Global Computed Tomography Market Size, Share & Growth is Projected to Grow at a CAGR of 6.4% in the Forecast Period | BlueWeave

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global computed tomography market was worth USD 6.2 billion in the year 2020. The market is further estimated to grow at a CAGR of 6.4%, earning revenue of around USD 9.5 billion by the end of 2027. The growth of the market is attributed to the increasing prevalence of various chronic diseases and medical conditions and the rising demand for computed tomography for diagnostic and therapeutic purposes. However, the high cost of computed tomography systems may act as a major restricting factor for the growth of the global computed tomography market.

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Growing Prevalence of Cancer Is Expected to Boost the Global Computed Tomography Market in The Forecast Period

The prevalence of cancer is increasing at a very high rate. There were more than 19.3 million cancer cases and 10 million cancer-related deaths in 2000, according to estimates. The National Cancer Institute in the US reports that cancer incidence is on target to reach 29.5 million cases per year, and cancer-related deaths are expected to reach 16.4 million. The early diagnosis of cancer plays a crucial role in its treatment besides increasing the chances of survival. Therefore, the demand for cancer diagnosis and treatment is rising, propelling the growth of the global computed tomography market.

Increasing Healthcare and Diagnostic Centers Is Anticipated to Fuel the Growth of The Global Computed Tomography Market

The dependence of people on hospitals for the diagnosis of chronic diseases and other medical conditions is very high. Due to this, countries are focusing on establishing diagnostics centers that can share the burden from the hospitals and also strengthen healthcare infrastructure in their countries. This is making disease diagnosis more accessible to people, which is expected to accelerate the global computed tomography market. Moreover, diagnostic centers offer several benefits, such as faster diagnosis results, specialty in specific disease areas, increasing the accuracy of the diagnosis, and much more.

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Global Computed Tomography Market - By End Users

Based on end-users, the global computed tomography market is segmented into hospitals, diagnostic centers, and others. Among these, the hospital segment accounts for the largest market share. The increasing number of hospitals facilities, especially in the emerging economies, is significantly pulling the demand for the computed tomography modalities. Furthermore, the high financial capacity of the hospitals and external funding allow them to adopt expensive medical technologies, which in turn is driving the growth of the global computed tomography market. Additionally, the diagnostic centers are also gaining significant traction and are expected to grow at a high CAGR during the forecast period.

Global Computed Tomography Market - Regional Insights

Geographically, the global computed tomography market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America holds the largest market share in the adoption of computed tomography techniques. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period due to the developing healthcare infrastructure and an increasing number of hospital facilities. Furthermore, governments of emerging economies are also financially aiding these healthcare facilities for the adoption of advanced technologies like computed tomography, which will boost the overall market in the forecast period.

Impact of COVID-19 on Global Computed Tomography Market

The demand for computed tomography flourished significantly during COVID-19 because it emerged as an effective diagnostic tool for COVID-19 patients.COVID-19 diagnosis can often be made with a chest CT scan in patients with high suspicion of infection. However, due to import and export bans, and to the inability to meet computed tomography demand due to the lockdown, the manufacturers suffered severe revenue losses. Furthermore, The failure to accurately diagnose COVID-19, due to which other conditions, such as influenza, can easily be miscalculated as the virus, also harmed the global computed tomography market.

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Competitive Landscape

The leading market players in the global computed tomography market are Stryker Corporation, GE Healthcare, AB-CT – Advanced Breast-CT GmbH, Shimadzu Corporation, Hitachi Healthcare Systems, Koning Corporation, Illinois Tool Works, Koninklijke Philips NV, MinFound Medical Systems, NeuroLogica Corporation, Planmed OY, Neusoft Medical Systems Co. Ltd., Fujifilm Holdings Corporation, Shenzhen Anke High-Tech Co., CareStream Health, Siemens Healthineers, Analogic Corporation, United Imaging Healthcare Co. Ltd., Canon Medical Systems Corporation, and other prominent players.

The market is highly dense and consolidated with the presence of several industry giants such as GE Healthcare, Philips, Fujifilm, etc., which cover a major market share. These companies invest heavily in innovating and advancing their products and often engage in product approvals and launch to gain a competitive edge. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, collaboration, etc., is also very prominent in the market.

Don’t miss the business opportunity of the global computed tomography market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global computed tomography market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global computed tomography market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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