Australia Computed Tomography Market Size
| 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 |
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 Market Trends
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.
Australia Computed Tomography Industry Overview
Australia computed tomography market is moderately competitive and consists of several major players. Some of the key companies in the market are Carestream Health, Koning Corporation, GE Healthcare, Planmeca Group (Planmed OY), and Koninklijke Philips NV, among others.
Australia Computed Tomography Market Leaders
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Carestream Health
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GE Healthcare
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Koninklijke Philips NV
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Koning corporation
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Planmeca Group (Planmed OY)
*Disclaimer: Major Players sorted in no particular order
Australia Computed Tomography Market News
- In May 2023, the mobile radiography clinic, after four years, reached the Heart of Australia truck, which was launched in February 2022. The truck took the Philips' 128-slice Incisive CT Pro scanner to screen the lungs of Australian minors.
- In April 2022, the Mobile health clinic service in Australia received a funding commitment of USD 17.2 million from the Federal Government. The funding will provide services spanning cardiology, endocrinology, sleep medicine, geriatric medicine, immunology, neurology, and CT and X-ray imaging.
Australia Computed Tomography Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Chronic Diseases and Rising Geriatric Population
4.2.2 Technological Advancement and Investment in Healthcare Facilities
4.3 Market Restraints
4.3.1 Lack of Proper Reimbursement and Stringent Regulatory Approval Procedures
4.3.2 High Cost of Equipment
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Type
5.1.1 Low Slice
5.1.2 Medium Slice
5.1.3 High Slice
5.2 By Application
5.2.1 Oncology
5.2.2 Neurology
5.2.3 Cardiovascular
5.2.4 Musculoskeletal
5.2.5 Other Applications
5.3 By End User
5.3.1 Hospitals
5.3.2 Diagnostic Centers
5.3.3 Other End Users
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Carestream Health
6.1.2 GE Healthcare
6.1.3 Planmeca Group (Planmed OY)
6.1.4 Koninklijke Philips NV
6.1.5 Samsung Electronics Co., Ltd.
6.1.6 Siemens Healthineers AG
6.1.7 J. Morita Corporation
6.1.8 United Imaging
6.1.9 Hitachi Healthcare
6.1.10 Neusoft Medical Systems
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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 Research 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.
What years does this Australia Computed Tomography Market cover?
The report covers the Australia Computed Tomography Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Australia Computed Tomography Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Australia Computed Tomography Industry Report
Statistics for the 2024 Australia Computed Tomography market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Australia Computed Tomography analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
