Computed tomography, commonly known as CT scan, utilizes rotating X-ray beams and sophisticated algorithms to produce cross-sectional images of the body. CT scans help physicians detect and diagnose medical conditions with greater accuracy by allowing them to see deep inside the body without making incisions.
The global 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 key trends: Adoption of advanced technologies in medical imaging
One of the key trends driving growth of the computed tomography market is increasing adoption of advanced technologies in medical imaging. Over the past few years, manufacturers have been focusing on development and adoption of advanced technologies such as cone-beam CT, low-dose CT, portable CT, and spiral CT. Cone-beam CT helps reconstruct 3D images from a single rotation and offers multi-planar reformations which facilitate improved diagnosis. Low-dose CT utilizes customized imaging protocols and advanced reconstruction algorithms to optimize radiation dose levels. These technological advancements enhance imaging capabilities and improve diagnostic accuracy, thereby contributing significantly to market growth over the forecast period.
SWOT Analysis
Strength: Computed tomography offers advantages such as high resolution 3D images, short scanning time, and multi-planar reconstruction capabilities that help physicians make accurate diagnoses.
Weakness: High cost of advanced CT systems and maintenance can be prohibitive for smaller healthcare facilities. Risk of exposure to ionizing radiation during CT scans.
Opportunity: Rising healthcare expenditure in developing nations provide growth opportunities. Growing application areas such as CT angiography, CT urography, and oncology CT scans support market growth.
Threats: Stringent regulations regarding radiation dose limits may hinder usage. Expansion of refurbished CT systems market can threaten sales of new systems.
Key Takeaways
The global computed tomography market is expected to witness high growth. The global 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.
Regional analysis: North America dominates the global market and is expected to continue its dominance during the forecast period. This is attributed to increased healthcare spending, availability of advanced healthcare facilities, and presence of key players in the region. Asia Pacific is poised to grow at the fastest rate owing to rising medical tourism, increasing healthcare expenditure, and growing awareness about early disease diagnosis.
Key players: Key players operating in the computed tomography market are GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Canon Medical Systems Corporation, Fujifilm Holdings Corporation. These players are focusing on new product launches and geographical expansion to strengthen their market position. For instance, in December 2021, Siemens Healthineers launched next-generation imaging technologies, including new scanner models for CT and X-ray systems.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
