The computed tomography market is likely to register a CAGR of 5.5% during the forecast period, up from US$ 5.6 Bn in 2020 to reach a valuation of US$ 9.9 Bn by 2030.
Attributes
Details
Computed Tomography Market CAGR
5.5%
Computed Tomography Market (2030)
US$ 9.9 Billion
Sales of CT scanners are expected to rise owing to its wide array of applications such as detection of small abnormalities, diagnosis of circulatory system diseases and conditions, blood vessel aneurysms, blood clots, kidney stones, etc.
In addition to this, demand for CT scanners is rising on account of an increase in the number of manufacturers of computed tomography systems.
Demand for CT scanners is projected to peak as they are crucial diagnostic tools for traumatic brain injuries, in particular. As a result, the sales of CT scanners are expected to go up in the coming years with an increase in such health conditions.
Furthermore, the steadily rising use of CT scanners for effective lung cancer screening is expected to drive up the demand for CT scanners in developed and developing countries.
CT scanners are the only way to assess the situation during an emergency brain trauma, which emphasizes the importance of CT scanners, thereby augmenting the demand for CT scanners.
Higher sales of CT scanners are also due to the demand for advanced assessment tools in emergency departments in tandem with an increase in the mobile emergency care units, resulting in greater computed tomography market growth.
Given that CT Scanners are increasingly being used in dentistry to detect tooth decay and assess infection in the surrounding areas, the demand for CT scanners likely spikes in the near future.
The computed tomography market will grow due to the introduction of advanced devices and the high demand for CT scanners resulting from the development of accessories to improve image quality obtained by conventional CT scanners.
The introduction of advanced cone beam computed tomography (CBCT) systems is expected to be the major factor in widening CT applications in modern diagnostic imaging, thereby spiking the sales of CT scanners.
Growing demand for CT scanners can also be attributed to the new features like dual sources and artificial intelligence of the CT scanners.
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What are the Key Dynamics in the Computed Tomography Market?
The global computed tomography market is driven by the following factors: increasing the prevalence of cardiovascular diseases, orthopedic disorders, and Cancer.
Growing popularity in diagnostic centers and increased demand for high-quality health care delivery also accelerate the demand for computed tomography.
Augmenting sales of computed tomography can be attributed to advances in digital imaging technology and significance for screening and early diagnosis of chronic cardiovascular diseases and cancer.
Higher demand for computed tomography is also due to as increasing demand for early-stage diagnosis of chronic disease and developing healthcare infrastructure in emerging countries.
The increasing global geriatric population, technological advances, and growing public awareness of health care are vital driving factors of high demand for computed tomography.
Regulatory frameworks and lack of adequate reimbursement are major restraints of the computed tomography market. Hence, they are likely to dwindle the sales of computed tomography.
One of the major factors expected to hamper computed tomography market growth during the forecast period is CT scanners' high maintenance and installation costs which also hampers the sales of computed tomography.
It is unaffordable for small-size healthcare facilities due to the high annual maintenance cost resulting in lowing sales of computed tomography.
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Which is the Key Computed Tomography Market?
North America dominates the global computed tomography market due to the significant spending power of large segments of the population and technological advancement, followed by Europe.
North America leads the computed tomography market is expected to continue to lead the market, owing to an increase in the prevalence of inflammatory diseases and key players striving to enlarge their computed tomography market share.
The region's high computed tomography market share can also be credited to developing the healthcare sector the presence of new innovative computer tomography systems.
The Asia Pacific and Latin America are expected to experience rapid growth and hold a considerable computed tomography market share.
Sales of CT scanners are likely to rise in the Asia Pacific due to an increase in the prevalence of chronic diseases, the demand for early diagnosis, and the development of healthcare infrastructure.
Who are a Few Key Players in the Computed Tomography Market?
Some of the key market players in the global computed tomography market are GE Health Care, Siemens Health Care, and Toshiba Medical System Corporation, Philips Health Care, Hitachi MedicalCorp, Neusoft Medicals, Neurologica Company Ltd.
These players focus on growth strategies such as product launches, product innovations, and mergers and acquisitions, and the same results in a larger number of sales of CT scanners across the globe.
To gain the greatest computed tomography market share, most players concentrate on introducing technologically advanced products into the computed tomography market.
Such a recent happening by the key player in order to augment their computed tomography market share is when Siemens Healthineers has introduced the Somatom X.ceed, a novel CT scanner designed for quick and accurate diagnosis.
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Scope Of Report
Report Attribute
Details
Growth rate
CAGR of 5.5% from 2022 to 2032
Base year for estimation
2021
Historical data
2015 to 2020
Forecast period
2022 to 2032
Quantitative units
Revenue in USD billion, volume in kilotons, and CAGR from 2022 to 2032
Report coverage
Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis,
Segments covered
Product, application, end use, region
Regional scope
North America; Western Europe, Eastern Europe, Middle East, Africa, ASEAN, South Asia, Rest of Asia, Australia and New Zealand
Country scope
USA; Canada; Mexico; Germany; UK; France; Italy; Spain; Russia; Belgium; Poland; Czech Republic; China; India; Japan; Australia; Brazil; Argentina; Colombia; Saudi Arabia; UAE; Iran; South Africa
Key companies profiled
GE Health Care, Siemens Health Care and Toshiba Medical System Corporation, Philips Health Care, Hitachi Medical Corp.
Customization scope
Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options
Avail customized purchase options to meet your exact research needs.
Frequently Asked Questions
What is the Growth Outlook of the Computed Tomography Market?
The computed tomography market is predicted to attain a CAGR of 5.5% during the forecast period.
What is the Future of the Computed Tomography Market?
The computed tomography market is likely to be worth US$ 9.9 Bn in 2030.
Who are the Key Players in the Computed Tomography Market?
GE Health Care, Siemens Health Care and Toshiba Medical System Corporation, Philips Health Care, Hitachi Medical Corp. are a few key players in the computed tomography market.
