According to the new market research report by Transparency Market Research, the global CT scanners market was valued at US$4,384.1 mn in 2017. The growth rate projected by the research report was at a CAGR of 5.9% over the course of the given forecast period of 2017 to 2022. This CAGR could allow the market to reach an overall valuation of US$6,429.8 mn by the end of 2022.
Product Innovation is the Focus for Key Players to Gain Edge over Rivals
The research report states that the global CT scanners market has a moderately consolidated vendor landscape. Among the established players in the market, General Electric Healthcare is a dominant force due to its high brand value and a wider range of products. The company is a pioneer in the field of quantitative dual-energy CT scanners. These scanners are among the best in the business and provide low-dose images with high resolution and quality. The company also boasts a strong international presence with offices in over 180 countries and has one of the best R&D facilities to offer high-end products.
Some other prominent companies in the market such as Siemens, neuroLogica, and Philips are concentrating more on enhancing their distribution channels through strategic collaborations and thus, gain a competitive advantage over their rivals. These companies are also investing heavily in research and development activities to bring out product innovation. For instance, Siemens Healthcare recently collaborated with the National Institute Health Clinical Center to develop a new range of CT scanners. These scanners were named as photon-counting CT scanners. These devices were aimed at providing a better quality of images with lesser exposure to radiation.
Some of the other prominent names in the global CT scanners market include names such as Koning Corporation, Shimadzu Corporation, Toshiba Corporation, Accuray Incorporated, and Medtronic PLC among others.
Booming Healthcare Infrastructure to Help in Market Growth
Some of the key driving and restraining factors influencing the global CT scanners market are listed below:
- Technological advancements: One of the major driving factors for the growth of the global CT scanners market is the constant technological advancements in the industry. These advancements considerably improve the overall image quality and efficiency and help in better diagnosis. This has led to increased adoption of advanced CT scanners in the healthcare sector across the globe and thus, has helped in driving the global market.
- Increasing awareness among patients: This factor may seem trivial but is very crucial for the growth of the global CT scanners market. People are becoming increasingly health-conscious and are more inclined towards getting regular checkups to prevent or detect diseases early. This has ultimately helped in boosting the growth of the CT scanners market. In addition to this, there has been a rise in patients opting for minimally invasive surgeries. This has also helped in spurring the growth of the market.
- Investment in healthcare infrastructure: Emerging economies such as India, China, and Brazil are investing heavily in improving the overall infrastructure of the healthcare domain. This has led to considerable investments from both government and private institutes. It has ultimately influenced the growth of the global CT scanners market in a positive manner.
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With all the growth factors mentioned above, the global market for CT scanners is still struggling with the lack of well-trained professionals that can handle such advanced devices. This factor is one of the key restraining factors for the growth of the global market.
However, increasing demand for bedside imaging and development of portable CT scanners is projected to present lucrative business opportunities for the CT scanners market in the near future.
The review presented here is based on the findings of a TMR report, titled “CT Scanners Market (Product Type – C-Arm and O-Arm; End User – Hospitals, Diagnostic Centers, Research & Academic Institutions, Ambulatory Care Centers, and Veterinary Clinics and Hospitals; Modality – Standalone and Portable; Technology – High-slice, Mid-slice, Low-Slice, and Cone Beam) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022.”
This post was originally published on Industry Updates Daily