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Analysts have identified Asia Pacific as the most promising region for growth in the coming few years. Furthermore, leading players are also focusing on strategic mergers and acquisitions to expand their product portfolio and their access to the customers.
Rising Pool of Geriatrics to Determine Market Growth
Statistics published by the United Nations Population Division in 2013 suggested that the aging population is anticipated to reach 2 billion by the end of 2050 from 841 million in 2013. This whopping rise is likely to be the basic premise ushering in a new wave of growth for the CBCT technologies across the globe. The dental complications of the aged people are going to increase the demand for sophisticated imaging techniques in dentistry, thereby propelling the revenues earned by these technologies in the coming few years. This growth will also be complemented by factors such as the need for effectiveness in medical interventions and result-oriented research and development activities.
Heavy Excise Duties Hamper Market
The tough excise duty imposed on the sale of medical devices across the U.S. is an unfair constraint for the CBCT market. The high cost of utilizing this technology is also holding back several institutes and healthcare centers to use CBCT technologies. TMR analyst says, “The adamancy to stick with conventional methods instead of adopting new-age technologies is also hampering the growth of the CBCT technologies across the world.”
Developing Nations Open Up Growth Options
Analysts predict that strengthening economies of Mexico, Brazil, China, and India will offer a score of opportunities to the overall CBCT market to grow in the near future. Furthermore, the increasing healthcare expenditure of these countries is also going to play a major role in the surge of this market. The improving disposable incomes of Asia Pacific are also going to contribute generously to the CBCT market in the coming years.
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The report published by Transparency Market Research states that the opportunity in the global CBCT market will be worth US$ 960.8 mn by the end of 2023. As of 2014, the market was valued at US$407.5 mn. However, the market will expand at a CAGR of 10.0% between 2015 and 2023. The report also suggests that oral surgery will be fastest-growing application segment promoting the use of CBCT technology. As of 2015, this application segment held a share of 26.4% in the overall market. Regionally, North America held a share of 41.4% in the total of CBCT market in 2015. The soaring demand for dental procedures is expected to keep this region as the leading geographical segment in the coming years.
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