In 2019, the CT scanner market was expected to have a value of more than US$ 5.23 billion. Experts predict the market to grow significantly in the next ten years, with an estimated CAGR of 5.1% from 2020 to 2030.
The expected growth of the CT scanner market stems from the increasing demand for less invasive diagnostic strategies worldwide. With various chronic diseases steadily increasing in number and the geriatric population only rising in number, there is a growing need for CT scanners to help treat these patients more comfortably while also improving diagnostic accuracy.
Major businesses and academic institutions have been researching and developing new products as they continue to contribute to the growing CT scanner market. However, certain factors such as increased maintenance and installation costs and the lack of properly trained professionals to use advanced CT scanner technology are restraining market growth to a significant extent.
The key players of the CT Scanner Market include Koninklijke Philips N.V., Hitachi, Ltd, Medtronic, VATECH, Siemens Healthcare Private Limited, GENERAL ELECTRIC COMPANY, TOSHIBA IT & CONTROL SYSTEMS CORPORATION, Neusoft Corporation, SAMSUNG HEALTHCARE, and Accuray Incorporated, among others.
The growing number of cases concerning chronic and infectious illnesses around the world play a crucial part in the expected market growth of CT scanners. The World Health Organization (WHO) claims cancer is the second leading cause of death annually, with around 9.6 million deaths recorded from 2018 alone. Innovations in the CT scanner industry can help curb that number significantly by offering earlier detection and a minimally invasive alternative for treatment.
The fact that the older population is more prone to chronic diseases is another reason why experts are predicting a drastic increase in the CT scanner market. The rising geriatric population means there will be more of the elderly that will be at risk for infectious conditions, and CT scanners will be necessary to ensure they get properly and quickly diagnosed to ease the burden on the country’s healthcare systems while improving the overall health of the older populace.
The CT Scanner Market is segmented according to Product Technology, Application, and region.
Among the major technologies covered in the CT Scanner Market are the following:
On the other hand, the major applications of CT Scanner Market covers:
Key figures in the CT scanner market continue to come up with new products using technological innovations to improve image quality and lessen radiation exposure both to the patients and the medical professionals using the devices. For example, Koninklijke Philips N.V., presented the Incisive CT at the 2019 European Congress of Radiology to show the world how a CT scanner integrated with advanced imaging, workflow, and lifecycle management can positively affect the overall healthcare experience that patients receive while also improving the medical professionals’ decision-making skills by generating accurate and necessary patient data.