medical care. This technology improves diagnoses, avoids unnecessary medical procedures, enhances treatment by giving detailed anatomical imaging, and is a low-cost imaging tool. It is a vital diagnostic tool, especially for simultaneously scanning bone, soft tissue, and blood vessels. Internal injuries can be diagnosed early enough to save lives since CT imaging is quick and easy in emergencies. Thus, the rising need for improved evaluation tools in the emergency department, as well as the expanding number of ambulatory emergency care units, are projected to drive market expansion.

    Computed Tomography Market Report Overview

    Market Size in 2028

    US$ 7.84 billion

    Market Size in 2021

    US$ 4.09 billion

    Market Growth (2022-2028)

    7.84% CAGR

    Base Year of Study

    2021

    Trend Period

    2016-2020

    Forecast Period

    2022-2028

     

    COVID-19 Impact

    COVID-19 has had a favorable impact on the market for computed tomography systems. Since the beginning of the epidemic, demand for CT scan machines has gradually climbed. Large manufacturers, such as Siemens Healthineers, sell more than 200 CT scanners per year. The COVID-19 outbreak has increased demand for CT scan equipment significantly, with Siemens claiming sales of 80 to 100 units in just 45 days.

    Furthermore, because of the increased demand for chest CT examinations in COVID-19 patients, some manufacturers are increasing CT system production capacity. For example, GE Healthcare boosted its manufacturing capacity for medical equipment such as CT, ultrasound, mobile X-ray, and ventilators in March 2020 to meet extraordinary demand during the COVID-19 pandemic.

    Several investments/guidelines in the industry have been directed in recent years, which would boost the overall market:

    • According to NCBI, more than 70 million CT scans are performed in the United States each year, with a 10% annual increase, indicating CT's development potential in the entire medical imaging market. A significant increase in the applications of CT scans, as well as emerging trends of using CT scans for efficient lung cancer screening, are likely to drive demand for CT scanners in both developed and developing countries. CT is increasingly being used in dentistry to detect tooth decay and to check infection in surrounding areas.

    Segments Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Technology -Type Analysis

    High-End Slice, Mid-End Slice, and Others

    The high-end slice (more than 60 slices) segment dominated the market in 2021.

     

    Application -Type Analysis

     

    Oncology, Neurology, and Others

    The oncology sector dominated the market in 2021 and is predicted to grow at the quickest CAGR during the forecast period.

    End-User-Type Analysis

    Hospital, Diagnostics Imaging Center, and Others

    The hospital segment led the market and accounted for the highest revenue share

    Regional Analysis

    North America, Europe, Asia-Pacific, and Rest of the World

    North America had the greatest market share in 2021 and is likely to maintain its dominance during the forecast period.

     

    By Technology Type

    The market has been segmented into a high-end slice, mid-end, low-end, and cone beam. In 2021, the high-end slice (more than 60 slices) segment dominated the market. The increasing prevalence of cardiovascular illnesses, as well as the demand for precise diagnostic imaging solutions, are likely to drive the segment. High-end slice technology exposes patients to 80% less radiation than mid-level slice technology (64 slices), with a 16 cm imaging area aiding in accuracy. Expensive-end slice devices provide detailed images of obese individuals; the main issue predicted to limit this segment's growth is the high cost of high-end slice technology. However, expanding healthcare infrastructure and finance capacity will help overcome the constraint.

    By Application Type

    The computed tomography market has been divided into oncology, neurology, cardiology, vascular, musculoskeletal, and others. The oncology sector dominated the market in 2021, accounting for the highest revenue share, and is predicted to grow at the quickest CAGR during the forecast period. The rising prevalence of cancer and the increasing use of CT scans in the diagnosis of various types of cancer, including lumps and tumors, are likely to boost the market. The development of novel technologies such as computer-aided detection and identification of suspicious cancer nodules, as well as assessing the risk of malignancy, is projected to enhance growth, particularly in lung cancer. Additionally, the program may calibrate the collected image with biopsy results, assisting in the correct diagnosis.

    By End-User Type

    The market is segmented into hospitals, diagnostics imaging centers, ambulatory imaging centers, and others. In 2021, the hospital segment led the market and accounted for the highest revenue share. The expanding number of emergency hospital admissions and surgeries conducted each year have all contributed to the market share. Furthermore, CT scans are an important tool for accurate diagnosis both pre-and post-operatively to determine the effectiveness of treatment.

    Regional Analysis

    The computed tomography market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America had the greatest market share in 2021 and is likely to maintain its dominance during the forecast period. The presence of a high number of market competitors in this region, as well as an increase in cancer incidence rates, are the two primary drivers driving regional market expansion. According to the National Cancer Institute, there will be 1,806,590 new cancer cases diagnosed in the United States year 2020. Furthermore, the advent of new technology integrated with artificial intelligence, as well as the regular release of low-radiating CT scans, are likely to contribute to market growth.

    The market in Asia Pacific is expected to grow at a considerable CAGR during the forecast period, owing to the increasing healthcare infrastructure, particularly in quickly developing nations such as India. Furthermore, expanding local producers and the rising prevalence of chronic illnesses are likely to boost market expansion. Siemens Healthineers, for example, opened a new CT scanner production site in India to meet the rising demand for CT scanners and strengthen its market position.

     

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    Key Players

    The following are the major players in the computed tomography market:        

    • GE Health Care
    • Siemens Health Care
    • Toshiba Medical System Corporation
    • Philips Health Care
    • Hitachi Medical Corp
    • NeuSoft
    • Planmeca Oy
    • Fujifilm Corp

    Rising technological developments as well as an increase in product launches by market participants are factors driving the growth of the market.

    For example:

    • In April 2022, Wipro GE Healthcare debuted the Revolution Aspire CT scanner. It is claimed to improve clinical efficiency and image quality while increasing patient throughput by approximately 50%. The equipment would be made available in India's second and third-tier cities.
    • In May 2021, Siemens Healthineers introduced the Somatom X CT scanner. It is a high-speed, high-resolution CT scanner with an intelligent operation style that simplifies processes for both medical personnel and patients.
    • In September 2021, GE Healthcare unveiled the Revolution Ascend CT system which employs Artificial Intelligence (AI) to improve operational efficiency and patient comfort.

    The overall competitive landscape has been affected due to these mergers and acquisitions. 

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s computed tomography market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the Computed Tomography Market 

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    The computed tomography market is expected to grow at a CAGR of 7.84% during 2022-2028.

    The computed tomography market is likely to reach US$ 7.84 billion in 2028.

    Technological developments in CT technology, together with the increasing frequency of chronic ailments such as cancer, orthopaedics, cardiovascular, and neurological conditions, are likely to drive market growth.

    North America had the largest market share in 2021 and is likely to maintain its dominance during the forecast period. The presence of a high number of market competitors in this region, as well as an increase in cancer incidence rates, are the two primary drivers driving regional market expansion.

    The major players in the computed tomography market are GE Health Care, Siemens Health Care, Toshiba Medical System Corporation, Philips Health Care, Hitachi Medical Corp, NeuSoft, Planmeca Oy, and Fujifilm Corp.

    The market is studied from 2016-2028.