The constantly upsurging medical conditions have developed the need for newer technologies and further R&D. From diagnosis of oral problems, cancer to detection of cardiovascular disease, neurological conditions, and others, the computed tomography market is gaining traction across the world. Increase in the aging population is further contributing to the need and paving the way for the computed tomography market. With the use of computer, various combinations of x-ray measurements are taken from different angles to generate tomographic slices of a scanned object that allows a detailed look inside it without cutting it, which is becoming imperative for better health. Unwillingness in seeking treatment and advice from doctors at an early stage is further contributing to the need for diagnosis worldwide. This is benefiting the end-user market vendors, who are directly contributing to growth of the computed tomography market. Computed tomography is not only bound to the healthcare sector and is also extensively used in the restoration of archaeological artifacts in museums and within airport security systems. In 2018, the computed tomography market saw a revenue of around $5 billion. The Computed Tomography Market is expected to observe further growth at a CAGR of 14.5% over the forecast period of 2019-2025.
As per the International Trade Centre (ITC), the worldwide trade value of computer tomography apparatus in 2018 was 3.79 billion, which witnessed an annual growth of 12%. Hence, it can be deduced that a substantial part of this global trade value is contributing to growth of the computed tomography market.
Escalating Computed Tomography Market Revenue in North America
In 2018, North America registered the largest computed tomography market share with almost 38% of the global market size. The U.S., Canada, and other North American countries are constantly engaged in R&D, and contributing to growth of the computed tomography market.
· Escalated Cardiovascular disease to Help in the Expansion of Computed Tomography Market in North America
Doctors often resort to Cardiac Computed Tomography or Multidetector CT (MDCT) to diagnose cardiovascular disease. The fast scanning medium gives a detailed look into images of the heartbeat, as well as into the calcium and other blockages in heart arteries. As per the Centers for Disease Control and Prevention (CDC), almost 610,000 people die as a result of heart disease in the U.S. Among heart diseases, coronary heart disease (CHD) is the most common type which kills almost 370,000 people annually. These statistics are reflective of the increasing incidences of cardiovascular disease, which are escalating at an unprecedented rate. Hence, to keep the disease under check, cardiac computed tomography procedures are extensively used, which are enhancing computed tomography market growth.
Computed Tomography Market: Key Application
Among the various types of computed tomography scanners, high-end slice computed tomography is implemented the most, as it offers safer, faster as well as more precise diagnosis. High-end slice computed tomography are adopted more by doctors for diagnosing patients with respiratory or cardiac problems as the detection of these conditions are difficult by other scanners. As per the World Health Organization (WHO), almost 65 million people suffer from chronic obstructive pulmonary disease (COPD), among which 3 million succumb to death every year. These statistics are reflective of the fact that chronic diseases are expanding at an unparalleled rate. This growing concern is contributing to demand for computed tomography, resulting in increased revenue opportunities for computed tomography market vendors. The implementation of high-end slice computed tomography in different industries is expected to escalate at a healthy CAGR of 16.2% through to 2025, resulting in growth of the computed tomography market.
Computed Tomography Market Growth Drivers –
· Growing Concern for Oral Hygiene to Drive the Computed Tomography Market –
The Global Burden of Disease Study 2016, by the World Health Organization (WHO) assessed that half of the world's total population is affected by oral diseases leading to pain, discomfort and even death at times. The reluctance in seeking advice from dentists combined with negligence and the increasing geriatric population is resulting in these statistics. Cone-beam computed tomography systems (CBCT) are used by dental professionals to reconstruct 3D images of different ENT regions, which provides clarity about the oral disease. Therefore, it can be deduced that with growing concerns of oral hygiene across the globe, the computed tomography market is also going to expand in the next few years.
· Application of Positron Emission Tomography in Diagnosing Cancer will boost the Computed Tomography Market –
In June 2016, the U.S. Food and Drug Administration (FDA) approved of the preparation of gallium Ga 68 dotatate injection, which is a radioactive diagnostic agent for the imaging of positron emission tomography (PET), that can locate tumors in patients with rare conditions. As per the WHO, the world is poised to witness 24 million new cancer cases and 14.5 million deaths related to cancer annually by the end of 2035. These analyses deduce that with growing concern for cancer, the computer tomography market is expected to flourish in upcoming years, as the machine detects tumor cells with ease and precision.
· Industrial Computed Tomography Scanning Directly Contributing to the Growth of Computed Tomography Market –
Apart from medical diagnosis, the use of computed tomography is prevalent in the fast-growing restoration industry. Archeologists and engineers are often found using industrial CT scanning to conserve museum artifacts as well as to inspect internal flaws in engineering machines. With more R&D, restoration and engineering activities are seeing high traction. According to the Bureau of Labor Statistics, by the end of 2026, employment of archivists, museum technicians, conservators and curators is going to grow by 13% faster than the average of all other occupations. Thus, with the rise in employment, the implementation of industrial CT scanning is going to heighten, which will result in growth of the computed tomography market over the forecast period.
· Increasing Airport Security to Generate Revenue for the Computed Tomography Market –
Computed Tomography Scanners are being extensively used in material analysis at airports to detect explosives. Increase in acts of terrorism has resulted in the tightening of aviation security. Transportation Security Administration (TSA) reported that approximately 4,239 firearms were detected by airport officers in 2018. Henceforth, the usage of computed tomography scanners in these applications contribute to expansion of the computed tomography market, resulting in benefits for the end-users.
Computed Tomography Market: Competitive Landscape
The major market players in the global computed tomography market are Siemens Healthineers AG, GE Healthcare, Philips Healthcare, Canon Medical Systems Corporation, Hitachi Medical Systems, Neusoft Corporation, Neurologica Corporation, DXRay, Inc., Koning Corporation and Bioimaging Inc.
Innovation by Major Market Players –
· In November, 2017, Siemens Healthineers launched a new scanner portfolio that helps deliver standardized and high quality examinations with improved patient experience at the Annual Meeting of the Radiological Society of North America (RSNA) in Chicago, U.S.
· At the 2019 European Congress of Radiology, Philips Healthcare unveiled Incisive CT that would help healthcare organizations and imaging departments integrate innovation in imaging, workflow, and lifecycle management. Incisive CT will be deployed in major markets of Asia and Europe by the first half of 2019.
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