COMPUTED TOMOGRAPHY MARKET ANALYSIS

Global computed tomography market is estimated to be valued at US$ 7.9 Bn in 2023, and is expected to exhibit a CAGR of 6.5% during the forecast period (2023-2030).

Analysts’ Views on Global Computed Tomography Market:

Computed tomography (CT) is a diagnostic device that is used as imaging tool for diagnosing diseases, abnormality, and trauma. These scanners provides various images in the form of 3D images, 2D images, and cross sectional images. Rising usage of CT scanners for wide range of applications such as oncology, neurology and others. Thus, this offers the opportunity to  various manufacturers to offer various kinds of CT scanners such as stationary and portable CT scanners.

Figure 1. Global Computed Tomography Market Share (%), By Product Type, 2023

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Global Computed Tomography Market– Drivers

Increasing technological advancements by key market players: Increasing adoption of inorganic growth strategies such as technological advancement is expected to drive the market growth over the forecast period. For instance, on April 19, 2023, Kromek, a medical technology company, and Analogic Corporation, a healthcare company, collaborated to develop zinc telluride (CZT) based detector system for photon computed tomography applications in medical imaging and security systems.

Increasing product approval by regulatory authorities: Increasing approvals from the regulatory authorities such as U.S. Food and Drug Administration (U.S. FDA) is expected to drive the global computed tomography market growth over the forecast period. For instance, in December 2020, the U.S. Food and Drug Administration approved Ga 68 PSMA-11, manufactured by Telix Pharmaceuticals Limited., a biotechnology company, for Positron Emission Tomography (PET), which was developed  for patients with suspected prostate cancer metastasis. Ga 68 PSMA-11 is a radioactive diagnostic agent. Moreover, in the U.S., prostate cancer is the third most common form of cancer.

Figure 2. Global Computed Tomography Market Share(%), By Region, 2023

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Global Computed Tomography Market- Regional Analysis

Among region, North America is estimated to hold a dominant position in the global computed tomography market over the forecast period. North America is estimated to hold 45.3% of the market share in 2023. The global computed tomography market is expected to witness significant growth in the near future due to increasing diagnostic uses of CT, is contributing to the growth of the computed tomography market in North America region over the forecast period. For instance, on September 22, 2021, Shanghai United Imaging Healthcare Co., Ltd., an advanced medical imaging and radiotherapy equipment manufacturer, announced that the U.S. Food and Drug Administration had approved uCT ATLAS, an ultra-premium CT scanner with z-axis coverage of up to 16 cm and up to 640-slices per rotation. The uCT ATLAS has features like Z-Detector architecture, workflow innovations, and low dose capabilities.

Global Computed Tomography Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization (WHO) declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others faced problems regarding transportation of things from one place to another.

During the COVID-19 pandemic, various symptoms such as respiratory issues were observed in patients as it is a highly transmissible acute respiratory disease which is caused by severe acute respiratory syndrome (SARS). Chest CT has a major role in the diagnosis and detection of complications caused by coronavirus disease. This is expected to drive the global computed tomography market growth over the forecast period. For instance, according to a study published by The Radiological Society of North America (RSNA) on October 23, 2020, COVID-19 indicates that several chest CT images  indicated common symptoms in COVID-19 patients, regarding Chest CT that included ground-glass opacities, bilateral abnormalities, posterior predilection, vascular enlargement, and lower lobe involvement. This procedure helped in providing urgent medications to patients to avoid the spread of infection in the chest.

Global Computed Tomography Market Segmentation:

Global computed tomography market  is segmented into product type, application, end user and region.

• Based on product type, the market is segmented into stationary CT scanners and portable CT scanners. Out of which, stationary CT scanners is expected to hold a dominant position in the global computed tomography market during the forecast period due to increasing use of portable CT scanners that allow physicians to make the major use of the stationary CT equipment that is available at hospital, as quicker imaging for patients in Intensive Care Unit by optimizing physician’s workflow at hospital.
• Based on application, the market is segmented into oncology, neurology, intraoperative, and others (research application, etc.). Out of which, oncology segment is expected to dominate the market over the forecast period due to increasing prevalence of various cancer.
• Based on end user, the market is segmented into hospitals, diagnostic imaging centers and others (academic and research institutes, etc.). Out of which, the hospitals segment is expected to dominate the market over the forecast period  due to increasing usage of computed tomography scanners in hospitals for wide range of applications.
• Based on region, the market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Out of which, North America is expected to dominate the market over the forecast period due to increasing diagnostic uses of CT scanner in North America Region.
• Among all the segmentation, the product type segment is expected to dominate the market over the forecast period due  to increasing product launch by key market players.

Global Computed Tomography Market- Cross Sectional Analysis:

Among product type, the stationary CT scanners segments is dominant during the forecast period in North America region due to the adoption of inorganic strategies such as agreements over the forecast period. For instance, in November 2022, Koninklijke Philips N.V., a medical technology company, signed an agreement with The Lyon University Hospital, which has been equipped with Spectral CT 7500 scanner. Under the terms of agreement, Koninklijke Philips N.V., provide the Lyon University Hospital with the latest state-of-the-art imaging solutions and facilitate joint research. Installed in the hospital’s imaging center, the use of this ground-breaking spectral CT imaging solution will help confirm Lyon University Hospital as a center of excellence in the management of cardiac and pulmonary disease, for which the Spectral CT 7500 is ideally suited.

Global Computed Tomography Market : Key Developments

• In September 2021, The Transportation Security Administration (TSA), a government agency in U.S., announced that it had awarded a US$ 198 Mn to Analogic Corporation, a healthcare company, for the procurement of mid-sized computed tomography (CT) x-ray systems for TSA checkpoints and medical applications
• In November 2021, Koninklijke Philips N.V., a medical technology company, introduced new enhancements to its CT imaging portfolio at the annual conference of the Radiological Society of North America, held in Chicago. The new CT 5100 Incisive comes with CT smart workflow, a comprehensive, set of artificial intelligence. These features aid imaging services elevate patient outcome, lower operating costs.

Global Computed Tomography Market: Key Trends

• Increasing Investments by government entities: Increasing adoption of inorganic growth strategies such as investments is expected to drive the growth of the global computed tomography market over the forecast period. For instance, in September 2021, The Welsh Government announced that it had invested US$ 34.2 million for setting up  four new PET-CT scanners across Wales, U.K., to improve access to the cutting edge diagnostic technology. The technique involves injecting a low dose radioactive tracer into the body, which is then absorbed at higher rates by tumours and allows doctors to visualize where the tumour is and how it is functioning.

Global Computed Tomography Market: Restraint

• Increasing product recall by regulatory authorities: Increasing product recall by regulatory authorities such as U.S. Food and Drug Administration is expected to hinder the market growth over the forecast period. For instance, in June 2020, the U.S. Food and Drug Administration recalled Computed Tomography XRay System, manufactured by Shanghai United Imaging Healthcare Co., LTD, a manufacturer and distributer of medical imaging systems and equipment. The product was recalled because the metal edge overlap of the mylar strip in the gantry was uneven, which created a sharp edge. Key players are focusing on developing advance products with safety and cost effective,  and this is expected to drive the market growth over the forecast period.
• Counterbalance: In the first instance, the cause of the product recalled needs to be found out and fixed immediately, so that no such cases occur in future. Also, the key players operating in the market must be ready for a planned prodict reintroduction in the market to repair the brand damaged caused because of the product recall.

Global Computed Tomography Market - Key Players

Major players operating in the global computed tomography market include GE Healthcare, Koninklijke Philips N.V., NeuroLogica Corporation, Neusoft Medical Systems Co. Ltd., Hologic, Carestream Health, Toshiba, Analogic, Arineta Ltd., Eaton, Siemens Healthineers AG, FUJIFIM Corporation, Kromek, Shanghai United Imaging Healthcare Co., Ltd., Lumafield, Xoran Technologies and Koning Corporation.

Definition: Computed tomography (CT) is a diagnostic device that is used as imaging tool that helps in diagnosing diseases, abnormality, and trauma. These scanners create various images in the form of 3D images, 2D images, and cross sectional images, which study the internal injuries, complicated tissues or abnormalities, which help in taking early prevention measures to avoid further health risk. The major advantage of computed tomography is the ability to scan bone, blood vessels, and soft tissue at the same time.