The global “computed tomography (CT) scanners“ market size is expected to reach USD 9.64 billion by 2027, exhibiting a CAGR of 5.9% during the forecast period. The growing demand for advanced imaging systems including computed tomography systems will stimulate the healthy growth of the market, states Fortune Business Insights, in a report, titled The market size stood at USD 6.86 billion in 2019.
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COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations travel bans and quarantines restaurants closed all indoor events restricted over forty countries state of emergency declared massive slowing of the IT Spending market volatility falling business confidence, growing panic among the population, and uncertainty about future.
Out research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers & acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.
Rising Cases of Chronic Disorders to Fuel Product Demand for CT Scanners
The demand for early-stage diagnosis among patients will foster the healthy growth of the market. The developing healthcare infrastructure in emerging countries will spur demand for effective and advanced diagnostic systems, which, in turn, will spur demand for computed tomography scanners. The increasing cases of chronic disorders in the U.S., Germany, China, Japan, and India will further propel the market’s development. According to the American Heart Association, an estimated 121.5 million adults were suffering from cardiovascular diseases in the U.S. in 2018. The growing number of patients undergoing imaging procedures will have a positive impact on the CT scanners market growth. According to the NHS, an estimated 2.5 million people in the U.K. are suffering from cardiovascular diseases.
Surging CT Scan Procedures to Uplift Market During Pandemic
The application of computed tomography in Covid-19 management is expected to promote the growth of the market. Computed tomography has evolved as an essential tool in managing and diagnosis of covid-19 patients. The rising number of CT scanners can offer favorable conditions for the market during coronavirus. However, the declined number of oncology, and cardiology procedures can reduce demand for computed tomography systems, which, in turn, will dampen the growth of the market. Besides, the declined sales recorded by key companies will further retard the expansion of the market. For instance, GE Healthcare, one of the major players in the global market, registered a 9% decline in Q3 ended September 2020 as compared to Q3 2019, due to the lower equipment demand during the period.
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Well-established Healthcare Infrastructure to Augment Growth in Europe
Europe is expected to hold the largest CT scanners market share during the forecast period due to increasing awareness about chronic disorders. The well-established healthcare facilities in countries such as, Germany, France, and Italy will aid development in Europe. Asia Pacific is expected to dominate the global market during the forecast period due to the increasing incidence of chronic diseases. The developing healthcare sector and strong unmet need for advanced diagnostic systems in diagnostic centers will create opportunities for the Asia Pacific market.
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