The rising geriatric population and their slew of medical needs will be the undercurrent defining the trajectory of the global cone beam computed tomography market. The unmet dental needs of the gaining population across the globe will play a crucial part in steering this market to its warranted revenues. The ability to offer three-dimensional visuals of teeth, roots, and other important parts of a jawline will prove to exceptionally useful in managing several dental conditions and diseases amongst the elderly population spread in the world. According to the research report published by Transparency Market Research (TMR), the opportunity in the global CBCT market was worth US$407.5 mn in 2014. However, analysts predict that the valuation of this market will be worth US$960.8 mn by 2023 as it expands at a steady CAGR of 10.0% between 2015 and 2023.
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Rapid Rise In Geriatric Population and Rising Dental Complications Among Them Driving Growth of CBCT Market
According to a report by the United Nations Population Division in 2013, the geriatric population is expected to reach 2 billion by 2050 and this is expected to be beneficial for the CBCT market. Increasing incidences of dental complications among old age groups will bolster the demand for sophisticated Imaging techniques in dentistry, thereby driving the global CBCT market. The increasing affordability of advanced computer equipped CBCT units in developing nations will also aid the growth of the cone beam computed tomography market. Dentists and imaging specialists are not only using but also recommending the use of CBCT technologies for determining a problem with absolute clarity. This will propel the demand for CBCT devices.
High Excise Duty Imposed On Sales Of Medical Devices in US to be a Problem
On the other hand it is expected that the high excise duty which is imposed on the sales of medical devices across the U.S. will act as a key restraining factor for the growth of the cone beam computed tomography market. In addition to this, the high cost of using this technology will deter many institutes in healthcare organizations from making use of CBCT technologies. There are still a few healthcare organizations in underdeveloped nations which are adamant towards holding on to traditional methods rather than adopting modernization and use CBCT technology. This will pause a challenge for the growth of the global cone beam computed tomography market.