Cone Beam Computed Tomography (CBCT) Market: Advent of New Technology to Propel Market
The global market for cone beam computed tomography is likely to observe a strong competition among the leading players present in the market, states a new research study that has been presented by Transparency Market Research.
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The prominent players in the market are expected to focus on the development of the product portfolio, which is estimated to ensure the development of the overall market in the next few years. In addition to this, these players are making ardent efforts to interest a huge number of consumers by investing heavily for research and development activities.
Also, the rise in the number of partnerships and collaborations, thus enhancing the overall development of the cone beam computed tomography market in the next few years. The prominent players operating in the CBCT market across the globe are Cefla Group, Sirona Dental Systems, Carestream Health, VATECH Global Co. Ltd., QR s.r.l., Danaher Corporation, Prexion, Inc., and Planmeca OY.
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As per the market study by TMR, the global market for cone beam computed tomography stood at US$407.5 mn in the year 2014 and is predicted to reach a value of US$960.8 mn by the end of 2023. The market is further anticipated to register a strong 10.0% CAGR between 2015 and 2023.
The cone beam computed tomography market in Asia Pacific is likely to lead and witness a lucrative growth over the next few years. The increasing pool of patients and the rising cases of dental issues are the main factors that are projected to support the development of the Asia Pacific market in the coming years. North America is estimated to observe a positive growth in the next few years.
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Advent of New Technology to Propel Cone Beam Computed Tomography Market
The rising prevalence of dental disorders and the tremendously rising geriatric population are the main factors that are projected to encourage the growth of the cone beam computed tomography market in the next few years. The rising spending capacity of consumers, especially in the emerging nations are projected to enhance the market growth in the coming years.
In addition to this, the rising demand for sophisticated and advanced imaging techniques is estimated to accelerate the development of the overall market in the next few years.
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Furthermore, the key players in the market are expected to make heavy investments for the research projects, which is projected to ensure the growth of the market in the forecast period. The lucrative opportunities that are being offered by the developing nations is likely to encourage the key players to target these nations, which will further enhance the overall development of the market in the next few years.
High Cost of Technology to Restrict Market Growth in Coming Years
The global CBCT market, on the other hand, is estimated to face a few challenges that will restrict the growth of the market in the coming years. The high excise duty that has been imposed by the sales of the medical devices is predicted to curtail the overall development of the market in the coming few years.
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Moreover, the rising cost of equipment and technology is another factor that is estimated to curb the growth in the next few years. Nonetheless, innovations in the dental industry is anticipated to accelerate the market growth in the coming years.
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