Albany, New York, Nov. 19, 2018 (GLOBE NEWSWIRE) -- The global Cone Beam Computed Tomography Market stood at US$407.5 million in 2014 and is anticipated to touch valuation of US$960.8 million by the end of 2023. If these figures hold true, the global market is projected to rise at a CAGR of 10.0% during 2015–2023.
Among the key applications, oral surgery segment held share of 26.4% in the global cone beam computed tomography market and is projected to rise at an increasingly attractive pace over the assessment period. The extensive demand for this imaging modality is attributed to its marked success outcomes for accurate maxillofacial as well as oral imaging.
On the regional front, North America accounted for the major share in the global CBCT market in 2015 and is likely to retain its lead in the next few years as well. The growth is driven by the profuse demand for advanced dental imaging technologies in the region.
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Growing Demand for Advanced, Minimally-invasive Imaging Modality for Elderly Patient Populations bolster Market Growth
The global cone beam computed tomography market is primarily driven by the rising demand for advanced imaging modality for diagnosis and better treatment planning in various clinical areas. The rising elderly populations, especially in developing and developed economies, is a notable factor catalyzing the demand for CBCT as an advanced imaging modality. The growing number of geriatric population in various regions is bolstering the demand for modern diagnostic imaging modalities, especially in dentistry. The higher accuracy, higher resolution images, and the decreased radiation hazards associated with the modality are the key advantages stoking the popularity of CBCT in patient populations of all age groups.
The rising adoption of cone beam computed tomography in dental and maxillofacial imaging as a powerful investigative modality is fueling the expansion of the market. The growing need for non-invasive treatment approaches and improved diagnostic accuracy in periodontal defects is a notable factor bolstering the demand for CBCT. The notably growing acceptance of cone beam computed tomography as an advanced investigative imaging modality in maxillofacial surgery is helping the market garner substantial revenues.
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High Cost of CBCT Units still a Deterrent, especially in Less Developed Markets
Various advantages of cone beam computed tomography as advanced 3D imaging modality notwithstanding, its demand in various clinical areas is notably hampered by high excise duty levied on medical devices, particularly in the U.S. The acceptance of this modern imaging modality in less developed countries is also hindered by marked reluctance of healthcare organizations to incur huge cost of installing.
Nevertheless, developing economies are increasingly demanding better radiographic imaging methods in healthcare centers, thereby boosting the market. Numerous diagnostic centers are likely to adopt CBCT for better clinical outcomes, especially in areas where the imaging of hard tissue structures are involved such as in dentistry. The market is also anticipated to garner lucrative gains from the rising demand for CBCT units integrated with advanced computer technology to help clinicians in optimal treatment planning. The rising acceptance of cone beam computed tomography in specific clinical situations is also expected to accentuate the market.
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The global cone beam computed tomography (CBCT) market is fairly consolidated as the top three players held a substantial share of 70.0% in the overall market in 2015, notes Transparency Market Research (TMR). Leading players operating in the CBCT market include names such as Danaher Corporation, QR s.r.l., Carestream Health, Prexion, Inc., and Sirona Dental Systems. Several prominent players are focusing on meeting the large unmet needs in emerging economies to consolidate their geographic reach in the global CBCT market. TMR observes that a growing number of players consider entering into mergers and acquisitions as a robust strategy to strengthen their presence in the CBCT market, by focusing on expanding their product portfolio and acquiring more consumers in developing regions.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Cone Beam Computed Tomography (CBCT) Market (Application–Dental Implant, Orthodontics, Oral Surgery, Endodontics, and General Dental Surgery) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015–2023”.
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