Computed Tomography (CT) Market
Computed Tomography (CT) Market: Global Industry Analysis, Size, Share & Forecast 2016 - 2024
Global Computed Tomography (CT) Market: Overview
Computed tomography is diagnostic imaging test popularly used in obtaining detailed cross-sectional images of various internal organs, soft tissues, and blood vessels. Over the last decade, the imaging modality has emerged as largely painless and non-invasive procedure in a wide spectrum of clinical applications. It has a profound impact on the diagnosis and management of a wide range of crucial health issues, notably those related to abdomen, pelvic, neurovascular, pulmonary, spinal, cardiovascular, and musculoskeletal. The application of the modality has also paved way for new paradigms in the characterization of tumors, cancer detection, and its management across the globe.
An intensifying focus on preventing healthcare among worldwide populations has propelled the demand for various medical diagnostic procedures, thus fortifying the demand for CT tests. The vast demand for image-guided interventions provides for a robust underpinning to the rapidly evolution of the market. The rapid strides being experienced in medical care, especially in emerging economies, and constant advances in imaging modalities paved way for promising avenues in the market.
The worth of the global computed tomography stood at US$5.6 billion in 2017. The market is projected to rise at a CAGR of 4.5% during 2016–2024.
High-end Slice CT and Multi-slice CT witness Attractive Demand for Diagnosis of Heart Disorders
The various types of computed tomography systems comprise high-end slice, mid-end slice, and low-end slice. Of these, the high end slice held over half of the share in the global market by the end of 2017. This is attributed primarily to the substantial demand for 64-slice CT system for obtaining high-quality images of the heart using low-dose radiation that is suitable for patient population of all ages. Multi-slice computed tomography (MSCT) has emerged as advanced diagnostic modality for cardiac imaging. The key benefit MSCT offers is non-invasive imaging of coronary arteries and heart tissues. The technique has vast applications in others segments of radiology.
The rising prevalence of cardiovascular diseases is fueling the demand for MSCT.
North America commands Major Share
The various regional markets for computed tomography are Asia Pacific, Europe, North America, and the Rest of the World (Row). Of these, North America currently accounts for the major share in the global market. The lucrativeness of the regional market can be attributed to the fast pace of technological advances in medical care. In addition, the burgeoning demand for CT among elderly patient population is also accentuating the regional market. The marked presence of geriatric population in the regions is also fueling the uptake. This regional market is trailed by Europe.
Meanwhile, Asia Pacific is fast emerging as a promising market for CT. The regional market is expected to rise at the most attractive CAGR over the forecast period. The proliferating demand for CT scans in healthcare facilities across various key economies of the region is the key factor driving the regional market. Sustained and substantial efforts by private players and public organizations to meet the staggering demand for CT scans are creating lucrative avenues in the region.
Global Computed Tomography Market: Overview
After being available in the market since the last decade, computed tomography (CT) has become highly popular. A non-invasive and painless medical imaging procedure, it provides a much more complete and accurate picture of the body than its predecessor, X-rays. On account of the aforementioned benefits, CT scan has come to be recognized as one of the best methods for detecting many different kinds of cancers.
The increasing popularity of the CT scans because of the benefits they accord, coupled with the rising ranks of health conscious people, is expected to boost the market. As per TMR estimates, the global CT market is expected to be worth US$5.6 billion in 2017, after clocking a healthy CAGR of 4.5%.
The research study on computed tomography examines the market after segmenting it on parameters such as the type of CT machines used and geography. It details the current trends to predict the overall growth. It also leverages Porter’s Five Forces Model to understand the competitive dynamics of various segments. Aspects, namely market size, its growth drivers and restraints find a detailed mention in the report as well.
Global Computed Tomography Market: Trends and Opportunities
There are various reasons why computed tomography market has seen an impressive growth. Firstly, there has been an increasing awareness among a new breed of health conscious people, who understand the importance of preventive healthcare and demand accurate early diagnosis. Secondly, an alarmingly high occurrence of circulatory system, cardiovascular, inflammatory, and spinal diseases is also driving growth in the market.
Further, spurt in medical diagnostic procedures and technological advancements has also stoked the market. Depending upon the type of CT machines, for example, the market can be divided into the following: high end slice, mid end slice, and low end slice CT. The high end slice is slated to hold more than half of the market share by 2017 due to the 64-slice CT system it includes, which aids in accurate imaging of the heart. The multi-slice computed tomography (MSCT), further, introduced around six years back, offers high-speed, non-invasive, thin-slice diagnostic scanning for various purposes in radiology and cardiology, has seen soaring popularity.
Such technological advancements, alongside an aging population requiring medical imaging technology improvements, has fuelled adoption of image guided, less invasive procedures for diagnosis. The rising preference for automated workflows has also led to the growth in the market. Emerging countries are already making efforts to generate awareness about the advantages of CT machines. This alongside increasing disposable income of families has resulted in demand shooting up.
Computed Tomography Market: Major Segments
Geographically, the CT market can be divided into Asia Pacific, Europe, North America, and the Rest of the World (Row). Of them, the largest share of the market is commanded by North America, mainly on account of sweeping technological advancements and growing consciousness among the elderly, who are fast outnumbering other demographics. Europe follows next and holds a good amount in market share for the same reasons as North America does.
Asia Pacific, however, has been exhibiting maximum growth rate on account of growing demand for early diagnostic tools demanded in mushrooming healthcare facilities in the region. With a rapidly growing population in the region, the demand for healthcare has seen a dramatic rise in the region and led to both private and government players rushing in to meet the demand.
Companies Mentioned in the Report
To study the market’s vendor landscape, the report has profiled some of the most prominent enterprises operating therein. Some of the globally known, dominant purveyors in the CT market are Toshiba, Philips, Siemens, and GE.
Global Computed Tomography Market is segmented as:
Global Computed Tomography Market, by Geography:
- North America
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements in the Computed Tomography market
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments