The computed tomography market provides advanced medical imaging techniques and diagnostic tools to visualize internal body structures. CT scanning produces detailed images of tissues, bones, organs and blood vessels by obtaining X-ray images from different angles and using computer processing to generate cross-sectional images. Advantages of CT scans include quick processing, detection of abnormalities that may not be apparent on conventional radiographs and ability to obtain images in any plane. The global demand for efficient diagnosis and treatment of chronic diseases has increased the need for advanced CT systems in hospitals and diagnostic centers.

The Global Computed Tomography Market is estimated to be valued at US$ 8.97 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the computed tomography market are 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. GE Healthcare and Siemens Healthineers AG occupy a major market share in the global CT systems market with technologically advanced products.

The rising incidence of chronic diseases such as cancer and cardiovascular diseases has increased the demand for CT scans globally. Early detection of diseases through CT imaging improves treatment outcomes and facilitates better clinical management of patients. Moreover, advancements in CT technology including wider detector arrays, increased scanning speed and improved image resolution have expanded clinical applications of CT scans.

North America dominates the global Computed Tomography Market Size owing to high healthcare expenditures and widespread medical insurance coverage in the region. However, the Asia Pacific market is projected to grow at the fastest pace during the forecast period due to increasing healthcare investments, rising medical tourism and growing awareness on the benefits of CT scans for diagnosis.

Market key trends

One of the key trends gaining momentum in the computed tomography market is the development of hybrid imaging systems that integrate PET/CT and SPECT/CT capabilities. By combining functional and anatomical imaging modalities, hybrid CT systems offer superior visualization of physiological processes occurring in the body. This has expanded the clinical usage of CT scans in oncology, neurology and cardiology applications. Another major trend is the introduction of low dose CT techniques that significantly reduce radiation exposure to patients during the scan procedure without compromising image quality. This has boosted the adoption of CT systems across various clinical specialty areas involving pediatric and women patients.

Porter’s Analysis

Threat of new entrants: High capital requirements for setting up CT scanners manufacturing plants and need for extensive R&D act as a barrier for new companies.

Bargaining power of buyers: Large healthcare providers and hospitals have significant bargaining power due to bulk purchasing of CT scanners.

Bargaining power of suppliers: Major suppliers for key components like X-ray tubes, detectors etc have some bargaining power due to specialized technical expertise required.

Threat of new substitutes: New medical imaging modalities like MRI, Ultrasound pose some threat but CT remains irreplaceable for many diagnostic applications.

Competitive rivalry: The computed tomography market is highly competitive with major global players competing on technology advancements, pricing and product innovation.

North America holds the largest share of the computed tomography market value-wise owing to presence of major players, accessibility to advanced healthcare facilities and growing geriatric population prone to chronic diseases.

Asia Pacific is poised to register the fastest growth in the computed tomography market during the forecast period driven by rising healthcare expenditures, increasing number of hospitals and diagnostic centers in countries like China and India.

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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)