Product Spotlight: Bright Forecast for CT Market

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A recent report on the computed tomography market by ResearchAndMarkets.com predicts the global computed tomography (CT) market to grow with a CAGR of 5.2 percent over the forecast period of 2018-2024.

The study referenced in the report covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific and RoW for the period of 2016 to 2024. North America dominates the world market and is anticipated to grow at the highest CAGR over the forecast period.

In terms of revenue, the global CT scanners market is estimated to be at $6.4 billion by 2022, according to Transparency Market Research. The growth of the global CT scanners market is projected to increase at a CAGR of 5.9 percent during the forecast period of 2017 to 2022. This growth is attributable to gaining traction from a number of factors such as increasing preference of the patients for minimally invasive diagnostic procedures, recent product improvements including the advent of portable CT scanners, improve health care infrastructure in various emerging economies, and rising geriatric population.

“The health care industry has witnessing prosperous and substantially dependent on product innovation. The growth factor of CT scanners market is similar to the health care industry, which consist incredible potential for development and revenue generation for key players globally, especially for those vendors who can stay in-sync with the latest technologies. These advancement are driving growth of the global CT scanners market,” according to a press release.

“CT scan is a mature imaging technique that has witnessed substantial modifications and improvements over the past few years. 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 are boosting adoption of CT scanners across numerous applications, which in turn is driving growth of the global CT scanners market,” the press release adds.

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.” I

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