The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global computed tomography market. In addition, complete analysis of changes on the global computed tomography market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
MARKET OVERVIEW- GLOBAL COMPUTED TOMOGRAPHY MARKET
MARKET DRIVERS
The growth of the global computed tomography (CT) market is mainly driven by multiple factors such as the increase in the prevalence of cardiovascular diseases such as coronary heart disease, chronic diseases such as diabetes, increase in various types of cancer such as lung cancer, breast cancer, head cancer; increase in communicable diseases such as COVID-19, increased demand for CT scans to detect infection, increased use of CT scans to determine the effectiveness of treatment for various medical conditions and development of a new CT system by a large number of key players along with technological advances in CT systems. The introduction of computed tomography has been of great benefit to medical care. This technology improves diagnoses, avoids unnecessary medical interventions, improves treatment with detailed anatomical imaging, and is a cost-effective imaging technique. It is an essential diagnostic tool, especially for scanning bones, soft tissues and blood vessels. Because emergency CT imaging is quick and easy, internal injuries can be detected early enough to save lives. Hence, growing demand for advanced assessment tools in emergency departments and growing number of outpatient emergency rooms are the factors that are expected to positively impact the growth of the market over the forecast period. Technological advances such as the integration of artificial intelligence and the development of accessories to improve the image quality of conventional CT scanners are the key factors that are expected to drive the growth of the market in the upcoming years.
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MARKET OPPORTUNITIES
The market is expected to have new opportunity with the technological advancements ongoing RD involved in manufacturing computed tomography devices is expected to provide ample of new growth opportunity in the market during the forecast period. Besides, emerging features and new technologies has gained major attention of end user segment and this factor is expected to provide rising new growth opportunities for the market over the forecast period. The high use of CT scans compared to other imaging modalities which have its various advantages and the increase in mergers and acquisitions among the major market players for the development and distribution of advanced devices are further influencing the computed tomography devices market. In addition, increased public and private sector financing of healthcare, growing consumer trend towards minimally invasive diagnostic procedures, growing awareness of the procedural benefits of computed tomography, and rising healthcare spending are having a positive impact on the market for computed tomography equipment. Furthermore, the market shift towards image-driven intervention and preference for multimodal diagnostic imaging systems presents lucrative opportunities for the computed tomography devices market players over the forecast period.
MARKET RESTRAINTS
The market has major restraining factors like significant installation, maintenance service costs of computed tomography equipment and lack of well-trained and skilled healthcare professionals in workforce. The computed tomography equipment also require high maintenance costs and this factor is expected to act as a hurdler for the market growth over the forecast period. Besides, lack of advanced healthcare infrastructure in low-income nations is another factor restraining the market growth.
MARKET GROWTH CHALLENGES
Growing adoption of refurbished CT scanner is an important element which is expected to be a key challenge for the market, especially in developing and low-income countries. Also, uncertain reimbursement scenario across developing nations along with lack of skilled work force is expected to be major hampering for the market growth over the forecast the period.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of global computed tomography market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various computed tomography equipment in various healthcare and diagnostic applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2028.
MARKET SEGMENTAL OVERVIEW
The global computed tomography market comprises of different market segment like technology type, application, end users and geography.
COMPUTED TOMOGRAPHY MARKET BY END USERS
The hospitals and clinics segment is anticipated to lead the market over the estimated time period. The growing number of emergency hospital admissions and the increasing number of surgeries performed each year have contributed to the market share. Additionally, CT scans serve as an effective tool for accurate diagnosis before and after surgery to determine treatment effectiveness. The difficulties and risks associated with transporting critically ill patients from the hospital to a remote diagnostic center for CT scans have forced hospitals to install their own CT scan machines, contributing to the growth of this segment. The diagnostic centers segment is expected to grow faster over the forecast period. According to OECD statistics, there were 16 CT scanners per 1,000,000 of the population in outpatient diagnostic centers in the United States. It is expected to propel the growth of the market segment as it makes CT scans more affordable and accessible.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of computed tomography market is majorly focused on expanding the global growth of computed tomography with new product innovation, business expansion, increasing presence of range of manufacturer operating in computed tomography equipment has led the growing demand for the market. Besides, the market offers range of products in different application to fulfil the required demand of consumer which is further contributing healthy growth in the market.
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