Computed Tomography Market Analysis | 2022-2028

Market Dynamics

Introduction

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 Drivers

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.

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.

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.

Recent Developments

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.

Segments Analysis

By Technology Type

“The market was dominated by the high-end slice segment, which includes more than 60 slices in 2021”.

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 oncology sector is expected to grow at the fastest CAGR during the forecast period”.

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 hospital segment led the market with the highest revenue share in 2021”.

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

“North America led the market in 2021 and is expected to remain dominant, while Asia Pacific is anticipated to experience substantial growth.”.

The 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.

Key Players

The following are the key players in the Computed Tomography Market (arranged alphabetically)

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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 with industry experts to obtain both qualitative and quantitative insights.

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