Computed tomography has several advantages such as high-resolution images, short scanning time, no invasiveness, and multiplanar reconstruction capabilities. It is widely used in applications of oncology, cardiology, neurology, and orthopedics.
The global computed tomography market is estimated to be valued at US$ 8.97 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.
Key Takeaways
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. Technological advancements in CT imaging systems such as wider detector arrays, dual energy CT, cone beam CT and CT fluoroscopy provide new opportunities in the market. Major players are expanding their presence in emerging markets of Asia Pacific, Middle East and Latin America to tap the growth opportunities offered in these regions due to increasing healthcare investments.
Market Drivers
The Computed Tomography Market Size is attributed to the rising prevalence of chronic diseases such as cardiovascular diseases, cancer, neurovascular diseases and traumatic injuries. According to the WHO, cardiovascular diseases are the leading cause of deaths globally, taking an estimate of over 17.9 million lives each year. Increasing healthcare spending coupled with demand for advanced diagnostic techniques is another major factor contributing to the market growth. Favorable government initiatives to modernize healthcare infrastructure along with high replacement rate of aging CT systems also boost the adoption of CT imaging in both developed and developing countries.
PEST Analysis
Political: Regulations regarding usage of computed tomography scanners are becoming more stringent for radiation safety. Governments in various countries are promoting healthcare infrastructure development.
Economic: Rising disposable incomes and growing healthcare spending are expected to drive demand. However, high device costs can negatively impact growth in price sensitive markets.
Social: Awareness about early disease diagnosis and increasing preference for minimally invasive procedures are increasing adoption. Aging population is another key factor driving the need for medical imaging solutions.
Technological: Continuous technological advancements are leading to development of newer generations of CT scanners with improved capabilities. Multi-slice CT scanners and portable CT machines are gaining popularity.
Geographical regions of concentration
North America currently accounts for the largest share of the global computed tomography market in terms value owing to factors such as presence of major players, high healthcare spending and rapid adoption of new technologies. Asia Pacific is expected to be the fastest growing regional market over the forecast period due to increasing medical tourism, rising healthcare infrastructure and growing medical Needs.
Fastest growing geographical region
Asia Pacific region is poised to be the fastest growing market for computed tomography over the forecast period supported by factors like increasing healthcare expenditure, rising awareness about early disease diagnosis, rapidly growing geriatric population and improving access to healthcare facilities especially in developing countries like India and China. Initiatives by governments to modernize healthcare infrastructure will also support market growth. Rising medical tourism is another key growth driver in the region.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
