Computed Tomography Market– A Boon in Medical Imaging
Computed tomography (CT) is a computerized X-ray imaging procedure. CT scanners uses motorized X-ray source as compared to conventional X-rays, which uses X-ray tube, fixed at a point. Cross sectional images or slices are generated through the computer for assessment of the signals produced. The slices also known as tomographic images contain more information than conventional X-rays. 3-D images of the patient enables surgeons, easier identification, location of the basic structures, and possible abnormalities or tumors in the body. Dense structures in the body are easily imaged as compared to soft tissues, because X-rays passes easily through softer tissues, producing faint images. To contain this drawback, intravenous (IV) contrast agents are used. For instance, to examine the possible obstructions in the circulatory systems, a contrast system based on iodine is injected in the blood vessels and barium-based compounds are used as oral contrast agents for imaging organs in the digestive system.
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Growth of the computed tomography market is primarily driven by increasing product innovation, increasing research and development activities and growing awareness about the non-invasive technologies. For instance, in December 29, 2017 the Median Technologies announced a research agreement with Xingtai people’s Hospital to provide company’s proprietary MediScan image analysis technology for the screening of lung cancer in the Xingtai city. Earlier, in April 2017, Toshiba Medical, upgraded its Aquilion Lightning 80 CT system (Aquilion). Aquilion is designed to produce high resolution images to help surgeons with faster disease diagnoses and treatment.
The global computed tomography market was valued at US$ 5,021.6 million in 2016 and is expected to exhibit a robust CAGR of 5.2% over the forecast period (2017–2025).
Global Computed Tomography Market Revenue (US$ Mn), by Region – 2016
North America is expected to be dominant in the global computed tomography market over the forecast period
North America accounted for the largest share in the global computed tomography market, followed by Europe in 2016. This is attributed to increasing prevalence of cancer in the region and a large number of skilled healthcare professionals. For instance, according to American Cancer Society, in 2015, approximately 1.7 million new cases of cancer were diagnosed in the U.S.
Additionally, according to the World Health Organization (WHO), around 17.7 million people across the globe died due to cardiovascular disorders. Early detection with diagnostic systems such as the CT scans could aid in reducing the incidence of these disorders. Thus, increasing adoption of computed tomography for providing better diagnostic solutions and to detect abnormalities and fractures in the body is a factor expected to drive growth of the market over the forecast period.
Collaborations, and agreements driving the growth of computed tomography market
The players in the computed tomography market are collaborating with innovative solutions providers to drive growth. For instance, in November 2017, the Sectra Corporation (Sectra), an international medical imaging information technology company signed a distribution agreement with El Seif Development Company (El Seif). According to the agreement El Seif will distribute Sectra’s enterprise image management solutions, which comprise of picture archiving and communication system (PACS) for image sensitive procedures such as breast imaging, orthopedic and cardiovascular procedures. With this healthcare providers (2,300 primary care centers and 470 hospitals) in Saudi Arabia, will gain access to the Sectra’s in proprietary imaging solutions. In January 2017, Bruker microCT (Bruker), subsidiary of Bruker Corporation and iTomography Corporation (iTomo) entered into a multiyear license agreement for the software technology developed by iTomo. This provided Bruker with non-exclusive rights to the software developed through iTomo’s image reconstruction algorithm.
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Key players in the global computed tomography market include GE Healthcare, Siemens Healthineers, Hitachi Medical Corporation, NeuroLogica Corporation, Philips Healthcare, Toshiba Medical Systems, Neusoft Medical System, and Shenzen Anke High-Tech Co. Ltd.