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CT Market Headed Higher

Computed tomography (CT) is an imaging process that uses special equipment to create detailed scans. It is widely used to detect small abnormalities, diagnose circulatory system diseases and conditions, blood vessel aneurysm, blood clots, kidney stones, head injuries, internal bleeding and detect abnormal growth of cancer cells.

The global computed tomography market is driven by factors including an increase in cardiovascular diseases, orthopedic disorders and cancer, according to Future Market Insights. An increasing global geriatric population, technological advances and growing public awareness regarding health care are also factors driving the market.

“The global computed tomography market is expected to register a double digit Compound Annual Growth Rate (CAGR)for the forecast period,” according to Future Market Insights.
ReportsnReports.com also predicts growth.

The computed tomography systems market had revenues of $4.3 billion in 2016 across 39 major markets, ReportsnReports.com states.

By the end of the forecast period in 2023, the global CT systems market will exceed $12 billion, with a CAGR of 18.2 percent, according to ReportsnReports.com.

Global Market Insights echoes the call for growth in the CT market.

“CT scanner market size was valued over $4.7 billion in 2016 and is expected to witness more than 5 percent CAGR from 2017 to 2024,” Global Market Insights reports.

“Increasing prevalence of chronic diseases across the globe will serve to be a high impact rendering factor for CT scanner market growth. Chronic diseases such as cardiovascular diseases and cancer are difficult to manage and cause a significant cost burden on the health care sector. Key to better management of these diseases is accurate diagnosis of conditions in early stages. As CT scanner allows the early and accurate diagnosis of several chronic diseases, its demand is forecasted to increase with the rising prevalence of chronic diseases,” according to Global Market Insights.

“CT scan is a long-established imaging technique that has witnessed ample modifications and improvements over the past few decades,” Global Market Insights adds. “Technological advancements have reduced the dose of radiation without hampering the quality of image. Such technological advancements coupled with the procedural benefits of CT scan over other imaging modalities, such as MRI and X-ray, will stimulate its demand over forthcoming years.”

However, Global Market Insights does see some challenges for the CT market.
A CT scanner is cost-intensive capital equipment and its high cost is forecasted to hamper affordability, particularly in developing and underdeveloped regions. Moreover, refurbished and used CT equipment is available at significant lower cost compared to brand new equipment. Availability of such equipment will restrain industry growth to some extent, according to its forecast.

Some leaders in the CT market are Accuray, Canon Medical Systems Corp. (Toshiba Corp.), Carestream, CurveBeam, GE Healthcare, Hitachi Medical Corp., Koning Corp., Koninklijke Philips, Medtronic and Siemens Healthineers.

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