The Asia-Pacific Computed Tomography (CT) Market is expected to register a CAGR of 6.1% during the forecast period. The key factors propelling the growth of the market are rising geriatric population and an increase in incidences of chronic diseases, an increase in the shift of medical care toward image-guided interventions, and technological advancements.
Japan has the world’s fastest ageing population. According to the World Ageing 2019 report, estimates that a number of the population who are above 65 years of age in Japan was 35.524 million (28%) in 2019 which is projected to reach 37.278 million (30.9%) in 2030. As the number of geriatric population is expected to increase in coming years who are more prone to chronic diseases such as cancer, chronic kidney diseases, cardiovascular diseases, respiratory diseases, diabetes, and other diseases which ultimately rises the use of CT procedures which increases the growth of the market in near future.
Therefore, access to technology and relative cost of CT procedures, as compared to other modalities, make it a preferred choice of imaging. CT scan is being increasingly used to diagnose these diseases, which is also increasing its demand and expected to show significant growth in near future.
Key Market Trends
Oncology Segment by Application is Expected to Account for Largest Market Share during the Forecast Period
Oncology deals with the diagnosis and treatment of cancers, while cancer is one of the leading causes of morbidity and mortality. Among both sexes, lung, breast, and colorectal cancers are among the most common cancers in the world, with lung cancer alone contributing to more than 13% of the total cases diagnosed.
As per Globocan 2018, there were about 4,285,033 new cancer cases in China in 2018 and mortality was approximately 2,865,174. In 2018, lung cancer, colorectum cancer, stomach cancer, liver cancer, and breast cancer were the top cancers in China.
The increasing cancer burden is due to a number of factors, including population growth and ageing, and the changing prevalence of certain causes of cancer is linked to social and economic development. Cancer is also associated with lifestyles. As CT scans are relatively less expensive, as compared to other imaging modalities, hence the segment is expected to witness a healthy CAGR over the forecast period.
The Asia-Pacific Computed Tomography (CT) Market is a consolidated market, owing to the presence of a few major players in the market. The major market players, such as Canon Medical Systems Corporation, Koninklijke Philips NV, GE Healthcare, and Siemens Healthineers, hold a significant market share in the industry. Most of the market players are focusing on bringing technologically advanced products in the market to acquire the maximum market share.
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