Computed Tomography Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028

The global Computed Tomography market size is expected to be worth around US$ 9.7 billion by 2028, according to a new report by Vision Research Reports.

The global Computed Tomography market size was valued at US$ 5.60 million in 2020 and is anticipated to grow at a CAGR of 6.10% during forecast period 2021 to 2028.

Growth Factors

Increasing burden of chronic disorders, such as cardiovascular diseases and cancer, and high demand for effective imaging tools are the factors driving growth. In addition, increasing demand for computed tomography (CT) systems in emergency care departments is expected to be a major driver during the forecast period.

Advanced technology with features such as dose management systems, ability to diagnose tumors through motion (4D), and high-end material differentiation is expected to replace the existing conventional devices. Increasing number of favorable reimbursement policies by government as well as private entities are also expected to drive the CT market at a lucrative pace.

Establishment new screening guidelines in 2011 by NCCN Lung Cancer Screening Panel is expected to have a positive impact on market growth. CT scan is considered as an effective imaging tool and it is required through the lung cancer detection and treatment process to the comparative study of images to monitor the effectiveness of medication prescribed.

Growing demand for ambulatory diagnostic centers due to improving affordability and increasing reach of CT scanners to remote regions is expected to aid further growth. Moreover, the inability of alternative imaging technologies to provide quick reports and at the same time be cost-effective boosts growth. These devices and this technology is also routinely upgraded, which is expected to further increase demand over the forecast period.

Report Highlights

Based on technology, the CT market is segmented into high, mid, low-end slice and CBCT. High-end slice (more than 64 slices) and mid end slice (64 slices) is expected to grow at a lucrative CAGR over the forecast period. Increasing incidence of cardiovascular disorders and demand for accurate diagnostic imaging solutions are the factors expected to drive the segment growth.

High end slice technology has comparatively 80% less radiation exposure than mid end slice technology (64 slices) with a 16 cm imaging area helping in accurate diagnosis. High end slice devices deliver detailed images in obese patients, the only factor expected to restrain the growth of this segment is high cost of the high-end slice technology. However, with improving healthcare infrastructure and improving financing ability would help in overcoming the restrain. 

CBCT is expected to grow at the speediest rate over the forecast period. Compact size, low radiation exposure, and low cost compared to conventional CT are some of the advantages associated with the technique. Ability of CBCT for 3D evaluation of the maxillofacial region has led to their increasing demand in dentistry. Growing applications of CBCT are expected to propel overall CT market during the forecast period.

In terms of end-user, the global computed tomography market is segmented into hospitals, diagnostics imaging centers, and clinics. Hospital segment accounted for the largest market share in 2020. An increasing number of emergency admissions in hospitals and the growing number of surgeries performed each year has contributed to the market share. Moreover, CT scans serve as an effective tool for accurate diagnosis pre-operative and post-operative to determine the effectiveness of the treatment.     

The difficulty and risk associated in transportation of critical-ill patients from hospital to a third party diagnostics center for CT scans, has forced the hospitals to establish their own CT scans machine contributing to the growth of this market. 

Ambulatory diagnostics centers are expected to grow at speediest rate over the forecast period. According to the OECD statistics, there is an approximate 14% increase in the total no of CT scanners per 1,000,000 inhabitants in ambulatory diagnostics centers of the USA  between 2015-17. It is expected to be a revolution in the market as it makes CT scans more affordable and accessible.

The global computed tomography market is segmented based on application into oncology, neurology, cardiology, vascular, musculoskeletal, and others. Oncology held the largest market share in 2020 and is expected to grow at a healthy CAGR over the forecast period. Increasing prevalence of cancer and growing applications of CT scans in diagnosis various types of cancers including lumps and tumors are the factors expected to drive the segment growth.

Introduction of innovative technologies including and computer aided diagnosis of suspicions cancer nodules and accessing the risk of malignancy especially in lung cancer is expected to boost the growth. The software can additionally calibrate the captured image with biopsy outcome helping in accurate diagnosis.

Neurology and Musculoskeletal segments are also expected to grow at a healthy rate over the forecast period because of the increasing geriatric population, as the age of a person increases parallelly the burden of disease related to their age also increases. Aged people due to their mobility being slightly compromised with age fell and develop several types of fractures, especially hip fractures. 

North America holds the largest market share owing to the increasing aging population and prevalence of chronic disorders and is expected to remain the largest market over the period, but the market is expected to witness a decrease in the number of CT scans performed over years to come because of the increasing awareness about risk of radiation exposure. So, unless the health benefits are greater than the risk associated with CT scans physicians don’t suggest going for computed tomography has led to the significant decrease in CT scans in 2017.

Key Players

 Canon Medical Systems Corporation, FUJIFILM Corporation, General Electric Company, Hitachi, Ltd., Koning Corporation, Koninklijke Philips NV, NeuroLogica Corp, Neusoft Corporation, Siemens Healthcare GmbH, Shenzhen Anke High-Tech Co. 

Market Segmentation

• Technology Outlook

  • High end slice

  • Mid end slice

  • Low end slice

  • Cone beam (CBCT)

• Application Outlook 

  • Oncology

  • Neurology

  • Cardiology

  • Vascular

  • Musculoskeletal

  • Others

• End-use Outlook 

  • Hospitals

  • Diagnostics imaging center

  • Ambulatory imaging center

• Regional Outlook

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • The U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

The Computed Tomography market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Computed Tomography market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Computed Tomography market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Computed Tomography market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Computed Tomography market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Computed Tomography capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Computed Tomography by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Computed Tomography market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Computed Tomography market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Computed Tomography market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Computed Tomography industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Computed Tomography market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Computed Tomography market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Computed Tomography market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Computed Tomography market. These factors have benefited the growth of the global market for Computed Tomography. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Computed Tomography. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Computed Tomography are as follows:

• Historic Year: 2017-2020
• Base Year: 2020
• Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.