Computed Tomography Market, By Product Type (Stationary CT Scanners and Portable CT Scanners), By Application (Oncology, Neurology, Intraoperative, and Others (Research application, etc.)), By End User (Hospitals, Diagnostic Imaging Centers, and Others (Academic and Research Institutes, etc)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

Published In : Sep 2023

Code : CMI495

Pages :180

Formats :

Excel and PDF

Industry : Medical Devices

Market Challenges And Opportunities

Global Computed Tomography Market – Drivers

Increasing technological advancements by key market players: Increasing adoption of inorganic growth strategies such as technological advancement is expected to drive the market growth over the forecast period. For instance, on April 19, 2023, Kromek, a medical technology company, and Analogic Corporation, a healthcare company, collaborated to develop zinc telluride (CZT) based detector system for photon computed tomography applications in medical imaging and security systems.

Increasing product approval by regulatory authorities: Increasing approvals from the regulatory authorities such as U.S. Food and Drug Administration (U.S. FDA) is expected to drive the global computed tomography market growth over the forecast period. For instance, in December 2020, the U.S. Food and Drug Administration approved Ga 68 PSMA-11, manufactured by Telix Pharmaceuticals Limited., a biotechnology company, for Positron Emission Tomography (PET), which was developed for patients with suspected prostate cancer metastasis. Ga 68 PSMA-11 is a radioactive diagnostic agent. Moreover, in the U.S., prostate cancer is the third most common form of cancer.

Restraints & Challenges:

Increasing product recall by regulatory authorities: Increasing product recall by regulatory authorities is expected to hinder the market growth over the forecast period. For instance, in June 2020, the U.S. Food and Drug Administration recalled Computed Tomography XRay System, manufactured by Shanghai United Imaging Healthcare Co., LTD, a manufacturer and distributer of medical imaging systems and equipment. The product was recalled because the metal edge overlap of the mylar strip in the gantry was uneven, which created a sharp edge. Key players are focusing on developing advanced products with safety and cost effective, and this is expected to drive the market growth over the forecast period.
Counterbalance: In the first instance, the cause of the product recalled needs to be found out and fixed immediately, so that no such cases occur in future. Also, the key players operating in the market must be ready for a planned product reintroduction in the market to repair the brand damage caused because of the product recall.