Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global computed tomography market. In addition, complete analysis of changes on the global computed tomography market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
The growth of the global computed tomography (CT) market is mainly driven by multiple factors such as the increase in the prevalence of cardiovascular diseases such as coronary heart disease, chronic diseases such as diabetes, increase in various types of cancer such as lung cancer, breast cancer, head cancer; increase in communicable diseases such as COVID-19, increased demand for CT scans to detect infection, increased use of CT scans to determine the effectiveness of treatment for various medical conditions and development of a new CT system by a large number of key players along with technological advances in CT systems. The introduction of computed tomography has been of great benefit to medical care. This technology improves diagnoses, avoids unnecessary medical interventions, improves treatment with detailed anatomical imaging, and is a cost-effective imaging technique. It is an essential diagnostic tool, especially for scanning bones, soft tissues and blood vessels. Because emergency CT imaging is quick and easy, internal injuries can be detected early enough to save lives. Hence, growing demand for advanced assessment tools in emergency departments and growing number of outpatient emergency rooms are the factors that are expected to positively impact the growth of the market over the forecast period. Technological advances such as the integration of artificial intelligence and the development of accessories to improve the image quality of conventional CT scanners are the key factors that are expected to drive the growth of the market in the upcoming years.
The market is expected to have new opportunity with the technological advancements & ongoing R&D involved in manufacturing computed tomography devices is expected to provide ample of new growth opportunity in the market during the forecast period. Besides, emerging features and new technologies has gained major attention of end user segment and this factor is expected to provide rising new growth opportunities for the market over the forecast period. The high use of CT scans compared to other imaging modalities which have its various advantages and the increase in mergers and acquisitions among the major market players for the development and distribution of advanced devices are further influencing the computed tomography devices market. In addition, increased public and private sector financing of healthcare, growing consumer trend towards minimally invasive diagnostic procedures, growing awareness of the procedural benefits of computed tomography, and rising healthcare spending are having a positive impact on the market for computed tomography equipment. Furthermore, the market shift towards image-driven intervention and preference for multimodal diagnostic imaging systems presents lucrative opportunities for the computed tomography devices market players over the forecast period.
The market has major restraining factors like significant installation, maintenance & service costs of computed tomography equipment and lack of well-trained and skilled healthcare professionals in workforce. The computed tomography equipment also require high maintenance costs and this factor is expected to act as a hurdler for the market growth over the forecast period. Besides, lack of advanced healthcare infrastructure in low-income nations is another factor restraining the market growth.
Growing adoption of refurbished CT scanner is an important element which is expected to be a key challenge for the market, especially in developing and low-income countries. Also, uncertain reimbursement scenario across developing nations along with lack of skilled work force is expected to be major hampering for the market growth over the forecast the period.
The report provides in-depth analysis of global computed tomography market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various computed tomography equipment in various healthcare and diagnostic applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2028.
The global computed tomography market comprises of different market segment like technology type, application, end users and geography.
By technology type, the Computed Tomography includes the key segments of
The high-end slice (more than 64 slices) segment is expected to dominate the market over the forecast period. Rising incidence of cardiovascular diseases and demand for accurate diagnostic imaging solutions are the factors expected to drive the segment. High-end wafer technology has comparatively 80% lower radiation exposure than mid-wafer technology (64 layers) with a 16cm imaging area that contributes to precise technique. High-end cutting devices provide detailed images of overweight patients. Market growth of this segment is also primarily driven by continued commercialization of advanced products in key markets, increasing public-private investment in high-slice CT, and increased focus on effective and early diagnosis and treatment of diseases. Additionally, the advanced CT imaging capabilities of high-cut CT machines and their growing acceptance for outpatient diagnostic procedures have broadened their application horizons.
The Computed Tomography market has major applications in
The oncology segment is anticipated to lead the market over the estimated time period. Rising prevalence of cancer and growing applications of CT scans in diagnosing various types of cancer including nodules and tumours are the factors expected to drive the segment. The introduction of innovative technologies, including computer-assisted detection and diagnosis of suspected cancerous nodules and access to malignancy risk, particularly in lung cancer, is expected to drive growth. The software can further calibrate the captured image with the biopsy result, which helps in accurate diagnosis.
The computed tomography market has major end users like
The hospitals and clinics segment is anticipated to lead the market over the estimated time period. The growing number of emergency hospital admissions and the increasing number of surgeries performed each year have contributed to the market share. Additionally, CT scans serve as an effective tool for accurate diagnosis before and after surgery to determine treatment effectiveness. The difficulties and risks associated with transporting critically ill patients from the hospital to a remote diagnostic center for CT scans have forced hospitals to install their own CT scan machines, contributing to the growth of this segment. The diagnostic centers segment is expected to grow faster over the forecast period. According to OECD statistics, there were 16 CT scanners per 1,000,000 of the population in outpatient diagnostic centers in the United States. It is expected to propel the growth of the market segment as it makes CT scans more affordable and accessible.
The global Computed Tomography market is studied for the following region
North America is expected to continue its dominance over the forecast period. North America is anticipated to witness increasing demand for computed tomography owing to presence to well established market players. Besides, the increased incidence of cancer is a main factor driving the growth of the regional market. According to the National Cancer Institute, approximately 1,806,590 new cancers were diagnosed in the United States in 2020. Furthermore, the introduction of new technologies coupled with artificial intelligence and the frequent launch of low beam CT scans are expected to contribute to the growth of the market.
The competitive landscape analysis of computed tomography market is majorly focused on expanding the global growth of computed tomography with new product innovation, business expansion, increasing presence of range of manufacturer operating in computed tomography equipment has led the growing demand for the market. Besides, the market offers range of products in different application to fulfil the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are
April 2022: Wipro GE Healthcare had launched the Revolution Aspire CT scanner. It is said to improve patient throughput by nearly 50% and improves clinical efficiency and image quality. The equipment would be made available in 2 and 3-tier cities of India.
March 2021: Nikon Corporation had launched a new 225 kV, micro-focus X-ray CT system, which provides both interior and exterior sample to be calculated and examined in an effective manner.
| Market
Sizing for Year: | 2019-2028 |
| Base
Year: | 2021 |
| Forecast
Period: | 2022-2028 |
| Value: | USD million |
| Market
Segment studied: | Technology Type Application End Users |
| Market
Players and its Competitors: | Cannon Medical Systems Corporation
(Japan) Fujifilm Holdings Corporation (Japan) Toshiba Corporation (Japan) GE Healthcare (US) Koning Corporation (US) Medtronic (Ireland) Koninklijke Philips NV (Netherlands) Neurologica Corporation (US) Samsung (South Korea) Neusoft Medical Systems Co. Ltd
(China) Shimadzu Corporation (Japan) Hitachi (japan) Siemens Healthineers (Germany) Stryker Corporation (US) Accuray (US) |
FREQUENTLY ASKED QUESTIONS
What would be forecast period in the market report?
2022-2088 is the forecast period in the market report.
Which is the leading application segment for Computed Tomography market?
The oncology segment has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
Which region is gaining majority of market share during the forecast period (2022-2028)?
North America is expected to gain major market share during the forecast period (2022-2028).
