Computed Tomography (CT) Scanners Market Size, Share & Covid-19 Impact Analysis, By Technology (High-slice, Mid-slice, Low-slice, and Cone Beam Computed Tomography (CBCT)), By Application (Orthopedics, Cardiovascular, Oncology, Neurology, and Others), By Modality (O-arm, C-arm), By End User (Hospitals & Ambulatory Surgical Centers (ASCs), Diagnostic Imaging Centers, and Others), and Regional Forecast, 2020-2027

The global computed tomography (CT) scanners market size was USD 6.86 billion in 2019. The impact of COVID-19 has been unprecedented and staggering, with computed tomography systems witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global CT scanners market will exhibit a decline of -6.2% in 2020. The market is projected to grow from USD 6.43 billion in 2020 to USD 9.64 billion in 2027 at a CAGR of 5.9% in the 2020-2027 period. The rise in CAGR is attributable to the product demand and growth, returning to pre-pandemic levels once the pandemic is over.

The rising incidence of chronic diseases such as cardiovascular, oncology, and neurology disorders has led to an increase in early diagnosis among patients. According to the report published by the National Center for Health Statistics, in 2020, 1,806,590 new cases of cancer were registered in the U.S. Moreover, the report showed that prevalence and incidence had increased substantially over time.  

Computed tomography is a medical imaging system widely used in healthcare facilities for diagnostic and therapeutic purposes. The rising prevalence of chronic diseases and recent developments in the healthcare sector fuel the demand for advanced imaging systems, including computed tomography systems.

The increasing prevalence of chronic diseases, including cardiovascular, cancer, neurology diseases, and orthopedic disorders, have led to a large patient pool undergoing computed tomography scans globally. According to the article published by Amber Diagnostics, an estimated 90 million CT scan procedures are performed each year in the U.S. This, combined with increasing technological advancements in computed tomography, drives the growth of the CT scanners market during the forecast period.

Disruption in Supply Chain to Affect CT Scanners Demand Amid Pandemic

Computed tomography has evolved as an important tool in the management and diagnosis of covid-19 patients. Countries such as Brazil, France, Italy, South Africa, China, the U.S., India, and Spain, among others, support the use of CT products in the management of COVID-19. The usage of computed tomography in Covid-19 management is anticipated to increase the number of CT scan procedures in the next few months, which is likely to provide favorable conditions for the market's growth.

However, the outbreak of covid-19 has impacted the global market due to the disruption in the supply chain and manufacturing activities during the lockdown. Moreover, the decline in the number of oncology, cardiology, and other procedures has dampened the demand for computed tomography systems, restricting growth.  

Market players such as GE Healthcare, Koninklijke Philips N.V., Hitachi, Ltd., registered a decline in demand for computed tomography (CT) scanners during the first half of 2020. For instance, GE Healthcare, one of the major players in the global market, generated USD 13,185 million revenue and registered a 9% decline in Q3 ended September 2020 compared to Q3 2019 owing to the lower equipment demand during the period.

In major markets such as the U.S., Germany, France, UK, China, Japan, and India, an estimated 30-40% decline in the number of CT scans performed during Q1 2020, attributed to the lockdown imposed by the government due to Covid-19. Healthcare facilities, including hospitals with radiology departments, remained non-functional for imaging procedures other than those for Covid patients, which significantly impacted CT scan procedure volume and new orders of CT systems. However, most of these countries' resumption of services has led to the revival of these examinations performed during the second half of 2020.

LATEST TRENDS

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Technological advancements in Computed Tomography (CT) Scanners to Boost Market Growth

The introduction of technologically advanced computed tomography (CT) scanners is one of the major factors stimulating market growth. The major players operating in the market are continuously involved in developing technologically advanced products. After introducing 64 Slice CT systems, key market players invented higher slice CT systems to enhance image quality, reduce scanning times, and eliminate stitching artifacts, among other functions.

Currently, only a handful of players operating in the market are providing technologically advanced high-slice products. Some players are offering application-specific products in the market. Among all, cardiac Imaging is one of the major applications of computed tomography (CT) scanners. CT angiography (CTA) is becoming popular in physicians to evaluate medical complications related to the cardiovascular segment.  

Key players are launching new products related to the cardiovascular segment to gain a competitive advantage over other players. For instance, In November 2020, Canon Medical Systems Corporation launched One-Beat Spectral Cardiac CT, with rapid kVp switching and deep learning spectral reconstruction, to acquire whole-heart spectral images in one beat. The introduction of technologically advanced products is anticipated to drive the demand leading to market growth.

DRIVING FACTORS

Increasing prevalence of Chronic Disorders to Propel Market Growth

Factors such as increasing demand for early-stage diagnosis of chronic disease and developing healthcare infrastructure in emerging countries are responsible for the growing demand for effective and advanced diagnostic systems. This, along with the increasing prevalence of chronic disorders in the U.S., Germany, China, Japan, and India, is projected to significantly impact the demand for advanced imaging systems, including computed tomography.

For instance, according to the American Heart Association, an estimated 121.5 million adults were suffering from cardiovascular diseases in the U.S. in 2018. According to the NHS, and an estimated 2.5 million people in the U.K., are suffering from cardiovascular diseases. The growing number of patients suffering from chronic disorders is expected to present a large patient pool undergoing imaging procedures. This is anticipated to spur the demand for computed tomography systems during the forecast period.

RESTRAINING FACTORS

High Maintenance and Installation Cost to Hinder Market Growth          

The high maintenance and installation cost of computed tomography scanners is one of the major elements expected to hamper the global market growth during the forecast period. For instance, a computed tomography system's estimated acquisition cost is between USD 300,000 to USD 2,000,000. The maintenance cost of a 16-slice basic scanner is around USD 60,000 per year, and the average maintenance cost of a high end 128 Slice scanner is about USD 250,000. The high annual maintenance cost makes it unaffordable for small-size healthcare facilitates.

This, combined with a large and regulated refurbished equipment industry, especially in developing countries like China, Brazil, Chile, Mexico, and India, has limited the adoption of new and innovative products due to the high capital required for the latest devices.

Major international players and some domestic players have entered into this lucrative segment, and offer refurbished equipment in affordable prices to healthcare facilities globally. The health care facilities prefer low-cost refurbished products over new products that are expected to hinder the market growth during the forecast period.

SEGMENTATION

By Technology Analysis

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Robust Product Portfolio of Low-slice Products to Augment the Demand

Based on type, the market is segmented into high-slice, mid-slice, low-slice, and cone beam computed tomography (CBCT). The low-slice segment held a dominant market share in 2019. This segment’s growth is primarily driven by the increasing use of low slice scanners in emerging countries along with the established and strong product portfolio of market players in this segment. The technological advancements in low-slice scanners and low pricing as compared to high-end devices have been instrumental in augmenting the demand for low-slice products across the world.

However, the cone beam computed tomography (CBCT) segment is anticipated to grow at a considerable CAGR during the forecast period. Increasing applications of CBCT scanners in dental, ENT, orthopedics, and interventional radiology are anticipated to drive the demand for cone beam computed tomography (CBCT) products globally.

By Application Analysis

Prevalence of Cancer is Boosting the Growth of Oncology Segment

Based on application, the market is classified into orthopedics, cardiovascular, oncology, neurology, and others. The oncology segment dominated the application segment in 2019. It is also anticipated to register a comparatively higher CAGR than other segments during the forecast period. Computed tomography systems are widely used in the detection of tumors and other cancer medical abnormalities.

The dominance of the oncology segment results from the increasing prevalence of cancer due to the rising geriatric population and the rising adoption of computed tomography systems in cancer diagnosis.

By Modality Analysis

Rising Adoption of Innovative Products is Driving the Growth of O-arm Segment

On the basis of Modality, the market has been bifurcated into O-arm and C-arm CT scanners. The O-arm segment held the largest market share in the modality segment in 2019. The increasing volume of CT scan procedures, rising adoption of innovative products, and new product launches in this segment drive O-arm systems demand. The C-arm segment is anticipated to grow with a significant growth rate owing to the increasing adoption of C-arm in interventional surgical procedures due to its open architecture and easy patient access.

By End User Analysis

Hospitals and Ambulatory Surgical Centers (ASCs) Segment Held a Dominant Share in 2019

Based on end user, the computed tomography scanners market is segmented into hospitals and ambulatory surgical centers (ASCs), diagnostic imaging centers, and others. The well-established healthcare sector in developed regions, growing number of hospitals in developing countries, and growing awareness about CT scans are driving the growth of the hospitals and ambulatory surgical centers (ASCs) segment during the forecast period.

REGIONAL INSIGHTS

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The market size in North America stood at USD 1.68 billion in 2019. The increasing number of patients undergoing diagnostic imaging procedures in the region and the rising adoption of technologically advanced products are propelling the growth of the market in this region. For instance, according to the Organization for Economic Co-operation and Development (OECD), till, 2019 around 15,000 CT systems were installed in North America out of which more than 14,500 CT systems are installed in the U.S., The number is likely to surge in near future due to the growing emphasis on early diagnosis by healthcare agencies.

Europe is anticipated to grow at a significant CAGR expected to the increasing awareness about chronic disorders, the presence of well-established healthcare facilities in countries like Germany, France, and Italy, and increasing demand for advanced healthcare systems from healthcare facilities in these countries.

Asia Pacific is expected to dominate the market in 2019 and anticipated to grow at higher CAGR during the forecast of 2020-2027 due to the increasing incidence of chronic diseases, developing healthcare sector, and strong unmet need for advanced diagnostic systems in diagnostic centers. This along with a large and aging installed base of CT scanners requiring replacement is offering huge potential for new systems in this region.

Latin America is anticipated to hold a comparatively lower share of the market due to the underdeveloped healthcare sector and low healthcare expenditure. The rapidly developing healthcare sector and hospital network in the Middle East & Africa, are providing favorable conditions for the growth of the market during the forecast period.

KEY INDUSTRY PLAYERS

Extensive Distribution Network, Strong Portfolio, and Stout Brand Presence of Major Players to Consolidate Market

The competitive landscape of the CT scanners market is consolidated. The market is dominated by major players like Siemens Healthineers AG, GE Healthcare, Koninklijke Philips N.V., and Canon Medical Systems Corporation. The top four players held around 70% market share in 2019. Robust product portfolios, new product launches, a strong brand image, and a wide distribution network in many countries are primarily responsible for the dominance of these players in the global market.

For instance, In November 2018, GE Healthcare introduced Revolution Apex into the market. It is an ultra-premium CT system designed to provide improved image quality. The company launched this product to fortify its position in the market.

Other key players such as Neusoft Medical Systems, Carestream Health, and Planmeca Group have also entered with innovative and technologically advanced systems, including portable CT scanners in the market.  

LIST OF KEY MARKET PLAYERS PROFILED:

• GE Healthcare (Massachusetts, United States)


• Hitachi, Ltd. (Tokyo, Japan)


• Siemens Healthineers AG (Erlangen, Germany)


• Koninklijke Philips N.V. (Amsterdam, Netherlands)


• Neusoft Medical Systems (Shenyang, China)


• Canon Medical Systems Corporation (Shimoishigami, Japan)


• Carestream Health (New York, U.S.)


• Planmeca Oy (Helsinki,Finland)


• Fujifilm Corporation (Minato-ku, Tokyo, Japan)


• Other Prominent Players

KEY INDUSTRY DEVELOPMENTS:

• April 2021 – FUJIFILM Corporation announced the completion the acquisition of Hitachi’s Diagnostic Imaging-related business. The acquisition is expected to strengthen FUJIFILM’s expansion in Medical System Business.


• May 2021 – Siemens Healthineers AG announced the launch of their new CT Scanner, Somatom X.ceed. This new device was developed for critical clinical areas, where the time and precision is of major importance.


• November 2020 – GE Healthcare announced the acquisition of Prismatic Sensors AB, a Swedish company responsible for the development of photon counting detectors. This acquisition will help the company to continue their development of a photon-counting CT technology.

REPORT COVERAGE

An Infographic Representation of Computed Tomography (CT) Scanner Market

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The CT scanners market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading product applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth and advancement of the market in recent years.

Report Scope & Segmentation