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Computed tomography (CT) scan, also known as computerized tomography, is a medical imaging technique that uses computers and rotating X-ray machines to create cross-sectional images of the body. CT scans can image internal organs, bones, soft tissues and blood vessels. In a CT scan, an X-ray beam moves in a spiral path around the body and hits a ring of detectors. The data acquired from these scans are then processed by computers to generate cross-sectional images of the inside of the body. CT scans are widely used for cancer screening, detecting bone fractures, diagnosing blood clots and other medical conditions.
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 Dynamics:
Advancement in CT scan Technologies is one of the major drivers of the computed tomography market. The latest CT scanners come with advanced features like higher resolution, faster scan speed, and use of artificial intelligence for improved diagnoses. For example, Toshiba’s Aquilion Prime SP provides superb image quality through a smaller, more efficient X-ray tube and faster rotation. GE Healthcare’s Revolution Front provides high-resolution images with the highest spatial resolution in its class. Such technical advancements expand the applications of CT scans and drive the demand.
Another driver for the market is increasing incidences of chronic diseases like cancer and cardiovascular diseases. Diseases burden coupled with rising geriatric population makes CT scans widely used diagnostic method. This elevates the demand for computed tomography equipment and services.
Segment Analysis
The computed tomography market can be segmented by product type, application, end user, and geography. Based on product type, the market is divided into low-slice CT scanners (<64 slices), medium-slice CT scanners (64 slices), and high-slice CT scanners (>64 slices). Among these, the high-slice CT scanners segment dominates the market as they provide faster data acquisition and help obtain high-resolution images. This has increased their usage in complex diagnostic procedures.
PEST Analysis
Political: Healthcare reforms in various countries aim to improve access to diagnostic services. Regulations governing the approval and usage of medical devices are making the market more organized.
Economic: Rising healthcare budgets and expenditures on preventive healthcare are fueling the market growth. The increasing incidence of chronic diseases also impacts the market positively.
Social: Growing awareness about early disease diagnosis and rising disposable incomes have increased the adoption of CT scans. Initiatives to provide universal healthcare coverage influence the demand.
Technological: Advances in CT scanner technology have enhanced functionality. Customized solutions from vendors help expand applications in areas like oncology and cardiology. Adoption of AI and cloud computing is augmenting diagnostic accuracy.
Key Takeaways
The global computed tomography market is expected to witness high growth over the forecast period of 2023 to 2030. 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.
Regional analysis
The Asia Pacific region is projected to register rapid growth during the forecast period. This can be attributed to the large patient population, increasing healthcare investments from governments and private players, growing per capita income, and rising medical tourism. Countries such as China, India, and Japan are major revenue contributors in the region.
Key players
Key players operating in the computed tomography market are GE Healthcare, Siemens Healthineers, Philips, Hitachi, Samsung, Toshiba, Neusoft Medical Systems, and Canon Medical Systems. GE Healthcare leads the market due to its large product portfolio and strong global presence. Siemens Healthineers and Philips also have a significant share owing to their innovative product launches and strategic collaborations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
