Computed Tomography Market Size to Hit $12.3 Billion by 2030 | Coherent Market Insights
Computed tomography (CT) is a medical imaging technique that uses x-rays and computer technology to visualize cross-sectional images of the body. CT scans provide detailed images of bones, soft tissues, and blood vessels.
Burlingame, Dec. 05, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, The global computed tomography market was valued at US$ 7.9 Billion in 2023 and is forecast to reach a value of US$ 12.3 Billion by 2030 at a CAGR of 6.5% between 2023 and 2030.
Increasing collaborations among key market players is expected to drive the global computed tomography market growth over the forecast period. For instance, on April 19, 2023, Kromek Group plc, a developer of radiation detection and bio-detection technology solutions for the advanced imaging and chemical, biological, radiological, and nuclear (CBRN) detection segments, and Analogic Corporation, a healthcare company, announced that both companies collaborated together for the development of next-generation Cadmium Zinc Telluride (CZT) based detector solutions for Photon Counting Computed Tomography (PCCT) applications in the medical imaging and security sectors.
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Market Driver:
Increasing distribution agreement among key market players
Increasing adoption of inorganic growth strategies such as distribution agreement among key market players is expected to fuel the overall computed tomography market growth. For instance, in April 2020, ST Instruments B.V., a provider of medical devices, and Neoscan, a medical technology company, signed a distribution agreement for X-ray Micro CT scanners, a 3D non-destructive microscopy technique for realistic 3D visualization of the external and internal micro-architecture of scanned object and to study the interior structure of both material and biological samples without having to cut the samples, and thus, preserving the samples or specimens for future studies.
Market Opportunity:
Increasing product approval by regulatory authority
Increasing product appproval is expected to drive the global computed tomography market growth over the forecast period. For instance, on May 30, 2023, GE Healthcare, aglobal medical technology company, announced that it had received an approval from U.S. Food and Drug Administration for new deep learning solution for enhanced image quality in PET/CT (Positron Emission Tomography /Computed Tomography). Precision DL for PET/CT is the latest addition to GE HealthCare’s Effortless Recon DL portfolio of deep learning-based solutions – which also includes AIR Recon DL for MRI, TrueFidelity for CT, and Helix DL for X-ray to significantly improve image quality
Market Cross Sectional Analysis:
Among product type, the stationary CT scanners segment is dominant during the forecast period in North America region due to the adoption of inorganic strategies such as funding over the forecast period. For instance, in September 2022, Lumafield, a medical technology company, raised US$ 35 Mn series B funding round and released additional capabilities for company’s X-ray CT platform, which seeks to provide engineers and designers unmatched access to company’s products.
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Key Market Takeaways:
Global computed tomography market is expected to exhibit a CAGR of 6.5% during the forecast period due to the increasing partnerships among key market players. For instance, on June 15, 2023, Hospital for Special Surgery (HSS), a U.S.-based hospital that specializes in orthopedic surgery and the treatment of rheumatologic conditions, and MARS Bioimaging Limited, a New Zealand-based manufacturer of medical equipment, announced partnership based on MARS Bioimaging Limited’s photon-counting spectral CT imaging technology for the advancement of computed tomography. Under the partnership, HSS and MARS will work together to evaluate the MARS extremity CT scanner for developing new scanning technologies and systems.
Among application, oncology segment is expected to dominate the market over the forecast period due to increasing partnerships among key market players. For instance, in September, 2022, Xoran Technologies, a medical device company, announced a partnership with West Virginia University (WVU) to develop PET/CT scanner for head and neck cancers (HNCs). The partnership improve the ability to effectively treat head and neck cancers.
Market Restraint:
High cost of devices
For patients with a regular clinical routine, advanced CT scans can cost as much as other basic scans. For instance, study published in New Choice Health, medical clinic in U.S. indicates that in the U.S. average cost of a CT scan is US$ 3,275. The cost of the CT imaging procedure may differ as per the disease diagnostic requirements for patients. The procedure can be costly for non-insurance-holder patients.
As a result, the companies operating in the market are focusing on the development of cost-effective devices such as portable CT scanners.
Key players operating in the global computed tomography market include 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
Read complete market research report, "Computed Tomography Market, By Product Type, By Application, By End User,By Region, and Segment Forecast 2023-2030", Published by Coherent Market Insights.
Detailed Segmentation:
By Product Type:
Stationary CT Scanners
Portable CT Scanners
By Application:
Oncology
Neurology
Intraoperative
Others (Research application, etc.)
By End User:
Hospitals
Diagnostic Imaging Centers
Others (Academic and Research Institutes, etc.)
By Region:
North America
U.S.
Canada
Latin America
Brazil
Mexico
Rest of Latin America
Europe
Germany
U.K.
Spain
France
Italy
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia
South Korea
Rest of Asia Pacific
Middle East & Africa
South Africa
GCC Countries
Rest of Middle East & Africa
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