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Computed tomography (CT) scans provide high-resolution images of internal structures by using X-rays and computer processing to create cross-sectional images or scans. CT scans have proven effective in diagnosing chronic diseases such as cancer, cardiovascular diseases, neurological disorders and traumatic injuries. With the increasing prevalence of various chronic diseases due to changing lifestyle and environmental factors, the demand for CT scanners has been rising significantly.
The global Computed Tomography market is estimated to be valued at US$ 7.9 Bn in 2024 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 key trends:
Technological advancements have brought about rapid developments in CT scan capabilities over the years. CT scans were previously focused on bones and organs but now have evolved into much more specialized scans that can detect even minute changes in tissues or abnormalities at the cellular level. Recent innovations include dual-energy CT that uses two different photon energy levels to gather additional data, helping clinicians better characterize tissues and pathological processes. Other key trends include the development of lightweight and portable CT systems that are enhancing point-of-care diagnosis especially in emergency situations. Artificial intelligence and machine learning are also finding applications in CT scans by facilitating automated diagnostic analysis and enabling earlier disease detection. Such continuous technological innovations are expected to drive the increasing adoption of CT scans and propel market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirement and technological expertise pose a moderate threat of new entrants in the computed tomography market.
Bargaining power of buyers: Large number of buyers and availability of substitutes increase the bargaining power of buyers in the computed tomography market.
Bargaining power of suppliers: Established supply networks and patented components decrease the bargaining power of suppliers in the computed tomography market.
Threat of new substitutes: Alternatives like X-rays, MRI, and ultrasound pose a moderate threat of substitution in the computed tomography market.
Competitive rivalry: High investment in R&D and acquisition of smaller companies increase competitive rivalry in the computed tomography market.
Key Takeaways
The global computed tomography market is expected to witness high growth. The global Computed Tomography market is estimated to be valued at US$ 7.9 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the global computed tomography market, followed by Europe. However, Asia Pacific is expected to witness the highest CAGR during the forecast period owing to the growing geriatric population, increasing incidence of chronic diseases, improving healthcare infrastructure and rising medical tourism in the region. China, India and Japan are likely to be the major revenue generators for the Asia Pacific computed tomography market.
Key players: Key players operating in the computed tomography market are Siemens Healthineers, GE Healthcare, Philips, Toshiba Corporation and Canon Inc. Siemens Healthineers offers the latest SOMATOM go.Top CT scanner in the market which delivers high image quality at low dose. GE Healthcare provides revolutionary technologies like Revolution Frontier CT scanner that speeds up scans while lowering dose. Philips focuses on innovations like IQon Spectral CT that enables earlier diagnosis. Toshiba’s Aquilion Precision provides premium resolution with 80% dose reduction compared to prior CT systems. Canon CT aims to deliver high resolution imaging at ultra-low radiation doses.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
