Rising Incidence of Chronic Diseases Driving Computed Tomography Market

[Pramod Kumar]

The global computed tomography market value stood at $4,894.3 million in 2015, and it is predicted to surge at a CAGR of 5.0% from 2016 to 2022 (forecast period).

The market is being driven by the growing incidence of chronic diseases, rising focus on early diagnosis of diseases, and soaring healthcare expenditure all over the world. CT is basically an imaging procedure that employs the use of specialized X-ray equipment for generating detailed images of internal organs for patients as well as their blood vessels, soft tissues, and bones.

This procedure is also known as computerized axial tomography (CAT) scanning. CT imaging has emerged as the standard of diagnosis for various diseases, such as spinal conditions, inflammatory diseases (such as ulcerative colitis and sinusitis), kidney diseases, and circulatory system conditions (such as coronary artery diseases, aneurysms, and blood clots). Owing to this factor, the growing incidence of these diseases is positively impacting the worldwide demand for CT procedures across the world.

The surging population of geriatric people is another major factor propelling the progress of the CT market around the world. According to the World Population Ageing 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050. Depending on slice type, the market is divided into mid-slice, low-slice, and high-slice categories. Out of these, the high-slice category is predicted to exhibit the highest growth rate in the market in the coming years.

Geographically, North America is predicted to continue dominating the CT market in the forthcoming years. This will be because of factors, such as the rising incidence of chronic diseases, ballooning population of geriatric people, and rapidly improving healthcare infrastructure in the region. Moreover, the surging healthcare expenditure is also supporting the expansion of the market in the region. Apart from these factors, the players operating in the market are investing heavily in research and development (R&D) projects in order to develop advanced products equipped with better features, which is also fueling the growth of the regional market.

Whereas, Europe will hold the second-largest share in the CT market in the coming years, as per the forecast of P&S Intelligence, a market research company based in India. Asia-Pacific is predicted to be the fastest-growing region in the market in the coming years. This is attributed to the booming population of geriatric people and rising incidence of chronic diseases in the region. Apart from these factors, the improving healthcare infrastructure in emerging economies, such as India and China, is also propelling the expansion of the market in the region.