Originally published on Technavio:Analysis of the Computed Tomography (CT) Market by End-user, Application, and Geography - Projections and Insights for 2023-2027
The Computed Tomography (CT) market is poised to register a Compound Annual Growth Rate (CAGR) of 5.75% between 2022 and 2027, with an estimated increase in market size by USD 2,473.86 million. The market's expansion is contingent on various factors, including the escalating prevalence of chronic conditions globally, a surge in new product launches by leading vendors, and an uptick in merger and acquisition activities.
Anticipated Market Size During the Forecast Period
Computed Tomography Market: Key Drivers, Trends, Challenges, and Customer Landscape
The substantial growth in the prevalence of chronic conditions worldwide stands out as a primary driver propelling market growth. However, challenges like the high costs associated with CT imaging could potentially impede market expansion. An in-depth analysis of these drivers, trends, and challenges, with the base year set at 2022, assists companies in refining their marketing strategies for a competitive edge.
Key Computed Tomography Market Driver
The burgeoning prevalence of chronic conditions globally is a significant driver fueling the growth of the CT market. CT scanners play a crucial role in diagnosing severe and chronic conditions, with their usage extending to ailments such as cancer, cardiovascular diseases, and neurological disorders, all of which are on the rise globally. For instance, as per the International Agency for Research on Cancer, the age-adjusted rate of new cancer cases reached 19.3 million in 2020.
Significant Computed Tomography Market Trends
The emergence of digital health players is a noteworthy trend in the CT market. Collaborations between digital health entities and medical device companies, aiming to shift from volume-based to value-based services, are becoming prevalent. Integration of AI platforms with CT tomography products, such as CT scanners, allows for the automation and standardization of complex diagnostic procedures, enhancing patient experiences, improving outcomes, and reducing overall care costs.
Major Computed Tomography Market Challenge
The high costs associated with CT imaging pose a significant challenge to the global computed tomography market. Both the high initial costs of CT scanners and the expenses related to CT procedures can exert a substantial financial burden on end-users and patients alike. For instance, the average cost of a CT scanner ranges from USD 70,000 to USD 300,000, with additional annual service maintenance costs covering preventative maintenance, parts, labor, and technicians' allowances.
CT scan procedures, employed for diagnostic purposes across various fields, come with an average cost ranging from USD 50 to USD 1,500. This includes hospital stays, facilities, physicians' and supporting staff fees, varying depending on the hospital setting. The high costs associated with CT scan procedures may hinder their adoption, especially in developing countries, potentially limiting market growth during the forecast period.
Key Computed Tomography Market Customer Landscape
The market report encompasses the adoption lifecycle, spanning from innovator to laggard stages, focusing on adoption rates across different regions based on penetration. Furthermore, the report includes key purchase criteria and drivers of price sensitivity, aiding companies in
Fastest-Growing Segments in the Computed Tomography Market
The hospitals segment is anticipated to witness significant growth in computed tomography market share during the forecast period. Hospitals stand as one of the primary end-users of CT technology, deploying it across a broad spectrum of applications, including cancer diagnosis, cardiovascular disease (CVD) evaluation, and trauma assessment.
Computed Tomography Market Size
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The hospitals segment, valued at USD 3,166.33 million in 2017, continued to exhibit growth until 2021. The escalating demand for CT scans in hospitals is spurred by technological advancements, the increasing prevalence of chronic diseases, and growing awareness among both patients and healthcare providers. Technologies like multidetector CT scanners and 3D/4D imaging software contribute to producing clearer and more detailed organ images, establishing CT as an indispensable tool for diagnosis and treatment planning. As the prevalence of chronic diseases rises, coupled with technological advancements and the development of new applications, the use of CT scans is expected to grow during the forecast period.
Key Regions for the Computed Tomography Market
Computed Tomography Market Share by Geography
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Europe is expected to contribute 36% to the growth of the global computed tomography market share during the forecast period. Analysts at Technavio have provided detailed explanations of regional trends and drivers shaping the market in the forecast period.
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The growth of the computed tomography (CT) market in Europe is attributed to factors such as the increasing prevalence of cancer, the growing geriatric population, the high adoption of technologically advanced devices, the ease of regulatory approvals, the surge in the number of CT scanning procedures, and favorable reimbursement policies. The major revenue contributors in Europe include the UK, Germany, France, Italy, and Spain, owing to a high prevalence of chronic diseases and a large number of diagnostic procedures. Vendors are strategically focusing on bolstering sales through new product development and partnerships with distributors and technology providers.
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