Global Computed Tomography Market: Overview
After being available in the market since the last decade, computed tomography (CT) has become highly popular. A non-invasive and painless medical imaging procedure, it provides a much more complete and accurate picture of the body than its predecessor, X-rays. On account of the aforementioned benefits, CT scan has come to be recognized as one of the best methods for detecting many different kinds of cancers.
The increasing popularity of the CT scans because of the benefits they accord, coupled with the rising ranks of health conscious people, is expected to boost the market. As per TMR estimates, the global CT market is expected to be worth US$5.6 billion in 2017, after clocking a healthy CAGR of 4.5%.
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The research study on computed tomography examines the market after segmenting it on parameters such as the type of CT machines used and geography. It details the current trends to predict the overall growth. It also leverages Porter’s Five Forces Model to understand the competitive dynamics of various segments. Aspects, namely market size, its growth drivers and restraints find a detailed mention in the report as well.
Global Computed Tomography Market: Trends and Opportunities
There are various reasons why computed tomography market has seen an impressive growth. Firstly, there has been an increasing awareness among a new breed of health conscious people, who understand the importance of preventive healthcare and demand accurate early diagnosis. Secondly, an alarmingly high occurrence of circulatory system, cardiovascular, inflammatory, and spinal diseases is also driving growth in the market.
Further, spurt in medical diagnostic procedures and technological advancements has also stoked the market. Depending upon the type of CT machines, for example, the market can be divided into the following: high end slice, mid end slice, and low end slice CT. The high end slice is slated to hold more than half of the market share by 2017 due to the 64-slice CT system it includes, which aids in accurate imaging of the heart. The multi-slice computed tomography (MSCT), further, introduced around six years back, offers high-speed, non-invasive, thin-slice diagnostic scanning for various purposes in radiology and cardiology, has seen soaring popularity.
Such technological advancements, alongside an aging population requiring medical imaging technology improvements, has fuelled adoption of image guided, less invasive procedures for diagnosis. The rising preference for automated workflows has also led to the growth in the market. Emerging countries are already making efforts to generate awareness about the advantages of CT machines. This alongside increasing disposable income of families has resulted in demand shooting up.
Computed Tomography Market: Major Segments
Geographically, the CT market can be divided into Asia Pacific, Europe, North America, and the Rest of the World (Row). Of them, the largest share of the market is commanded by North America, mainly on account of sweeping technological advancements and growing consciousness among the elderly, who are fast outnumbering other demographics. Europe follows next and holds a good amount in market share for the same reasons as North America does.
Asia Pacific, however, has been exhibiting maximum growth rate on account of growing demand for early diagnostic tools demanded in mushrooming healthcare facilities in the region. With a rapidly growing population in the region, the demand for healthcare has seen a dramatic rise in the region and led to both private and government players rushing in to meet the demand.
Companies Mentioned in the Report
To study the market’s vendor landscape, the report has profiled some of the most prominent enterprises operating therein. Some of the globally known, dominant purveyors in the CT market are Toshiba, Philips, Siemens, and GE.
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