Computed Tomography (CT) Market Expected to Reach $9,919.0 million by 2030

According to a new report published by Allied Market Research, titled, “Computer Tomography (CT) Market by Type, Application Type, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,"the computed tomography market size was valued at $5,625.0 million in 2020, and is estimated to reach $9,919.0 million by 2030, growing at a CAGR of 5.7% from 2021 to 2030.

Computed tomography or CT is referred to as a computerized x-ray imaging system in which a narrow beam of x-rays is aimed at a patient and is rapidly rotated around the body, producing signals that are processed by the machine's computer to produce cross-sectional images, or slices of the body. These slices are referred to as tomographic pictures, because they provide more comprehensive information than traditional x-rays. After the machine's computer collects a number of successive slices, they may be digitally stacked together to produce a 3D picture of the patient, allowing for better identification and localization of fundamental structures as well as any tumors or anomalies.

Computed tomography scanning is a painless and non-invasive procedure. The time of a CT treatment varies depending on the size of the area being scanned, however it generally only takes a few minutes to half an hour. The CT scan is usually conducted as an outpatient procedure in a hospital or a radiology facility, with no overnight hospital stay. It is utilized to guide procedures such as surgery, biopsy, and radiation therapy.

It is a useful diagnostic tool for the detection of various diseases and injuries. It enables providers to closely examine bones, organs &other soft tissues, blood vessels, and detect any suspicious growths such as cancer &benign tumors, fractures (broken bones), heart disease, blood clots, bowel disorders (blockages, crohn's disease), brain &spinal cord diseases or injuries, and internal bleeding. Furthermore, computed tomography can be used in patients with metallic implants or pacemakers where magnetic resonance imaging (MRI) is contraindicated.

Increase in prevalence of geriatric population has led to rise in chronic diseases. Surge in oncology cases specially lung cancer, brain tumors, brain stroke, and various disorders such as cardiovascular, musculoskeletal and neurological lead to rise in demand for computed tomography scan. According to the Centre for Disease Control (CDC), in 2018, 1 in every 6 deaths from cardiovascular disease was due to stroke. Every 40 seconds, someone in the U.S. gets a stroke. Every 4 minutes, someone dies of stroke and every year, more than 795,000 people in the U.S. have a stroke. About 610,000 new cases of strokes and about 87% of all strokes cases are ischemic strokes, in which blood flow to the brain is blocked. Furthermore, according to the World Stroke Organization (WSO), Global Stroke Fact Sheet 2019, there are over 13.7 million new strokes each year and globally, 1 in 4 people over age of 25 may have a stroke disorder in their lifetime. Thus, rise in such neurological cases lead to the surge in CT scans and is thus anticipated to propel the market.

 Moreover, launch of various products to fulfill unmet demands, initiatives taken by the government for early diagnosis, and treatments further boost the computed tomography (CT) market growth. For instance, in October 2021, Siemens Healthineers announced the USFDA510 (k) clearance for the Naeotom Alpha, the world’s first photon-counting computer tomograph. It is designed to transform the information from X-ray photons that pass through a patient's body, and are received by a detector, into a detailed 3D image. The images delivered by the system are used by a trained physician as an aid in diagnosis or can be used by trained staff as an aid in diagnosis, treatment preparation, and radiation therapy planning.

Thus, the aforementioned factors are anticipated to drive the growth of the computed tomography market. In addition, initiatives taken by governments to ensure early diagnosis and symptoms of disorders and improvement in development of innovative technologies in the healthcare sector thereby propel the growth of the market.

The computed tomography market is segmented into type, application, end user, and region. On the basis of type, the market is divided into low slice, medium slice, and high slice. The medium slice segment dominated the market in 2020, and is expected to continue this trend during the forecast period.

By application, the computed tomography (CT) market is fragmented into oncology, neurology, cardiovascular, musculoskeletal, and others. The oncology segment led the market in 2020, and is expected to retain its dominance during the forecast period.

By end user, the market is categorized into hospitals & clinic, diagnostic centers, and others. The hospitals & clinic segment exhibited the highest growth in 2020, and is expected to continue this trend during the forecast period, owing to rise in cancer cases leading to surge in chemotherapy procedures.

North America accounted for a majority of the global computed tomography market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of chronic diseases, consumer awareness for early diagnosis, presence of key players, increase in healthcare expenditure, advancements in application, and rise in government initiatives in the region. However, Asia-Pacific is anticipated to witness notable growth, owing to rise in incidences of cancer, escalating demand for healthcare services from an aging population and increased investments in healthcare sector in the region.

Key Findings Of The Study

• By type, the medium slice segment was the highest contributor to the computed tomography (CT) market in 2020.
• On the basis of application type, the oncology segment dominated the market in 2020, and is expected to continue this trend during the forecast period.
• Depending on end user, the hospitals & clinic segment was the highest contributor to the computed tomography (CT) market in 2020.
• Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

North America accounted for a majority of the computed tomography market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of cancer, presence of key players, development of the healthcare sector, presence of numerous computed tomography devices, and advancement in technology for computed tomography system in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in prevalence of inflammatory diseases, a rise in the demand for early diagnosis, improvement in healthcare infrastructure, and technological advancements in diagnostic computed tomography systems.