Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Computed Tomography Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”, forecasts that the market for computed tomography is expected to grow at a CAGR of around 7.0%.
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Regulatory framework of global computed tomography (CT) market
The Food and Drug Administration (FDA) report states that CT imaging systems are regulated by the FDA under two factors. They are regulated as radiation-emitting electronic products under the Radiation Control for Health and Safety Act and as medical devices under the Medical Device Amendments to the Food, Drug, and Cosmetic Act. The state and the local government controls the intended use of CT systems for medical purposes in the US. In this the State regulates the medical license of the practioners and the facilities operating the medical x-ray systems including the CT systems. Furthermore, manufacturers of CT imaging systems must submit premarket notification 510 (K) to FDA.
The global computed tomography (CT) market is segmented as technology, application, and end-user. Based on technology, the market is segmented as extreme multidetector CT, iterative reconstruction algorithms, dual-energy CT, cone-beam CT, portable CT, and phase-contrast CT. By application, the market is segmented as oncology, neurology, cardiology, vascular, musculoskeletal, and others. By end-user, the market is segmented as hospitals, diagnostic imaging center, and ambulatory imaging center.
Based on technology, extreme multidetector CT will record dominant share for global CT market during the forecast period of 2021 to 2028. Additionally, by application, the oncology segment will pose lucrative share till the forecast period of 2021 to 2028. Furthermore, based on end-user, hospital segment recorded dominant share from the past and will continue to do so till the forecast period.
North America dominates the computed tomography market; Asia Pacific to register fastest growing CAGR during the forecast period of 2021 to 2028
North America holds the dominating share from 2020 and will continue to do so till the forecast period. Among adults and older adults, imaging rates witnessed were significantly higher in 2016 for all imaging modalities other than nuclear medicine. For example, among older adults, CT imaging rates accounted to be 428 per 1000 persons and 161 per 1000 in Ontario. Since, 2016 rates of CT continued to increase among adults and children. Such factors have gained significant attention for the regional market growth during the forecast period of 2021 to 2028
On the other hand, Asia Pacific is exhibited to record fastest growing CAGR for computed tomography market. The APAC growth for CT is due to high adoption of industrial computed tomography utilized for the requirement for early diagnosis, high inclination for minimal invasive diagnostic techniques, growing global rates of chronic diseases coupled with growing geriatric population, rising advantages of CT scans in comparison to other imaging modalities and technological advancement. This is one of the key factors that contribute for the ultimate growth of computed tomography market in APAC region.
The prominent players of the global computed tomography market include CANON MEDICAL SYSTEMS CORPORATION, General Electric Company, Koninklijke Philips N.V., Siemens Healthcare GmbH, FUJIFILM Healthcare, Shenzhen Anke High-Tech Co., NeuroLogica Corp., and among others
The market for computed tomography market is highly competitive and fragmented due to the presence of large number of multinational as well as local players. The leading players are constantly looking to increase their share in the market.
In January 2019, CANON MEDICAL SYSTEMS CORPORATION, announced launching of new product namely, "Aquilion Start CT system" at UAE. The newly launched product features premium technology based on Canon's Medical Industry and will bring high-quality imaging technology to healthcare institution in settings where the patients previously lack access to diagnostic CT scans.
In May 2021, Koninklijke Philips N.V., announced launching of new product namely, "Spectral Computed Tomography 7500 system". The newly launched product is the latest technology delivering high quality spectral images for every patient on every scan by 100% of the time to help improve disease characterization. Additionally, it reduces rescans and follow-ups as compared to conventional scanning technique.
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