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Computed Tomography (CT) Market Overview
The global computed tomography (CT) market generated revenue of $4,894.3 million in 2015 and is expected to advance at a CAGR of 5.0% during the forecast period (2016–2022). Increasing prevalence of chronic diseases, growing emphasis on the early diagnosis of diseases, and rising healthcare expenditure are the key factors supporting the growth of the market.
CT is an imaging procedure that utilizes specialized X-ray equipment to generate detailed images of a patient’s internal organs, soft tissues, bones, and blood vessels. The procedure is also known as computerized axial tomography (CAT) scanning. CT imaging has become a standard of diagnosis for several diseases, including circulatory system conditions (such as blood clots, coronary artery diseases, and aneurysms), spinal conditions, kidney diseases, and inflammatory diseases (such as sinusitis and ulcerative colitis).
GLOBAL COMPUTED TOMOGRAPHY MARKET BY SLICE TYPE $M 2012 – 2022
Based on slice type, the computed tomography market is categorized into high-slice, mid-slice, and low-slice systems. Among these, the high-slice category is expected to witness the fastest growth in the market during the forecast period, with 5.3% CAGR.
Globally, North America is expected to continue leading the computed tomography market in the coming years. The market in the region is primarily driven by factors such as the rising prevalence of chronic diseases, increasing population of the elderly, and improved healthcare infrastructure. Besides, increasing healthcare expenditure is supporting the growth of the regional market. Further, market players in the region are making huge investments in research and development to launch advanced products with better features.
Europe is expected to hold the second-largest share in the computed tomography market, after North America. However, in terms of CAGR, Asia-Pacific (APAC) is expected to be the fastest-growing regional market for these products during the forecast period. Increasing pool of geriatric patients, coupled with the rising prevalence of chronic diseases, is the key factor contributing toward the growth of the market in this region. Besides, improving healthcare infrastructure in developing countries, such as China and India, is propelling the growth of the APAC market.
Computed Tomography (CT) Market Dynamics
The computed tomography market is projected to witness notable growth in the near future. The demand for CT systems is expected to be majorly driven by factors such as increasing prevalence of chronic diseases, growing healthcare expenditure, and rising emphasis of healthcare providers on the early diagnosis of diseases for effective treatment.
However, stringent regulations with respect to the manufacturing of CT systems are expected to hinder the growth of the computed tomography market to some extent. Since manufacturers of these systems are required to follow high quality standards in production, regulations often result in an increase in the approval time for new products, further affecting the market. In addition, risks of adverse effects associated with CT scanning, such as exposure to high ionization radiation, may impact the adoption of these systems in the market.
Computed Tomography (CT) Market Competitive Landscape
Hitachi Ltd., Siemens AG, Toshiba Corporation, Samsung Electronics Co. Ltd., General Electric Company, and Koninklijke Philips N.V. are some of the leading players operating in the global computed tomography market.
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