Driven by supply-side initiatives to improve workflow, enhance image quality and reduce patient discomfort, the global computed tomography (CT) market is expected to increase from $3.8 billion in 2012 to $5.9 billion by 2019, at a Compound Annual Growth Rate (CAGR) of 7%, forecasts business intelligence provider GBI Research.
The new report* states that, combined, only four companies accounted for more than 75% of the CT market in 2012. These were GE Healthcare, Siemens Healthcare, Toshiba Medical Systems Corporation and Philips Healthcare, with a share of 22.5%, 22.1%, 17.9% and 13%, respectively.
According to GBI Research, these top firms are focusing on expanding their manufacturing facilities into developing countries, such as India and China, in order to increase revenue.
Technological advances, such as lower imaging time and radiation dose, are also expected to drive future CT market growth.
