July 14, 2024

Medical Imaging (CT Scanners) Is The Largest Segment Driving The Growth Of Computed Tomography Market

Market Overview:

Computed tomography (CT) is a medical imaging technique that employs computer-processed combinations of multiple X-ray measurements taken from different angles to produce tomographic (cross-sectional) images (virtual “slices”) of specific areas of a scanned object, allowing the user to see inside the object without cutting. CT Scanners are ideal for viewing bone and blood vessels clearly. It is commonly used to diagnose and screen for diseases such as cancer, cardiovascular issues and infections.

Market key trends:

The demand for CT scanners is growing due to rising prevalence of chronic diseases such as cardiovascular diseases and cancer which require effective diagnosis. Additionally, development of novel technologies such as multi-slice CT systems and cone beam CT systems provide fast and highly accurate diagnosis which drives the market growth. Furthermore, growing aging population which is more prone to various diseases and increasing healthcare expenditure is also fueling the computed tomography market. However, high cost of CT systems and risk of high radiation exposure with CT scans limits the market growth.

SWOT Analysis
Strength: Computed tomography offers superior imaging capabilities compared to conventional radiography techniques and enables three-dimensional viewing of internal organs. It provides precise anatomical details which helps in efficient diagnostics.
Weakness: CT scans expose patients to relatively high doses of ionizing radiation. Frequent CT scans may increase long term cancer risk. The equipment also has a high installation and maintenance cost.
Opportunity: Increasing prevalence of chronic diseases such as cancer and cardiovascular diseases is driving the demand for frequent diagnostic scans. Growth in medical tourism in developing nations also presents an opportunity.
Threats: Stringent regulations pertaining to radiation dosage standards may restrict the use of CT scans. Development of alternative low dose imaging modalities can replace CT scans for some applications.

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. CT scans provide a distinct advantage over conventional imaging for disease diagnosis and treatment monitoring.

The global computed tomography market size was valued at US$ 7.9 billion in 2023 and is expected to reach US$ 13.5 billion by 2030. North America dominated the market owing to presence of major players and advanced healthcare infrastructure. However Asia Pacific region is expected to exhibit fastest growth aided by growing medical tourism and improving access to healthcare in developing nations.

The major players in the computed tomography market include 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. These established global players are focusing on technological innovations to develop low dose and portable CT scanners to expand market share.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it