Computed Tomography (CT) Scanners Market Size, Share & COVID-19 Impact Analysis, By Technology (High Slice, Mid Slice, Low Slice, Cone Beam Computed Tomography (CBCT)), By Application (Orthopedics, Cardiovascular, Oncology, Neurology, Others), By Modality (O arm, C arm), By End-User (Hospitals & Ambulatory Surgical Centers (ASCs), Diagnostic Imaging Centers, Others), and Regional Forecast, 2022-2029

The computed tomography (CT) scanners market size was valued at USD 6.39 billion in 2021 and is projected to grow from USD 6.70 billion in 2022 to USD 9.92 billion by 2029, at a CAGR of 5.8% during 2022-2029 Period. The global COVID-19 pandemic has been unprecedented and staggering, with computed tomography (CT) scanners experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a growth of 9.3% in 2020 as compared to 2019.

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 report published by the National Center for Health Statistics, in 2021, 1,898,160 new cases of cancer were registered in the U.S. Thus, the increasing prevalence of cancer across the globe is driving the demand for computed tomography scanners during the forecast period.

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.

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 market growth during the forecast period.

COVID-19 IMPACT

Significant Rise in Demand for Computed Tomography (CT) Scanners to Increase Scanning Capacity during COVID-19

The emergence of COVID-19 has impeded the demand for computed tomography scanners due to the rise in adoption of CT scanners for the management and diagnosis of patients suffering from coronavirus. Key players operating in the market recorded a significant increase in their revenues due to the COVID-19 pandemic. The increase in production and rise in chronic illness as the modality utilization in diagnosing patients with COVID-19 are some major parameters driving the growth of these imaging equipment during the pandemic.

For instance, according to the article published by AuntMinnie, the digital radiography segment experienced a rise of over 80.0% in the unit shipments during the forecast period. In terms of revenue, the computed tomography scanners market witnessed an increase of 9.3% in 2020. However, during 2020, hospitals and diagnostic centers purchased CT scanners more than expected due to increased demand for these equipment during COVID-19. Thus, a significant decline in demand was observed during 2021. In terms of revenue, the market witnessed a decline of 14.9 % in 2021.

LATEST TRENDS

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

The introduction of technologically advanced computed tomography 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. CT scanners have significantly reduced the time of hospitalization and improved cancer diagnosis. In recent years, advances in CT scanning technology include removal of harmful radiations to patients, increased speed, and improved image quality.

The major market players are introducing technologically advanced products in the market. 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 scanners. CT angiography (CTA) is becoming popular in physicians to evaluate medical complications related to the cardiovascular segment.

Key players are launching technologically advanced products to gain a competitive advantage over other players. For instance, In April 2021, Hitachi, Ltd. announced a newly designed Scenaria 64-slice CT scanner. The product focuses on the reduction of dose, efficient radiation, and catering to interventionists in their practice. The product launch provides Hitachi with strengthening its product portfolio in a competitive CT scanner market.

DRIVING FACTORS

Increasing Prevalence of Chronic Disorders to Propel Market Growth

The increasing demand for early-stage diagnosis of chronic diseases and the developing healthcare infrastructure in emerging countries are the major factors responsible for the growing demand for CT scanners. This, along with the increasing prevalence of chronic disorders globally, 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 British Heart Foundation, in 2021, an estimated 7.6 million people in the U.K. were 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.

Rapidly Developing Hospital and Healthcare Infrastructure in Emerging Countries to Support Demand for CT Scanners

The rapidly developing infrastructure of hospitals and healthcare facilities in emerging countries such as Brazil, India, and China is the major driving factor for the growth of the market during the forecast period.

A strong focus of regional and national healthcare agencies and government toward healthcare facilities and development of an at-par infrastructure is leading to huge investments from the public and private sectors in the development of hospitals and healthcare facilities. Also, the leading hospital chains are expanding their presence in the key countries and focusing on infrastructure development.

• Leading hospital chains including Fortis, Apollo Hospitals, and other hospitals have strategically expanded their presence in the key countries, including India and other South East Asian Countries. For instance, in April 2021, India-based National Investment and Infrastructure Fund Limited (NIIFL) invested USD 285 million in Manipal Hospitals in India.


• According to various published articles and national databases, India, China, Saudi Arabia, and Russia are among the leading countries with a substantial number of new hospital projects undertaken in these countries. These countries are poised to add around 40,000 to 50,000 new hospital beds combined with India (approx. 24,000), China (approx. 28,000), and Saudi Arabia (approx. 5,500) leading the charge.

The increasing healthcare infrastructure in the developing countries focuses on the increasing number of hospital beds to cope with the increasing demand. Thus, the rapid development of healthcare infrastructure, combined with the growing prevalence of chronic diseases, and emphasis on early diagnosis, leads to higher demand for medical imaging equipment, including CT scanners in the global market. This demand is further supplemented by the strong R&D focus of market players leading to the introduction of new and technologically advanced equipment.

RESTRAINING FACTORS

High Maintenance and Installation Cost to Hinder Market Growth

The high maintenance and installation cost of equipment is one of the major factors to hamper the global computed tomography (CT) scanners market growth during the forecast period. For instance, a computed tomography system's estimated acquisition cost is 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-sized healthcare facilities.

This, combined with a large and regulated refurbished equipment industry, especially in developing countries such as 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 at 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

The global CT scanner market is segmented into high slice, mid slice, low slice, and Cone Beam Computed Tomography (CBCT) based on technology.

The low slice segment held a dominant market share in 2021. 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 along with the new product launches of the low slice segment in the global market.

• For instance, in July 2021, Planmeca Oy announced the launch of Planmeca Romexis 6.2. The release features the Romexis 3D Cephalometry module for performing cephalometric tracing and analysis in 3D, as well as improvements to existing functionalities. The new update makes the software intuitive and easy to use, which increases adopters of the company’s proprietary CT scanner, thereby gaining market share in this market

The technological advancements in low-slice scanners and low pricing compared to high-end devices have been instrumental in augmenting the demand for low-slice products across the world.

However, the 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 CBCT products globally.

By Application Analysis

Prevalence of Cancer is Boosting Growth of Oncology Segment

The market is segmented into orthopedics, cardiovascular, oncology, neurology, and others in terms of application.

The oncology segment dominated the application segment in 2021. It is also anticipated to register a comparatively higher CAGR than other segments during the forecast period. Computed tomography systems are widely used to detect tumors and other cancer medical abnormalities. Globally, the increasing prevalence of cancer and the number of applications of CT scanners in cancer diagnostics are the major factors responsible for the growth of this segment.

• For instance, according to GLOBOCAN 2020, 19.3 million new cancer cases were diagnosed globally in 2020. Thus, the increasing prevalence of cancer globally is projected to boost the demand for CT scanners to diagnose cancer.

The cardiovascular segment is anticipated to project a significant CAGR during the forecast period due to the global increase in geriatric population and increasing prevalence of cardiovascular diseases among the general population.

By Modality Analysis

Rising Adoption of Innovative Products is driving Growth of O arm Segment

The market is segmented into O arm and C arm in terms of the modality.

The O arm segment held the largest market share in the modality segment in 2021. The increasing volume of CT scan procedures, rising adoption of innovative products, and new product launch in this segment drive O arm systems demand.

• For instance, In April 2021, Hitachi, Ltd. announced the launch of the newly designed Scenaria 64-slice CT scanner. The product focuses on being efficient radiation, works on dose reduction technology, and caters to the interventionists in their practice. The product launch provides Hitachi with strengthening its product portfolio in a competitive CT scanner market.

The C arm segment is anticipated to grow significantly due to increasing adoption of C arm in interventional surgical procedures due to its open architecture and easy patient access.

By End-User Analysis

Well-Established Healthcare Sector in Developing Countries to Dominate Hospitals and Ambulatory Surgical Centers (ASCs) Segment in 2021

The market is segmented into hospitals and ambulatory surgical centers (ASCs), diagnostic imaging centers, and others based on end-user.

The hospitals and ambulatory surgical centers (ASCs) segment held the largest market share in the end-user segment in 2021. The well-established healthcare sector in developed regions, the 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.

Diagnostic imaging centers are anticipated to grow with a significant growth rate as the number of imaging examinations is conducted in diagnostic imaging centers in majority of countries.

REGIONAL INSIGHTS

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On the basis of region, the market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

The CT scanner market size in North America stood at USD 1.57 billion in 2021. The increasing number of patients undergoing diagnostic imaging procedures in the region and the rising adoption of technologically advanced products are propelling the market's growth in this region.

• For instance, according to the Organization for Economic Co-operation and Development (OECD), till 2020, around 14,606 CT systems were installed in North America, out of which more than 14,086 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 due to increasing awareness about chronic disorders, the presence of well-established healthcare facilities in Germany, France, and Italy, and increasing demand for advanced healthcare systems from healthcare facilities in these countries.

Asia Pacific dominated the market in 2021 and is anticipated to grow at higher CAGR during the forecast period of 2022-2029 due to 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 these equipment requiring replacement, offers huge potential for new systems in this region.

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Latin America is anticipated to hold a comparatively lower share of the market due to low healthcare expenditure in the region. The rapidly developing healthcare sector and hospital network in the Middle East & Africa are providing favorable conditions for the market's growth 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 global market is consolidated. The market is dominated by major players such as Siemens Healthineers AG, GE Healthcare, Koninklijke Philips N.V., and Canon Medical Systems Corporation. The top four players held around 65-70% market share in 2021. 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 2021, Siemens Healthcare GmbH announced the launch of Naeotom Alpha, the world’s first photon-counting CT scanner.


• Siemens Healthcare GmbH developed a CT Pneumonia Analysis algorithm to diagnose coronavirus. An artificial intelligence (AI)-powered analysis of radiological images has the potential to reduce this growing burden on radiologists and speed up their reading time and accuracy.

Other key players such as Hitachi, Ltd., Neusoft Medical Systems Co., Ltd., and Carestream Health have also introduced innovative and technologically advanced systems, including portable CT scanners in the market.

LIST OF KEY COMPANIES PROFILED:

• GE Healthcare (U.S.)


• Hitachi, Ltd. (Japan)


• Siemens Healthineers AG (Germany)


• Koninklijke Philips N.V. (Netherlands)


• Neusoft Medical Systems (China)


• Canon Medical Systems Corporation (Japan)


• Carestream Health (U.S.)


• Planmeca Oy (Finland)


• Fujifilm Corporation (Japan)

KEY INDUSTRY DEVELOPMENTS:

• May 2020 - Fujifilm Corporation launched new AI-based technology for lung nodule detection. This technology is used to detect pulmonary nodules in chest CT scans to help in lung cancer diagnosis.


• January 2020 – Carestream Health’s Digital Tomosynthesis received 510(k) clearance from the U.S. Food and Drug Administration. It is an advanced product with improved visibility and cross-sectional imaging capability.

REPORT COVERAGE

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The computed tomography (CT) scanners market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, technology 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 key factors, the report encompasses several factors that have contributed to the growth and advancement of the market in recent years.

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