Global Computed Tomography Market Set to Witness Prolific Demand: Projected to Grow at - PDF document

Global Computed Tomography Market Set to Witness Prolific Demand: Projected to Grow at a CAGR of 6.4% in the Forecast Period Global Computed Tomography Market - Industry Trends & Forecast Report 2027 Global Computed Tomography Market, By Type (Low Slice, Medium Slice, High Slice), By Application (Oncology, Neurology, Cardiovascular, Musculoskeletal, Other Applications), By End - User (Hospitals, Diagnostic Centers, Others), By Region (North America, Euro pe, Asia - Pacific (APAC), Latin America (LATAM), Middle - East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017 - 2027 . A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting , revealed that th e global computed tomography market was worth USD 6.2 billion in the year 2020. The market is further estimated to grow at a CAGR of 6.4%, earning revenue of aroun d USD 9.5 billion by the end of 2027. The growth of the market is attributed to the increasing prevalence of various chronic diseases and medical conditions and the rising demand for computed tomography for diagnostic and therapeutic purposes. However, the high cost of computed tomography systems may act as a major restricting factor for the growth of the global computed tomography market . Report Overview The global computed tomography market is flourishing due to the broad spectrum of uses of computed to mography (CT) scanners, such as the detection of bone and joint problems, cancer diagnosis, cardiovascular diseases, or live masses, as well as the technological advancements introduced in the system . View report Press release Sample report Global Computed Tomography Market Set to Witness Prolific Demand: Projected to Grow at a CAGR of 6.4% in the Forecast Period The global computed tomography market was worth USD 6.2 billion in 2020 and is further projected to reach USD 9.5 billion by the year 2027, growing at a CAGR of 6.4% in the forecast period.A wide range of applications of computed tomography (CT) scans, such as detecting bone and joint disorders, cancers, cardi ovascular conditions, etc., are driving its use in healthcare facilities. Furthermore, technological advancements in the CT scan are also expected to drive the global computed tomography market in the forecast period . Source: BlueWeave Consultin g Global Computed Tomography Market - Overvie w In radiology, a CT scan or Computed Tomography is a diagnostic technique used to obtain images of the body in detail through non - invasive means. This painless method is mainly used to diagnose injuries as well as illnesses. In radiology, the CT scan is widely used to evaluate the size, shape, and location of tumors during a cancer diagnosis. Moreover, Traumatic Brain Injury (TBI) is most often diagnosed with computed tomography (CT). Also, a needle may be used for removing a small piece of tissue through a CT - guided biopsy.A CT image can help radiologists observe the size, shape, and texture of internal structures. Medical problems can be determined by reviewing this detailed information . Global Computed Tomography Market Forecast and Trend s Growth Driver s The Increasing Prevalence of Chronic Diseases and Other Medical Condition s The increasing prevalence of various chronic diseases and other medical conditions as a result of poor lifestyles or other factors fuels t he demand for diagnostic tests and treatment. Computed tomography is widely used for cancer diagnosis. It has Global Computed Tomography Market Set to Witness Prolific Demand: Projected to Grow at a CAGR of 6.4% in the Forecast Period been estimated that there are about 19.3 million cancer cases and around 523 million cases of cardiovascular diseases prevalent worldwide. In addi tion to detecting cancer, CT scans can reveal particular characteristics of each tumor. Because of this, the demand for the computed tomography systems is flourishing at a high rate across the globe, thereby driving the growth of the global computed tomogr aphy market . Innovations and Advancements in The Computed Tomography Technolog y The computed tomography manufacturers invest heavily into bringing innovation into their modalities to gain a competitive edge in the computed tomography market. Therefore, the y try to bring several technologies into CT scan modalities, such as iterative reconstruction, more sensitive detectors which emit less electronic noise, and new hardware and software features. For instance, Philips recently launched a workhouse computed t omography (CT) system called ‘Spectral CT 7500’, which is capable of delivering high - quality spectral images on every scan 100% of the time. These kinds of innovations are a major factor driving the growth of the global computed tomography market . Restrain t s High Cost of Computed Tomography Modalit y The high cost of computed tomography systems is one of the major restricting factors for the market growth. Several healthcare facilities, especially in developing and low - income countries are generally reluctan t to adopt advanced medical technologies like computed tomography because of financial constraints. The CT scan machine costs as low as USD 35,000 but as much as USD 2.5 million depending on the slide type. Due to this, healthcare facilities resort to accu mulating refurbished machines, which negatively affects the market revenue, thereby impeding the growth of the global computed tomography market . Impact of COVID - 19 on Global Computed Tomography Marke t COVID - 19 pandemic had mixed consequences for the global computed tomography market. A majority of countries used Computed Tomography for lung screening, bringing them to the forefront of the fight against COVID - 19. The market, at the same time, suffered fr om the wrath of the pandemic due to the sudden drop in the diagnostic tests of various diseases resulting from the pandemic. Several countries considered lockdowns to curb the spread of the virus, which resulted in a decline in hospital visits for diagnost ic and therapeutic purposes. Furthermore, the COVID - 19 pandemic resulted in the postponement of elective surgeries, which negatively impacted radiology and CT imaging. Additionally, the market was also negatively affected by the import and export ban, whic h directly affected the distribution system of the manufacturers, resulting in huge demand and supply gaps . Global Computed Tomography Market Set to Witness Prolific Demand: Projected to Grow at a CAGR of 6.4% in the Forecast Period Global Computed Tomography Market - By Typ e Based on types, the global computed tomography market is grouped into three segments — a lowslice, medium slice, and high slice. The high slice CT scan type holds the largest market share because of its high efficiency in producing three - dimensional images for patients of any age group. Furthermore, radiation exposure is very low in high slice CT because image processing is very fast. Moreover, the high slice CT scan takes better quality pictures and offers a precise diagnosis of diseases, which is why its adoption is very prominent in disease diagnosis . Global Computed Tomography Market - By Categor y Based on applications, the global computed tomography market is categorized into oncology, neurology, cardiovascular, musculoskeletal, and other applications. Among these, the oncology segment dominates the market because of the increasing prevalence of cancer arou nd the world. It is one of the most commonly used imaging techniques for cancer diagnosis, which is estimated to be accurate around 70% of the time. Also used during the treatment of cancer, it helps doctors determine the shape, size, and location of cance rous tumors . Global Computed Tomography Market - Regional Insight s Geographically, the global computed tomography market is segmented into North America, Europe, Asia - Pacific, Latin America, Middle - East & Africa. Among these regions, North America holds th e largest market share in the adoption of computed tomography techniques. The increasing prevalence of various chronic diseases like cancer and cardiovascular diseases and high diagnostic rates are the major factors propelling the growth of the computed to mography market in North America. However, the European market is also gaining significant traction due to the growing cases of lung cancer and proficient use of CT scan for lung cancer diagnosis . Global Computed Tomography Market Set to Witness Prolific Demand: Projected to Grow at a CAGR of 6.4% in the Forecast Period Source: BlueWeave Consultin g Competitive Landscap e The lea ding market players in the global computed tomography market are Stryker Corporation, GE Healthcare, AB - CT – Advanced Breast - CT GmbH, Shimadzu Corporation, Hitachi Healthcare Systems, Koning Corporation, Illinois Tool Works, Koninklijke Philips NV, MinFoun d Medical Systems, NeuroLogica Corporation, Planmed OY, Neusoft Medical Systems Co. Ltd., Fujifilm Holdings Corporation, Shenzhen Anke High - Tech Co., CareStream Health, Siemens Healthineers, Analogic Corporation, United Imaging Healthcare Co. Ltd., Canon M edical Systems Corporation, and other prominent players . The market is highly dense and consolidated with the presence of several industry giants such as GE Healthcare, Philips, Fujifilm, etc., which cover a major market share. The companies invest heavily in innovating and advancing their products and often engage in product approvals and launch to gain a competitive edge. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, collaboration, etc., is also very promine nt . Recent Development s xx. In July 2021, Canon Medical Systems USA announced its strategic partnership with Cleerly, a healthcare company to integrate Canon’s AI - powered CT technology with Cleerly’s digital pathway solution for the analysis of coronary artery disease . xx. In March 2021, Siemens Healthineers announced to have received Food and Drug Administration clearance for its Biograph Vision Quadra, a positron emission tomography/computed tomography (PET/CT) scanner . Scope of the Repor t Attribute s Detail s Years Considere d Historical data – 2017 - 202 0 Base Year – 202 0 Forecast – 2021 – 202 7 Global Computed Tomography Market Set to Witness Prolific Demand: Projected to Grow at a CAGR of 6.4% in the Forecast Period Facts Covere d Revenue in USD Millio n Market Coverag e U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabi a Product Service/Segmentatio n By Type, By Application, By End - User, By Regio n Key Player s Stryker Corporation, GE Healthcare, AB - CT – Advanced Breast - CT GmbH, Shimadzu Corporation, Hitachi Healthcare Systems, Koning Corporation, Illinois Tool Works, Koninklijke Philips NV, MinFound Medical Systems, NeuroLogica Corporation, Planmed OY, Neusoft M edical Systems Co. Ltd., Fujifilm Holdings Corporation, Shenzhen Anke High - Tech Co., CareStream Health, Siemens Healthineers, Analogic Corporation, United Imaging Healthcare Co. Ltd., Canon Medical Systems Corporation, and other prominent players . By Typ e  Low Slic e  Medium Slic e  High Slic e By Applicatio n  Oncolog y  Neurolog y  Cardiovascula r  Musculoskeleta l  Other application s By End - Use r Global Computed Tomography Market Set to Witness Prolific Demand: Projected to Grow at a CAGR of 6.4% in the Forecast Period  Hospital s  Diagnostic Center s  Other s By Regio n  North Americ a  Europ e  The Asia - Pacifi c  Latin Americ a  The Middle East & Afric a FAQs : 1. What is the current size of the global computed tomography market ? Answer: The global computed tomography market reached USD 6.2 billion in 2020 . 2. What are the major factors driving the growth of the global computed tomography market ? Answer: The major factors driving the growth of the global computed tomography market are; increasing prevalence of chronic diseases and other medical conditions and innovations and advancements in the computed tomography technology . 3. Who are the key pl ayers in the global computed tomography market ? Answer: The key players in the global computed tomography market are Stryker Corporation, GE Healthcare, AB - CT – Advanced Breast - CT GmbH, Shimadzu Corporation, Hitachi Healthcare Systems, Koning Corporation, Illinois Tool Works, Koninklijke Philips NV, MinFound Medical Systems, NeuroLogica Corporation, Planmed OY, Neusoft Medical Systems Co. Ltd., Fujifilm Holdings Corporation, Shenzhen Anke High - Tech Co., CareStream Health, Siemens Healthineers, Analogic Corp oration, United Imaging Healthcare Co. Ltd., Canon Medical Systems Corporation, and other prominent players . 4. Which end - user segment accounted for the largest share in the global computed tomography market ? Answer: The hospital segment accounted for the largest share in the global computed tomography market . 5. Which region is at the highest growth rate in the global computed tomography market ? Answer : North America has the largest share in the global computed tomography market . Global Computed Tomography Market Set to Witness Prolific Demand: Projected to Grow at a CAGR of 6.4% in the Forecast Period About us Blueweave Consulting offers a one - stop solution for your market intelligence needs for any service or product. You get well - researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informed and tim ely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk - return trade - off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavours successful. For more information, kindly visit our Website www.blueweaveconsulting.com contact us info@blueweaveconsulting.com Global Computed Tomography Market Set to Witness Prolific Demand: Projected to Grow at a CAGR of 6.4% in the Forecast Period