A fresh intelligence study by Transparency Market Research (TMR) notifies that the global CT (computerized tomography) scanners market has a prosperous future, with the demand projected to increment at a CAGR of 5.9% during the forecast period of 2017 to 2022. The report also highlights that the competitive landscape is moderately consolidated with most of the key players focusing on improving their distribution channels via collaborations to gain ground over their rivals. The report identifies Accuray Incorporated, Carestream Health, Inc., GE Healthcare, Hitachi Ltd, Koning Corporation, Koninklijke Philips N.V., Medtronic PLC, Neusoft Corporation, Planmed Oy, Samsung Electronics Co., Ltd., Shenzhen Anke High-Tech Co., Ltd., Shimadzu Corporation, Siemens AG, and Toshiba Corporation as some of the key companies currently operating in the global CT scanners market. Among these, Philips and NeuroLogica are holding the pole position as far as portable CT scanners market is concerned.
As per the projections of the TMR report, the demand in the CT scanners market, across the globe, will be reaching a valuation of US$6,429.8 mn by 2022, substantially up from its evaluated worth of US$4,834.1 mn in 2017. Product innovation is another key aspect for these companies to make a mark in the market. For instance, Siemens Healthcare recently joined hands with the National Institutes of Health (NIH) Clinical Center for the development of advanced CT scanners, which will be known as photon-counting detector CT scanners, and promises to improve the quality of imaging as well as reduce exposure to radiation. In 2015, Royal Philips received 510(k) clearance from the U.S. FDA, reinforcing its commitment to improve diagnostic confidence via innovation.
Based on product-type, the global CT scanners market gained maximum demand for O-Arm CT scanners, which represented a valuation of US$3,392.6 mn of the market, or 70.2% in 2017. The demand for O-Arm CT scanners is estimated to expand at a CAGR of 6.0% during the forecast period of 2017 to 2022, and produce a revenue of US$4,530.6 mn by 2022. This segment is growing at US$227.6 mn annually over the course of the forecast period, and its absolute growth is larger than any other segment. Geographically, the TMR report picks out North America as most lucrative region, which is anticipated to account for US$1,844.7 mn in revenue in 2022.
Recent Product Advancements Attracting Adoption
The global CT scanner market is driven by a number of factors, such as recent technological advancements that have considerably improved the efficiency of these scanners, growing patient emphasis on effective and early disease detection, rising prevalence of target diseases, increasing patient preference for minimally invasive diagnostic procedures, procedural benefits offered by computed tomography, and improving healthcare infrastructure across various emerging economies. In the recent times, multi-slice feature has evolved CT from a simple diagnostic tool to an interventional modality. While most of them are used as general systems, quite a few of them are now being modified for customized purposes such as cardiovascular studies and bone densitometry. Escalating demand for bedside imaging, growing popularity of home healthcare among the geriatric population of developed nations, and growing usage of CT scanners to examine the accuracy of post interventional medical procedures or medical implants are some of the other factors favoring the global CT scanners market.
Cost Factors Obstructing Market’s Prosperity in Emerging Economies
On the other hand, factors such as considerable cost of installation and maintenance, uncertain reimbursement scenario in various developing nations, and the lack of well-trained and skilled healthcare professionals are hindering the CT scanners market from achieving its true potential. Nevertheless, government expenditure to improve healthcare facilities in the emerging economies such as India and China, growing market preference for multimodal diagnostic imaging systems, and ongoing shift towards image-guided medical interventions are expected to open new opportunities for the vendors operating in this market.