Market Trends of Australia Computed Tomography Industry
Hospitals Segment is Expected to Hold a Significant Market Share Over the Forecast Period
CT scans are widely used in hospitals for diagnostic purposes and treatment planning, and hospitals' demand and utilisation of CT scans significantly contribute to the growth and development of the CT market. An increase in hospital admission due to the high prevalence of chronic disease and the rising geriatric population is expected to increase the demand for computed tomography for disease diagnosis is expected to drive segmental growth. For instance, as per the report published in March 2023 by the Australian Institute of Health and Welfare in 2021, the number and percentage of older Australians are expected to grow. By 2066, it was projected that older people in Australia would comprise between 21% and 23% of the total population. Additionally, according to the Australian Institute of Health and Welfare update in January 2023, 80% of older Australians (aged 65 and over) have at least one selected chronic health condition, and 28% have three or more. With an increase in the geriatric population, the chances of hospital admission due to their illness also increase, increasing demand for computed tomography. This is expected to drive segmental growth.
Additionally, increased product approvals, partnerships, and collaborations between important companies are expected to drive market growth. For instance, in September 2021, an Adelaide firm named Micro-X (MX1) began working on creating a compact CT brain scanner that can be installed in ambulances and emergency helicopters. It will enable paramedics and retrieval teams to identify stroke victims and begin treating them in the "golden hour," or the first hour following a stroke. Such development is anticipated to enhance the segment.
Thus, factors such as the rising geriatric population and increasing strategic development are expected to drive segmental growth.
Oncology is Expected to Hold a Significant Market Share Over the Forecast Period
Cancer is a complex disease characterised by uncontrolled cell growth and the ability of these abnormal cells to invade and spread to other parts of the body. Computed tomography allows medical professionals to detect abnormalities such as tumours, evaluate their size and location, and monitor their progression or response to treatment. The significant factors affecting the market's growth include the rising incidence of cancer and advances in imaging modalities. For instance, per the Cancer Australia update in 2022, the estimated age-standardized incidence rate of cancer was 507 cases per 100,000 persons, with 575 cases in males and 449 cases in females. Further, cancer incidence is expected to increase with age and is highest for the population aged between 85 and 89. Thus, an increase in cancer cases led to increasing demand for CT, driving market growth.
Additionally, investment and funding to promote cancer diagnosis by the government and various key players are expected to boost the market's growth during the forecast period. For instance, in August 2021, the National Breast Cancer Foundation contributed USD 3 million with USD 5 million co-investment with the University of Sydney in its first 10-Year Chair in Breast Cancer Prevention. Such an initiative is expected to increase the demand for computed tomography for oncology, thereby driving segmental growth.
Hence, due to the factors such as the rising incidence of cancer and investment by the government and various players, the segment is anticipated to witness growth during the forecast period.
