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The global point of care (POC) CT imaging systems market size was USD 217.6 million in 2019 and is projected to reach USD 869.6 million by 2027, exhibiting a CAGR of 19.9% during the forecast period.
The major factors propelling the dynamic growth of this market include the increasing adoption of point of care equipment in outpatient and inpatient healthcare facilities. Additionally, the striking increase in emergency room visits has also aided the growth of the market in recent years. Countries in North America and Europe have significantly aided the point of care CT imaging system market growth owing to the wider acceptance of advanced imaging solutions in these regions.
Disruptions in the Manufacturing on POC CT Imaging Equipment amid COVID-19 to Hamper Growth
There has been a surge in the demand for imaging services across the globe. However, hindrances in production and manufacturing have had a negative impact on the global POC CT market. The key players in the market have delayed the launch of certain products in emerging economies owing to the increasing number of active cases of coronavirus recorded in these countries. For instance, companies such as Siemens have experienced a decrease of 20% in their revenue sales of imaging modalities. On the other hand, the production activities of some of the market players have been affected due to the unavailability of locally-sourced raw materials or parts.
Furthermore, the changing and uncertain geopolitical situation globally, as a result of the outbreak of the coronavirus, has left manufacturers and key players distraught due to the disruptions in the export and import of raw materials and finished goods. This has led the players in the market to re-evaluate the traditional supply and value chains of the market.
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Incorporation of Artificial Intelligence to Improve Efficiency of Diagnosis to Fuel the Market
The point of care CT imaging market potential is getting enhanced as a result of the advancements in artificial intelligence (AI) in healthcare, leading to improved efficiency of radiologists and subsequent diagnosis of disease indications. These have been attributed to the increased focus on patient satisfaction. For example, in July 2019, Siemens received CE approvals for their AI-Rad Companion Chest CT intelligence software. Such innovations are a key trend witnessed among leading players in the healthcare industry.
Increasing Emergency Case Visits in Healthcare Facilities to Aid Market Growth
POC CT systems have proved to be crucial in the emergency department of healthcare facilities owing to an increased need for higher efficiency and accuracy in the detection of critical illnesses and in the treatment of complex injuries. According to the Center for Disease Control and Prevention (CDC), there were around 139.0 million emergency department visits in the U.S in 2018, out of which 2.0 million were admitted to critical care units. Healthcare management has progressed speedily owing to the advancements in new-age medical technologies. Health records, diagnoses, and treatments have all been made easier and more convenient in clinics, hospitals, and other outpatient centers. Modern medical technologies have become the cornerstone for breakthroughs in the diagnosis and treatment of diseases. The emergency department (ED) serves as the first line of aid in any health crisis or trauma situations.
The rising number of trauma cases in hospital emergency rooms is estimated to bolster the demand for POC CT imaging equipment. For instance, unintentional traumatic injuries are the fourth leading cause of death in the US, surpassed only by heart disease, cancer, and lower respiratory diseases.
Drift towards Outpatient Services to Propel Market Growth
Worldwide, there is an increasing preference for outpatient services owing to the lower cost of care. Additionally, the development of new advanced treatment methods and technological innovations in medical imaging equipment combined with active government initiatives has caused this drift from inpatient services to outpatient care. The rising demand for outpatient care is estimated to drive the point of care CT imaging systems market in the coming years. For example, the demand for outpatient care in the UK grew at a higher rate than the population of the country. According to the Royal College of Physicians, outpatient appointments accounted for around 85% of the hospital visits in the UK in 2018.
Limited Availability of Trained Radiographers to Constrain the Market
Trained and skilled radiographers are crucial for performing CT scans and handling other imaging equipment. However, the increasing shortage of radiographers in developed and developing nations poses a challenge for the growth of the market in the coming years.
In countries such as the UK and the US, there is currently a massive shortage of trained radiographers, making it difficult for healthcare facilities to cope up with the increasing demand for imaging services. For instance, the American Society of Radiologic Technologists (ASRT) stated that the radiographer vacancy rate increased to 8.5% in 2019 from the previous survey that recorded a vacancy of 4.3% in 2017. The same trend was witnessed in the UAE, where, in 2016, there were less than 300 radiologists in the Emirate of Abu Dhabi. According to the estimates by the Department of Health, Abu Dhabi (2016), there would be an additional 410 full-time radiology workforce requirement by the end of 2025.
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Full-sized POC CT Imaging Systems Segment Held Highest Market Share in 2019
On the basis of product type, the market is bifurcated into full-sized and compact. The full-sized product type captured the major market share in 2019. Full-sized CT imaging systems are widely adopted in larger healthcare facilities such as public and private hospitals.
However, the compact segment is expected to grow at a notable CAGR during the forecast period due to the increasing number of market players engaged in the development of advanced portable CT imaging equipment. Also, recent product launches of compact CT imaging systems are expected to drive the segment’s growth in the upcoming years. In July 2017, for instance, Samsung NeuroLogica, the healthcare subsidiary of Samsung Electronics, launched a portable full-body computed tomography imaging system.
Hospitals Segment Dominated the Market in 2019
The point of care CT imaging systems market by application is categorized into hospitals, ambulatory surgical centers, radiology centers, and clinics. The hospital segment dominated the market in 2019. Improving public healthcare infrastructure in developing countries is the predominant driving factor for this segment. For instance, in 2019, Shaikh Shakhbout Medical City was inaugurated in Abu Dhabi. The medical facility started accepting outpatients in the ENT, neurology, ophthalmology, cardiology, and gastrointestinal clinics.
North America Point of Care (POC) CT Imaging Systems Market Size, 2019 (USD Million)
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The market size in North America stood at USD 96.4 million in 2019. Increased preference of key players to introduce products in the developed countries of North America is a key factor driving the growth of the market in the region. These players are focused on securing approvals from the U.S Food and Drug Administration (FDA) to expand their customer base in other regions. For instance, in October 2020, Siemens received FDA approval for the SOMATOM On.site point of care computed tomography system.
Similarly, Europe is highly receptive towards advanced therapy options for untreatable diseases. There is an increase in the demand for outpatient services in countries such as Germany, France, and the UK. The recent medical reimbursements to ambulatory surgical centers are one of the predominant reasons for the growth of the regional market.
Asia Pacific recorded lower sales in 2019. The COVID-19 pandemic that originated from China is estimated to create a shift in the global geopolitical situation, impacting market growth in the region. Furthermore, the OEMs in China that supply parts for the manufacturing of POC CT equipment have faced significant disruptions in the manufacturing and supply chains owing to the pandemic. These developments are expected to have adverse impacts on the global market.
Latin America and the Middle East & Africa POC CT imaging systems market is estimated to grow at a slow rate in the coming years. This is attributed to the lower awareness regarding point of care imaging systems in these regions.
Small Number of Companies to Dominate Market Competition
The market is consolidated with a few players such as Xoran Technologies, Carestream Health, Genoray Co, and Samsung NeuroLogica, among others, dominating its competitive landscape. Other leading players include SCANCO Medical, Curve Beam, Planmed Oy, and KaVo Kerr, among others. Merger & acquisition activities, launch of new products, and participation in radiology and imaging conferences are some of the key trends followed by the major market players to capture a larger customer base globally.
An Infographic Representation of Point of Care (POC) CT Imaging Systems Market
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The point of care CT imaging systems market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over recent years.
Value (USD million)
By Product Type
Fortune Business Insights says that the global market size was USD 217.6 million in 2019 and is projected to reach USD 869.6 million by 2027.
In 2019, the North American market value stood at USD 96.4 million.
The market will exhibit a stunning growth of 19.9% in the forecast period (2020-2027).
The full-sized POC CT imaging system segment is expected to be the leading segment in this market during the forecast period.
The increasing number of emergency case visits in healthcare facilities is the major factor driving the growth of the market.
Xoran Technologies, Carestream Health, Genoray, and Samsung NeuroLogica are the major players in the global market.
North America dominated the market in terms of share in 2019.
The launch of advanced POC CT imaging equipment by market players is expected to drive the adoption of this product.
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