The global Computed Tomography Market is estimated to be valued at USD 7,101.7 Mn in 2021 and is expected to exhibit a CAGR of 6.1% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Computed Tomography (CT) is a medical imaging technique that uses X-ray technology to generate detailed cross-sectional images of the body. It provides valuable diagnostic information for various medical conditions and is used in a wide range of applications, including oncology, neurology, cardiology, orthopedics, and trauma. The key advantages of CT include its ability to provide high-resolution images, faster scanning times, and the ability to capture images of the interior of the body from multiple angles. The growing need for advanced diagnostic tools and the rising prevalence of chronic diseases are driving the demand for computed tomography.
B) Market key trends:
One key trend in the Computed Tomography Market is the increasing adoption of advanced technologies such as spectral imaging and artificial intelligence (AI). Spectral imaging allows for the capture of additional information on tissue composition, which can aid in better diagnosis and treatment planning. AI algorithms can analyze CT images and assist radiologists in detecting abnormalities, improving the accuracy and efficiency of diagnostics. For example, Canon Medical Systems Corporations offers its Advanced intelligent Clear-IQ Engine (AiCE) technology, which uses deep learning algorithms to enhance image quality and reduce noise in CT images.
C) Porter’s Analysis:
Threat of new entrants: The high capital investment required to establish manufacturing facilities and the stringent regulatory requirements act as barriers to entry for new players in the Computed Tomography Market.
Bargaining power of buyers: Buyers in the market have moderate bargaining power due to the availability of multiple CT scanner options and the presence of established players offering competitive pricing.
Bargaining power of suppliers: Suppliers of CT scanners have moderate bargaining power as there are several suppliers in the market, and manufacturers can switch suppliers based on their requirements.
Threat of new substitutes: There is a low threat of substitutes for CT scanners, as they are considered a standard imaging tool for various medical conditions and provide unique diagnostic capabilities.
Competitive rivalry: The Computed Tomography Market is highly competitive, with key players investing in research and development activities to introduce innovative products and gain a competitive edge.
D) Key Takeaways:
– The global Computed Tomography Market is expected to witness high growth, exhibiting a CAGR of 6.1% over the forecast period, due to increasing technological advancements in CT imaging and the growing prevalence of chronic diseases.
– North America is expected to dominate the market, driven by the presence of key players, favorable reimbursement policies, and high healthcare expenditure.
– Key players operating in the global Computed Tomography Market include United Medical Imaging Inc., Siemens Healthineers, Canon Medical Systems Corporations, GE Healthcare, Hitachi Healthcare Americas, Koninklijke Philips N.V., NeuroLogica Corporation, Neusoft Medical Systems Co. Ltd., Shenzhen Anke High-Tech Co. Ltd., Eaton, Hologic, Arineta, Analogic, Samsung, Carestream Health, and Toshiba.
In conclusion, the Computed Tomography Market is poised for significant growth, driven by the increasing adoption of advanced technologies and the need for accurate and efficient diagnostic tools. The market is highly competitive, with key players investing in research and development activities to stay ahead in this rapidly evolving industry.