Efficiency of CBCT Technologies Increases their Adoption
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.
In recent years, the demand for CBCT technology has skyrocketed due to increasing affordability of advanced computers equipped with CBCT units. Several dentists and imaging specialists are not only using but also advising the use of CBCT technologies to determine the problem with absolute clarity. Thus, the effectiveness and the efficiency brought in by CBCT technologies in medical interventions is driving the overall market in top gear.
Excise Norms Could Dissuade Market Growth in Key Regions
Despite the promising market drivers, the applications of CBCT technologies in dental implants, orthodontics, endodontics, oral surgeries, and general dental surgeries is being overshadowed by stringent excise norms. This restraint is predominant in the U.S. market where the excise duty on import makes dental treatment and usage of CBCT technology largely unaffordable. This constraint is further aggravated by low adoption rate of digitalized technologies by old school medical practitioners who are still resorting to old-fashioned diagnostics.
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Currently, the oral surgery segment is making the maximum usage of CBCT technologies. As of 2015, the oral surgery segment accounted for a share of 26.4% in the overall market. This segment is estimated to rise at a phenomenal pace in the forecast period as CBCT scanners have brought a remarkable advancement in maxillofacial and oral imaging.
Asia Pacific CBCT Market to Grow Phenomenally
Research suggests that Asia Pacific has been progressing at an unprecedented pace due to an ever-increasing pool of geriatrics and thus a high prevalence of dental issues. However, North America was reported to the largest geographical segment in the overall market due to its well-established infrastructure for healthcare, high adoption of dental imaging technologies, and a developed market.
The important players operating in the global CBCT market are Sirona Dental Systems, Cefla Group, Carestream Health, QR s.r.l., VATECH Global Co. Ltd., Danaher Corporation, Planmeca OY, and Prexion, Inc. The majority of the players will focus on increasing their product portfolio and expanding their reach to the consumers to grab bigger market shares in the foreseeable future. Furthermore, analysts also predict strategic business partnerships and expanding product portfolio will be integral to the growth of these individual players in the near future.