Computed Tomography Market is Estimated to Witness High Growth Owing to Rapid Adoption in Oncology Applications
Computed tomography imaging, commonly known as CT scan, is a medical imaging method that utilizes computer-processed X-rays to provide cross-sectional images of the body for clinical analysis and diagnosis of medical conditions. CT scans provide clear and highly detailed pictures of internal organs, bones, soft tissues and blood vessels without invasive procedures. With advantages such as high spatial and contrast resolution enabling detection of minute anatomical details, computed tomography finds extensive use in a wide range of diagnostic applications including oncology, cardiology, neurology and orthopedics.
The global computed tomography market is estimated to be valued at US$ 7.9 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Rapid adoption of computed tomography in oncology applications such as tumor detection, localization and screening is expected to drive high growth of the computed tomography market over the forecast period. CT scans play a vital role in cancer diagnosis and staging by providing detailed images of tumors and surrounding tissues. With radiation therapy becoming a primary treatment option for various types of cancers, the need for accurate tumor localization enabled by CT scans is increasing tremendously. Additionally, growth in cancers incidence worldwide along with clinical trials evaluating effectiveness of low-dose CT scans for lung cancer screening are expanding the oncology applications of computed tomography. Identification of advanced oncology as a key growth area represents significant market opportunity for players in the computed tomography market to increase penetration through technology advancements and innovative product offerings.
Porter’s Analysis
Threat of new entrants: High initial capital investments requirement for establishing computed tomography facilities acts as a barrier for new players. Strict regulatory norms for CT equipment also restricts new entrants.
Bargaining power of buyers: Large healthcare providers and hospitals can negotiate for discounts and flexible payment options from CT manufacturers owing to high volume purchases. However, need for advanced CT imaging raises switching costs.
Bargaining power of suppliers: Major medical equipment suppliers enjoy significant bargaining power due to proprietary technologies and product differentiation in advanced CT systems. This compels buyers to choose from limited suppliers.
Threat of new substitutes: No close substitute exists for CT imaging technology. However, other cross-sectional imaging modalities like MRI and ultrasound can be considered as substitutes based on clinical application.
Competitive rivalry: The market is consolidated with few global players dominating the market. Intense competition exists based on product innovation, pricing, and aftersales service.
SWOT Analysis
Strengths: Non-invasive nature. Ability to provide high resolution cross-sectional images. Wide applications in oncology, cardiology, and neurology.
Weaknesses: High costs of advanced CT systems. Risk of radiation exposure to patients. Limited portability for certain clinical settings.
Opportunities: Rising healthcare expenditure in emerging nations. Growing demand for refurbished CT systems.Integration of artificial intelligence for enhanced diagnostics.
Threats: Stringent regulations on approval and clinical trials of new CT technologies. Reimbursement issues restraining adoption. Substitution threat from alternative non-ionizing imaging modalities.
Key Takeaways
The global computed tomography market is expected to witness high growth over the forecast period of 2023-2030. The market size for 2023 is estimated at US$ 7.9 billion and is projected to reach over US$ 13.2 billion by 2030, registering a CAGR of around 6.5%.
Regional analysis: North America dominates the global CT market currently owing to high healthcare spending and rapid adoption of advanced medical technologies in the region. Asia Pacific is anticipated to grow at the fastest pace during the forecast period supported by improving access to healthcare facilities, increasing healthcare investments and expanding medical tourism industry in China, India and other Asian countries.
Key players: 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. Major players are focusing on new product innovations, mergers and acquisitions to strengthen their market position.
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