Global CT Market to Surpass USD 6 Billion by 2025 on Back of AI-Powered Imaging, Says Frost & Sullivan
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By MedImaging International staff writers Posted on 21 Oct 2021 |
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The global computed tomography (CT) market is expected to register steady growth at a CAGR of 8.1% from USD 4.16 billion in 2020 to USD 6.14 billion by 2025, driven primarily by upgrading of existing scanners to high-end scanners, including artificial intelligence (AI)-powered CT scanners for cancer detection.
These are the latest findings of a recent analysis by Frost & Sullivan (Santa Clara, CA, USA).
An estimated 375 million CT procedures are carried out globally each year, increasing annually by 3-4%. The rapidly evolving needs of clinicians and radiologists, coupled with technology advancements such as photon-counting detector technology, machine learning, deep learning, and spectral imaging, have transformed the landscape of the global CT industry. The CT market worldwide is witnessing a gradual shift from low-end CT scanners to mid-high (64 slice) and high-end (128 slice and above) scanners, primarily due to CT technology innovations in reducing radiation dosage and expanding clinical applications in vascular, oncology, cardiac, and breast cancer imaging.
The trend of upgrading existing scanners to high-end scanners will present growth opportunities for market participants. For instance, mobile CT can increase overall CT use cases, widen the market for participants, and present a business opportunity for leading manufacturers with a broad CT portfolio. Additionally, with reimbursement approval from the current procedure terminology (CPT) and European regulations, cardiac imaging has taken a significant stride toward CT scanning. Moreover, a significant uptake of AI-based CT is anticipated by 2025 due to its efficiency and ability to handle large patient volumes. Regulatory approvals for these solutions are expected in the next one to two years. CT manufacturers should capitalize on the first-mover advantage by offering transparent and flexible pricing and partnering with start-ups.
“High-end CT purchases by university/academic and public hospitals in North America, Western Europe, and Japan are expected to propel the high-end CT segment revenue,” said Poornima Srinivasan, Healthcare & Life Sciences Consultant at Frost & Sullivan. “The 16- to 64-slice scanner shipments to diagnostic imaging centers in developing regions of LATAM, India and China are increasing and anticipated to experience moderate growth over the forecast period.”
“CT was at the forefront of combat against the COVID-19 pandemic as the majority of countries immediately installed CT for lung screening. Despite new purchases, the capacity of traditional unit shipments per year did not yield its full potential. As such, there is an expected pent-up demand for CT to fulfill needs-based requirements during the forecast period,” added Srinivasan.
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