The global cone beam computed tomography (CBCT) market bis characterized by players who are expanding their geographical reach to tap into the unmet medical demands of developing countries. This is expected to help these companies to gain more shares within the market. Players are expected to adopt the strategy of merging and acquiring other companies in order to comfortably expand their product portfolio as well as expand their consumer base. The top three companies within this market accounted for a staggering 70% of the total market for cone beam computed tomography in 2015, states Transparency Market Research (TMR) in its latest report. The names of these companies are Sirona Dental Systems, Cefla Group, Carestream Health, QR s.r.l., VATECH Global Co. Ltd., Danaher Corporation, Planmeca OY, and Prexion, Inc.
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According to Transparency Market Research, the global cone beam computed tomography market will be worth US$960.8 mn by 2023. On the basis of application, it is expected that the oral surgery segment will emerge as the fastest growing application segment during the forecast period. The growth at such a fast pace of this segment is attributed to the advancements in maxillofacial and oral imaging thanks to CBCT scanners. From a geographical perspective, North America led in the past and is expected to continue to do so in the coming few years on account of the surge in the demand for dental procedures. The developing nations in China, India, Brazil, and Mexico are providing ample growth opportunities for market players to grow and expand. The increasing healthcare expenditure and improving medical infrastructure in these countries are playing a major role in the growth of the cone beam computed tomography market.
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.