The European CT market is anticipated to grow with a CAGR of 6.93%, during the forecast period. The significant factors for the Europe computed tomography (CT) market include the rising geriatric population and increase in incidences of chronic diseases, increase in the shift of medical care toward image-guided interventions, and technological advancements in the region. The burden of chronic diseases is on the rise across Europe, and medical imaging procedures play a crucial role in the accurate diagnosis of these diseases. Chronic diseases, such as heart disease, stroke, cancer, diabetes, obesity, and arthritis, are among the most common, expensive, and preventable of all health problems. These are some of the key factors attributing to the growth of the European CT market.
Key Market Trends
Oncology Segment is Expected to Hold the Largest Market Share in the European CT Market
Oncology deals with the diagnosis and treatment of tumors and 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. The cancer burden is increasing in the region, and thus, there is a rise in the usage of imaging modalities for the diagnosis of the diseases. The increasing cancer burden is due to several factors, including population growth and aging, 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 than other imaging modalities. Hence, the demand for this high. Such factors are expected to contribute to the growth of the market during the forecast period.
The European CT market is competitive and consists of several players. In terms of market share, few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions and joint ventures with the other companies to consolidate their market positions across the region. Some of the companies which are currently dominating the market are GE Healthcare, Koninklijke Philips NV, Siemens AG, Canon Medical Systems, and Fujifilm Holdings Corporation.
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