Market Trends of Asia-Pacific Computed Tomography (CT) Industry
Oncology Segment is Expected to Account for Largest Market Share During the Forecast Period
The CT scan is accurate, non-invasive, and painless. Unlike conventional X-rays, CT scanning provides very detailed images of many types of tissue, as well as the lungs, bones, and blood vessels. The ability of CT to simultaneously image bone, soft tissue, and blood vessels is a significant benefit.
The segment is expected to grow in the forecast period due to the region's high burden of cancer cases. For instance, according to an article published in Springer in December 2022, an estimated 2.79 million cancer cases were diagnosed in older Chinese people, representing 55.8% of cases in all populations in 2022. The overall cancer incidence rate gradually increased among older women.
Furthermore, As per Australia Cancer 2022 statistics, 14.5 thousand new cases of lung cancer and 15.7 thousand new cases of colorectal cancer were estimated to be diagnosed in Australia in 2022. Therefore, the high burden of cancer cases is projected to create a demand for advanced CT devices, which is expected to boost the studied market in the forecast period.
Over the last two years, various hospitals in the Asia-Pacific region have installed advanced computed tomography machines for cancer care. For instance, in February 2021, Artificial Intelligence integrated PET-CT was launched at Yashoda Hospitals, Hyderabad (India) on World Cancer Day 2021. Such installations are anticipated to create an opportunity for market players to develop advanced devices to help physicians diagnose diseases early, which is expected to propel the market growth during the forecast period.
Therefore, factors such as the high burden of cancer, the installation of advanced CT devices in hospitals in the region, and rising product launches by market players are expected to propel the segment growth.
India is Expected to Hold a Significant Share in Asia-Pacific Computed Tomography (CT) Market Over The Forecast Period
India is expected to hold a significant market share owing to the factors such as the high burden of chronic diseases such as asthma and cancer coupled with a rise in chronic disease and an increase in government initiatives to manufacture in-house CT devices in the country.
According to the data from Lung India as of August 2022, the prevalence of asthma among Indian children was around 18.2%. CT scans can demonstrate several findings that support the diagnosis of asthma. Therefore, the high prevalence of respiratory diseases is expected to augment the demand for CT for early diagnosis and treatment.
Furthermore, the country's high cancer burden is expected to fuel the demand for CT for diagnosis, and palliative care. For instance, as per the cancer incidence estimates by the National Cancer Registry Program for 2022 published in December 2022, the estimated number of incident cases of cancer in India was 1.4 million in 2022. As per the same report, in India, one in nine people is likely to develop cancer in his/her lifetime. Thus, the demand for computed tomography is expected to increase for early cancer detection and diagnostics, which will drive the growth of the studied market in India during the forecast year.
In addition, in recent times exports have seen a surge in demand. The 'Atma Nirbhar' Bharat mission is providing momentum to India's vision of becoming a global manufacturing hub for medical devices. This is expected to fuel market growth for computed tomography devices in the country. For instance, in April 2022, Siemens Healthineers set up a new production line of Computed Tomography (CT) scanners in Bengaluru under the Government of India's Production Linked Incentive (PLI) scheme to expand its manufacturing footprint in India. The company's new medical device Bengaluru factory was approved under the Radiology and Imaging Medical devices segment of the PLI scheme.
Therefore, aforesaid factors such as the high burden of chronic diseases such as asthma and cancer, and product launches by market players are expected to propel the market growth in India during the forecast period.
