Asia Pacific is Witnessing an Increasing Demand for Computed Tomography
" The global computed tomography market is expected to witness a CAGR of 5.5% to reach revenue over $8.7 billion by 2025 "
Bangalore, India, January 2020: With its recently published study “Global Computed Tomography Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global computed tomography market will continue to grow, owing to high prevalence of chronic diseases globally coupled with rising elderly population, increasing demand for early diagnosis, and increased clinical efficacy of the technology. Increasing awareness among patients for early diagnosis, improving healthcare expenditure in developing markets, and advancement in technology are projected to support the market growth during the forecast period 2019–2025.
The computed tomography market, by technology, is segmented into high-end slice, mid-end slice, low-end slice, and cone beam computed tomography. Among these, the cone beam computed tomography segment is expected to grow at a high CAGR. Growing demand in dentistry, increasing application of the technology, and less radiation exposure make the segment attain high CAGR during the forecast period 2019–2025. The market by application is segmented into oncology, neurology, cardiovascular, musculoskeletal, and others. Oncology occupied a maximum share and is expected to remain the same for the next few years. Hospitals, diagnostic centers, and others are various end-users in the global computed tomography market.
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Key companies are launching new products, aiding to have significant hold in the market. For instance, in July 2019, Canon Medical Systems launched “Advanced Intelligent Clear-IQ Engine” (AiCE), the world's first deep-learning reconstruction software, which quickly produces exceptionally detailed CT images with low-noise properties. The software was equipped on Aquilion ONE Genesis, the software uses image reconstruction technology, based on deep convolutional neural network, and is capable of delivering CT images with 20% lower noise properties and three to four times higher resolution than the currently available products in the market.
In December 2019, Fujifilm Corporation announced an agreement to acquire Hitachi Ltd.’s business related to diagnostic imaging for $1.63 billion. The deal gives Fujifilm CT scanners, MRI devices, and ultrasound capabilities and to expand the company’s footmark in the radiology market to compete more fiercely with the three big medical imaging companies, Siemens Healthineers, GE Healthcare, and Philips Healthcare.
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The global computed tomography market is segmented in the regions of North America, Europe, Asia Pacific, and Rest of the World. North America attained maximum share in 2018 and is expected to grow at mid-single-digit CAGR during the forecast period. The high incidence of disease, availability of new technologies, increasing adoption of the technology, and high disposable income make North America a dominant shareholder in the global computed tomography market. Asia Pacific is likely to grow at the fastest rate during the forecast period due to rising awareness of early diagnosis, large patient pool presence, and advancement in technology.
“The computed tomography market is growing at single-digit CAGR and the key companies are focusing on continuous innovation to introduce advanced products in the market to increase their share. Manufacturers are introducing new AI algorithms to help recreate computed tomography images than traditional iterative or model-based reconstruction approaches. For instance, in April 2019, GE Healthcare received 510(k) approval from the USFDA for its Deep Learning Image Reconstruction Engine on the new Revolution Apex computed tomography device.” – Arpitha Shetty, Research Analyst, Infoholic Research
Key Insights of the Report Include:
- By Technology:
- High-End Slice
- Mid-End Slice
- Low-End Slice
- Cone Beam Computed Tomography
- By Application:
- By End-users:
- Diagnostic Centers
- By Regions:
- North America
- Asia Pacific
- Rest of the World
- Industry Outlook: Market trends, drivers, restraints, and opportunities