CT Scanner Market Revenue to Cross USD 8.7 Bn by 2026: Global Market Insights, Inc.
Asia Pacific CT scanner market demand is projected to expand at 7.6% CAGR from 2020 to 2026 on account of increase in incidence of chronic diseases along with a rising aging population.
SELBYVILLE, Del., Oct. 29, 2020 /PRNewswire/ -- According to latest report "CT Scanner Market by Architecture (O-arm, C-arm), Type (Portable, Stationary), Technology (High-slice, Mid-slice, Low-slice, Cone Beam), Application (Human, Research, Veterinary), End-use (Hospitals, Contract Research Organization {CROs}, Ambulatory Surgical Centers {ASCs}), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026," by Global Market Insights, Inc., the market valuation of CT scanner will cross $8.7 billion by 2026. Growing advantages of CT scanners over other imaging modalities will enhance market growth over the coming years.
CT scanners offer several advantages when compared with other imaging modalities augments the industry growth. A CT scan is an economic and quick method that costs less when compared to an MRI scan and provides the best results for imaging of soft tissues as well as small bones. The time required for a CT scan varies between 30 seconds to 5 minutes, while an MRI scan can consume 15 minutes to 2 hours depending upon the body part under examination. MRI scanning is not suitable for patients with any metallic implant such as pacemakers while a CT scan has no such limitations.
Moreover, claustrophobic patients can be reluctant to do an MRI due to the small confines of MRI machines, and prefer CT scanning whenever possible. Unlike conventional X-rays, a CT scan provides detailed images of several types of tissue. Also, CT scanners are more widely used than MRIs and are less expensive.
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The C-arm segment in the CT scanner market will witness growth of over 6% till 2026. C-arms are mobile and useful in several procedures including orthopedic, urology, neurology, and cardiac procedures. A mobile C-arm has the ability to move around the patient and obtain high-quality images while keeping the patient comfortable. Increasing adoption of C-arm CT scanners by large hospitals for the treatment of several chronic disorders will positively influence segment growth.
The portable segment accounted for more than 30% of the CT scanner market share in 2019. Advantages include less traveling time for patients and short installation time with minimal logistic issues. A portable CT scanner provides faster access to information for making necessary patient care decisions. Also, it allows critically ill patients to remain in one place without risking transportation-related morbidity. A surging number of portable CT scan device installations across several countries will enhance the segment progression.
The cone beam segment valuation was around USD 960 million in 2019. Increasing applications of cone beam CT technology in human diagnostic applications including maxillofacial surgeries, dental implants, as well as neck surgeries, favor market demand. Several advantages offered by cone beam CT such as affordable product costs, low scanning time, and limited radiation exposure will drive the segment revenue. Increasing development of innovative cone beam CT devices will foster the segment growth.
The veterinary application in the CT scanner market is estimated to attain a CAGR of 5% through 2026. Increasing pet adoption, increasing disposable income and a significant rise in pet care expenditure will fuel the demand for CT scanners. A CT scanner used for veterinary provides better differentiation of similar tissues in various animals and also offers more accurate determination when there is need of surgery.
The CT scanner market for the contract research organization (CROs) end-use segment valued at USD 675 million in 2019 led by growing demand for imaging contract research organization services. Imaging helps in reducing time required for clinical trials by delivering quicker results, thereby reducing cost. In later phases of clinical trials, data delivered by CT scans can be used potentially to reduce health authority approval procedure. Thus, multifactorial benefits delivered by CT scanner in early as well as later stages of clinical trials will boost industry revenue.
Asia Pacific CT scanner market is projected to expand at 7.6% CAGR from 2020 to 2026 on account of an increase in the aging population, particularly in countries such as India and Japan. Consistent economic developments in the APAC region have led to advancements in medical technologies. Growing demand for advanced imaging devices such as CT scanners in emergency departments will favor regional growth.
Some of the prominent market players in the CT scanner market include Accuray, CurveBeam, Carestream, Medtronic, Philips, Hitachi Medical, Canon Medical Systems, Koning, Neusoft, Siemens Healthineers, GE Healthcare, and others. These companies are implementing several growth strategies such as partnerships, collaborations, mergers and novel product launches in order to gain financial stability in the industry.
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Table of Contents (ToC) of the report:
Chapter 3 CT Scanner Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 - 2026
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By architecture
3.4.2 By type
3.4.3 By technology
3.4.4 By application
3.4.5 By end-use
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Reimbursement scenario
3.8 Porter's analysis
3.9 Competitive landscape, 2019
3.10 PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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CT Scanner Market Growth Predicted at 6.4% Through 2026: GMI
Some of the major CT scanner market players include Accuray, CurveBeam, Carestream, Medtronic, Philips, Hitachi Medical, Canon Medical Systems, Koning, Neusoft, Siemens Healthineers, GE Healthcare, and others.
Related Links
Medical Electronics Market Trends
Veterinary Imaging Market Trends
SOURCE Global Market Insights, Inc.
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