by John R. Fischer
, Senior Reporter | September 16, 2021
The CT market is on its way to being worth $6.14 billion by 2025, with demand driven by providers worldwide looking to upgrade from low-end CT to mid- and high-end CT scanners, according to Frost & Sullivan.
Currently valued at $4.16 billion, the consulting firm predicts opportunities in the market for traditional and mobile CT, cardiac scanning and AI-powered imaging for cancer diagnostics. It is already witnessing an expansion in clinical applications and new technological innovations being developed, and puts the compound annual growth rate for the rise at 8.1%.
"Due to a large existing installed base of scanners with fewer than 16 slices in emerging and developing economies purchased between 2012 and 2014, pent-up demand for CT replacements propels the growth of higher-slice CT. During the COVID-19 pandemic, mobile CT has potentially influenced purchase and usage to assess lung infection. In the stationary CT, 64 slice CT scanners have a better penetration rate," Poornima Srinivasan, Frost & Sullivan consultant for healthcare & lifesciences, told HCB News.
Carestream Health is a leading provider of quality X-ray systems and detectors that are designed to maximize diagnostic confidence, workflow and patient satisfaction. Follow the link above to see our complete portfolio of digital radiography solutions.
Driving the trend for these high-end technology scanners are cardiac, neurology and liver imaging, with university and academic centers and public hospitals in North America, Western Europe, and Japan are expected to propel revenue for this segment. Demand for 16- to 64-slice scanners are also expected to grow moderately at diagnostic imaging centers in developing regions of LATAM, India and China.
An estimated 375 million CT procedures are performed annually and grow 3%-4% per year. Demand significantly increased in the wake of the pandemic as a majority of countries immediately seeking out and purchasing CT equipment for lung screenings. Despite these new purchases, capacity for traditional unit shipments did not reach its full potential annually. But as a result, Frost & Sullivan expects there to be pent-up demand for CTs to fulfill needs-based requirements.
New applications at play include photon-counting detector technology, machine learning, deep learning and spectral imaging, according to the report. AI-powered CT, in particular, is expected to make a splash by enhancing cancer detection and helping to better handle large volumes of patients. Frost & Sullivan projects regulatory approvals in the next year or two, with a significant uptake by 2025. It advises that CT manufacturers be transparent and flexible in their prices for such devices and partner with startups to reap the benefits early on.