Image: The global market for advanced CT scanners is expected to reach USD 2.9 billion by 2027 (Photo courtesy of Persistence Market Research).
The global market for advanced Computed Tomography (CT) scanners is estimated to be worth around USD 1.30 billion in 2017 and is expected to register a high CAGR of 7.9% to reach USD 2.9 billion by 2027.
The growth of the global advanced CT scanners market is being driven by a number of factors, such as increasing ageing population, growing need for medical imaging worldwide, increasing prevalence and growth in adoption of minimally invasive diagnostic procedures, high funding for Research And Development (R&D) to carry out product innovations in medical devices and imaging systems, ease in FDA clearance, increasing prevalence of chronic diseases like cancer, cardiovascular diseases, and dental and orthopedic disorders, growing number of hospitals and diagnostic centers and increasing need for faster and more definitive diagnostic results. However, exposure to radiation, inadequate reimbursement policies, adoption of refurbished medical devices, shortage of skilled personnel and lack of healthcare infrastructure in the emerging markets are restraining the growth of the global advanced CT scanners market.
These are the latest findings of Persistence Market Research (New York, NY, USA), a third-platform research firm.
On the basis of product type, low dose CT scanners have been witnessing high adoption for the past several years and are expected to dominate the market. The low dost CT scanner segment is estimated to be valued at USD 500 million in 2017 and is projected to grow at a robust CAGR of 7.9% during the forecast period. On the basis of end-user, hospitals and diagnostic centers are expected to be the highest contributors to the growth of the global market for advanced CT scanners. Of late, the number of diagnostics and imaging centers across various emerging and developed regions has increased substantially, which is driving the growth of the advanced CT scanners market.
Additionally, rising per capita expenditure on healthcare, globally, has increased the ability and willingness of people to invest in wellness, which is expected to fuel the growth of the global market for advanced CT scanners over the coming years. Moreover, the increasing use of diagnostic imaging influences the need for advanced technology CT scanners, which in turn is expected to spur the demand for advanced CT scanners market at the global level during the forecast period.
On the basis of region, North America is expected to dominate the global market with the largest share, and the advanced CT scanners market in the region is projected to grow at a high CAGR to surpass USD 1 billion by 2027. Favorable government policies for start-ups and increase in healthcare expenditure are expected to fuel the growth of the advanced CT scanners market in the emerging economies. For instance, since the past few years, government policies in the Middle East and Africa and Asia Pacific are encouraging start-up companies and multi-national corporations to focus on developments in the healthcare industry, especially in the medical imaging sector. A number of players in medical imaging are shifting their focus on establishing a strong foothold in the emerging regions owing to favorable economic conditions.
The key market players with strong product portfolios and patented technologies are entering into strategic collaborations, thereby creating potential growth opportunities for the advanced CT scanners market. This also allows international players to gain a hold in the market with the support of local players in that respective region. Strategic alliances and collaborations are likely to fuel the market growth as they allow the key players to focus on the development of innovative technologies and advanced imaging systems.
Persistence Market Research