March 2, 2024

Increased Demand for Early Disease Diagnosis Is Driving the Computed Tomography Market

Computed tomography (CT) is a medical imaging method that uses X-rays to visualize internal organs and structures of the body. CT scanners produce detailed images of tissues and organs within the body including the lungs, bones, brain, breasts, veins and arteries. Computed tomography enables doctors to diagnose conditions such as cancer, cardiovascular diseases, infections and other abnormalities. It allows earlier and more accurate diagnoses by providing 360-degree viewing of tissues and organs and detecting even tiny abnormalities. CT scanning is painless, non-invasive and accurate. It provides both anatomical and functional information for diagnosis and monitoring of treatment.

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: One of the key trends in the computed tomography market is the growing adoption of multi-slice CT scanners. Multi-slice CT scanners are equipped with multiple detector rows and enable volumetric imaging of organs and tissues simultaneously instead of slice-by-slice scanning. This significantly improves the speed of scanning as well as image resolution. Multi-slice CT scanners also enable advanced applications like 3D CT angiography used to visualize blood vessels. Ongoing technological advancements are enabling development of faster multi-slice CT scanners with higher slice counts of 64 slices, 128 slices, 256 slices and above. This is expected to drive the multi-slice segment growth over the forecast period.

Porter’s Analysis

Threat of new entrants: New entrants face significant initial capital requirements for research and development and production. Established players have strong brand recognition.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, switching costs are high due to training and technology integration requirements.

Bargaining power of suppliers: A few large players dominate the supply of key components like X-ray tubes, detectors, and workstations. This gives them significant bargaining power over OEMs.

Threat of new substitutes: MRI and ultrasound pose a threat in specific application areas like neurology and women’s health respectively. However, CT has a broader application base.

Competitive rivalry: The market is highly competitive with the presence of large multinational companies. Players compete based on product innovation, service, and price.

Key Takeaways

The global computed tomography market is expected to witness high growth over the forecast period supported by increasing incidence of chronic diseases, technological advancements and rising healthcare spending. 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.

The North American region currently dominates the market owing to the large patient pool afflicted with chronic conditions and availability of reimbursements. Asia Pacific is expected to be the fastest growing region attributed to growing medical tourism, favourable government policies and increasing healthcare expenditure.

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. Major players are focusing on new product launches and geographic expansions to consolidate their market shares.

*Note:

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

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