Market Size of Australia Computed Tomography Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 6.40 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Australia Computed Tomography Market Analysis
Australia Computed Tomography Market size is estimated at USD 313.41 million in 2023 and is expected to reach USD 427.38 million by 2028, growing at a CAGR of 6.40% during the forecast period.
The initial impact of COVID-19 on the Australian computed tomography (CT) market was significant, as the pandemic disrupted healthcare services, leading to a decrease in elective procedures and non-urgent imaging examinations. For instance, according to an article published by the Journal of medical imaging and radiation oncology, in April 2022, the average imaging services, including computed tomography, were 22.30% lower than expected at the peak of Australia's first wave of the COVID19 pandemic. However, as the situation progressed, CT imaging played a crucial role in diagnosing and monitoring COVID-19 cases, leading to an increased demand for CT scanners. Hence, currently, as there is better access to healthcare facilities compared to the initial pandemic phase, along with the surge in demand for CT imaging, the market is expected to gain its growth pace in the post-pandemic period.
Factors such as the increasing prevalence of chronic diseases and the rising geriatric population are expected to drive market growth. For instance, according to the 2022 statistics published by Dementia Australia, about 487,500 Australians will be living with dementia in Australia in 2022, and this number is projected to reach about 1.1 million by 2058. In addition, as per the same source, an estimated 28,800 people will be living with younger onset dementia in 2022, and this number is projected to be 29,350 by 2028 and 41,250 by 2058. Thus, the number of people suffering from dementia is expected to increase the demand for its diagnosis, which is anticipated to propel the market growth.
Furthermore, investment and the addition of CT in healthcare facilities are expected to drive market growth over the forecast period. For instance, in May 2021, Mediso and its Australian affiliate company, Mediso Pacific, confirmed their breakthrough scientific cooperation with ANSTO, opening new preclinical research horizons. The official opening ceremony of Australia's Nuclear Science and Technology Organization marks the installation of the newly acquired nanoScan PET/CT and SPECT/CT preclinical molecular imaging systems. Thus, with an increased facility of computed tomography, the demand also increases, leading to market growth.
Thus, factors such as the increasing prevalence of chronic diseases and investment and the addition of CT in healthcare facilities are expected to boost market growth over the forecast period. However, the lack of proper reimbursement, stringent regulatory approval procedures, and the high equipment cost is expected to impede market growth over the forecast period.
Australia Computed Tomography Industry Segmentation
As per the scope of the report, computed tomography (CT) is an imaging process that customizes special X-ray equipment to generate a sequence of exhaustive images or scans of areas inside the body. It is also called computerized axial tomography (CAT) scanning, primarily used in cancer diagnosis. Australia Computed Tomography Market is Segmented by Type (Low Slice, Medium Slice, and High Slice), Application (Oncology, Neurology, Cardiovascular, Musculoskeletal, and Other Applications), and End User (Hospitals, Diagnostic Centers, and Other End Users). The report offers the value (in USD million) for the above segments.
By Type | |
Low Slice | |
Medium Slice | |
High Slice |
By Application | |
Oncology | |
Neurology | |
Cardiovascular | |
Musculoskeletal | |
Other Applications |
By End User | |
Hospitals | |
Diagnostic Centers | |
Other End Users |
Australia Computed Tomography Market Size Summary
The Australia computed tomography market is poised for significant growth, driven by factors such as the increasing prevalence of chronic diseases and a rising geriatric population. The market experienced an initial setback due to the COVID-19 pandemic, which disrupted healthcare services and reduced non-urgent imaging procedures. However, the demand for CT imaging surged as it became essential for diagnosing and monitoring COVID-19 cases. This shift has led to a recovery and growth trajectory in the post-pandemic period. The market is further bolstered by investments in healthcare facilities and the addition of advanced CT technologies, such as the nanoScan PET/CT and SPECT/CT systems, which enhance diagnostic capabilities. Despite challenges like high equipment costs and stringent regulatory approvals, the market is expected to expand, supported by strategic developments and partnerships in the industry.
The demand for computed tomography is also fueled by the rising incidence of cancer and the need for effective diagnostic tools to detect and monitor tumors. Advances in imaging modalities and government initiatives to promote cancer diagnosis are expected to drive segmental growth. The market is moderately competitive, with key players like Carestream Health, GE Healthcare, and Koninklijke Philips NV actively contributing to its development. Mobile health clinics and funding commitments from the government further support the expansion of CT services across Australia. As the population ages and the prevalence of chronic conditions increases, the demand for CT scans in hospitals is anticipated to rise, contributing to the overall growth of the market during the forecast period.
Australia Computed Tomography Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Prevalence of Chronic Diseases and Rising Geriatric Population
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1.2.2 Technological Advancement and Investment in Healthcare Facilities
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1.3 Market Restraints
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1.3.1 Lack of Proper Reimbursement and Stringent Regulatory Approval Procedures
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1.3.2 High Cost of Equipment
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Type
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2.1.1 Low Slice
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2.1.2 Medium Slice
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2.1.3 High Slice
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2.2 By Application
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2.2.1 Oncology
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2.2.2 Neurology
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2.2.3 Cardiovascular
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2.2.4 Musculoskeletal
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2.2.5 Other Applications
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2.3 By End User
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2.3.1 Hospitals
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2.3.2 Diagnostic Centers
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2.3.3 Other End Users
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Australia Computed Tomography Market Size FAQs
What is the current Australia Computed Tomography Market size?
The Australia Computed Tomography Market is projected to register a CAGR of 6.40% during the forecast period (2024-2029)
Who are the key players in Australia Computed Tomography Market?
Carestream Health, GE Healthcare, Koninklijke Philips NV, Koning corporation and Planmeca Group (Planmed OY) are the major companies operating in the Australia Computed Tomography Market.