The computed tomography market is estimated to be valued at US$ 7.9 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Computed tomography is a medical imaging technique that utilizes computer-processed combinations of multiple X-ray measurements taken from different angles to generate cross-sectional images of specific areas of a scanned object. CT scans are often used to help diagnose and monitor treatment for conditions such as cancer, cardiovascular disease, chronic lung disease and trauma. CT scans can provide more detailed pictures than regular X-rays and are more accurate for identifying certain conditions.
Market Dynamics:
Rising prevalence of chronic diseases such as cancer, cardiovascular diseases and lung diseases is expected to be a major driver for the growth of the computed tomography market during the forecast period. For instance, according to the Cancer Research UK, worldwide cancer cases are expected to rise from 18.1 million new cases in 2018 to 29.5 million by 2040. Moreover, increasing geriatric population is also expected to contribute to the growth of the market. Aged people are more prone to develop various chronic diseases that requires advanced imaging modalities such as CT scans for diagnosis. However, high cost associated with CT systems might hamper market growth over the forecast period.
SWOT Analysis
Strength: Computed Tomography has high-resolution 3D images, precise anatomical details and is non-invasive compared to other imaging modalities. CT scans help detect medical conditions in three different ways- structure, function and metabolism in the body. It is widely used for screening of cancer, neurological disorders and cardiovascular diseases.
Weakness: CT scans use X-rays and involve radiation exposure. Frequent exposure to radiation can increase cancer risks over a long period. CT scans are also quite expensive for patients and require specialized equipment and technicians for operation and image analysis.
Opportunity: Technological advancements are helping reduce radiation dose in CT scans through iterative reconstruction techniques. Introduction of dual-energy CT scans help obtain additional material-specific information. Growing incidence of chronic diseases, medical tourism and rising healthcare investments in emerging nations present growth opportunities.
Threats: Stringent regulations around radiation levels and safety protocols increase compliance costs. Economic slowdowns and budget cuts can lower demand. Alternative non-ionizing imaging modalities gaining traction pose competitive threats. Privacy and data security risks from the massive imaging data collected also need addressing.
Key Takeaways
The Global Computed Tomography Market Size is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of chronic diseases, rising healthcare spending and technological advancements. The market size for 2023 is US$ 7.9 Bn.
North America dominates the global CT market currently due to high healthcare investments and technological adoption. However, Asia Pacific is poised to witness fastest growth owing to rising medical tourism, growing economy and healthcare reforms. Countries like China and India present significant opportunities.
Key players operating in the Computed Tomography market are GE Healthcare, Koninklijke Philips N.V., NeuroLogica Corporation, Neusoft Medical Systems Co. Ltd., Hologic, Carestream Health, Toshiba, Analogic, Arineta Ltd., Eaton, Siemens Healthineers AG, FUJIFIM Corporation, Kromek, Shanghai United Imaging Healthcare Co., Ltd., Lumafield, Xoran Technologies and Koning Corporation. Players are focusing on innovations to lower radiation dose and develop multi-purpose CT systems with enhanced functionality.
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