Computed Tomography Market Estimated to Expand at a Robust CAGR by 2024
Some of the prominent participants in the global computed tomography (CT) market are GE Healthcare, Siemens Healthineers, Hitachi Medical Systems, Philips Healthcare, Neusoft Medical Systems, Toshiba Medical, Samsung Medison, Neurologica Corporation, DxRay Inc., MARS Bioimaging Inc., LL Tech Inc., and Koning Corporation. These deep pocketed players have been pouring money into cutting edge research and development to come up with more evolved products. They are also always on the lookout for strategic mergers and acquisitions and partnerships in order to tap into synergies.
A recent report on the market for computed tomography (CT) published by Transparency Market Research finds that the market’s worth was around US$5.6 billion in 2017. It also finds that it has grown incrementally in the past few years and going forward too will continue to rise steadily.
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Depending upon the type of computed tomography (CT) available in the market, the high end slice CT has been grossing considerable revenues. As per our report, its revenue share in the market in 2017 was around 55.9%. From a geographic standpoint, North America leads the market with a dominant share. This is because of the superior healthcare facilities in the region which are equipped with latest high-end CT devices. This is mainly because of the greater healthcare spends among people and also because of greater government support for healthcare institutions.
Growing Cases of Cancer Worldwide Fuels Uptake of Computed Tomography (CT) Devices
Computed tomography (CT), which is basically digitalized X-ray imaging procedure for diagnosing bones, internal organs, blood vessels, and soft tissue, and blood vessels, is highly useful in uncovering various types of cancer tumors. At the forefront of driving their sales is the rising instances of cancer worldwide on account of lifestyle changes. As per WHO, nearly 8.8 million people worldwide succumbed to cancer in 2015. However, 30% to 50% of cancer can be prevented with early diagnosis and rising awareness about this is expected to majorly stoke adoption of computed tomography which can enable physicians to not just uncover a tumor but also gauge its location and size.
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Overall, the global CT market has majorly benefitted from the growing preference of minimally invasive diagnostic procedures. Explains the lead analyst of the report, “Primarily fuelling the market is the growing shift towards image guided interventions in the domain of medical care, alongside the continued technological improvement in image processing and resolution. As a result, computed tomography is finding application in detecting various cardiovascular, neurovascular, abdomen and pelvic, pulmonary, spinal, and musculoskeletal issues.”
Increasing Spending Capacity of People Coupled with Declining Device Prices Promote Market
Another factor promoting the market is the increasing spending capacity of people worldwide owing to economic development and rising knowledge about preventing numerous chronic health conditions through early diagnosis. This, coupled with declining prices of devices is expected to catalyze growth in sales.
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On the flipside, the market for computed tomography (CT) is being challenged by the stringent regulatory polices pertaining to healthcare devices and the also the strict approval process for new products. Inadequate reimbursement policies is serving to clip market growth to an extent as well.
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