With rising cancer cases globally, the single photon emission computed tomography (SPECT) market will grow at highest pace owing to its ability to diagnose cancer at early stages. SPECT is a type of nuclear medicine imaging technique that provides 3D anatomical information by detecting gamma rays emitted from radioactive tracer material administered to the patient. It is used to detect diseases and abnormalities in organs like heart, lungs, bones and cancer. SPECT offers advantages like precise imaging, non-invasive procedure, detection of abnormalities that cannot be seen on other scans. The rising cases of cardiovascular diseases and cancer along with increasing healthcare expenditures are fueling the demand for SPECT machines.

The Global SPECT Market is estimated to be valued at US$ 3.13 Billion in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the SPECT market are GE Healthcare, Curium, Bracco Imaging, Bruker, MiE GmbH, Siemens Healthcare, Koninklijke Philips N.V., Medisco Ltd., Spectrum Dynamics Medical, NTP Radioisotopes SOC Ltd. GE Healthcare holds the largest market share due to its innovations in diagnostic imaging technologies.

Growing incidence of cancer and cardiac diseases is driving the Single Photon Emission Computed Tomography Market Growth. As per WHO, cancer burden is expected to grow to 27 million new cases by 2040. SPECT plays a vital role in cancer staging, restaging and treatment monitoring.

Technological advancements are further fueling the SPECT market growth. Key players are focusing on developing systems with higher resolution, efficient isotope utilization and software for better quantification of organ function. Introduction of machine learning and artificial intelligence are improving image quality and diagnostic accuracy of SPECT scans.

Market Trends

Hybrid PET-CT and SPECT-CT systems: Integration of PET and SPECT with CT provides anatomical and functional imaging capability. This has increased diagnostic accuracy leading to rising installations of hybrid systems in hospitals and diagnostic centers.

Mobile and portable SPECT systems: Development of compact and lightweight SPECT machines is increasing their adoption in multi-specialty hospitals, private clinics and for outpatient settings. This is expected to drive the emerging markets.

Artificial intelligence and deep learning: AI and machine learning are assisting in developing faster and efficient image reconstruction algorithms. AI powered data analysis is helping clinicians in detection and diagnosis at an early stage.

Market Opportunities

Emerging economies: Countries like India, China, Brazil offer huge untapped market opportunities owing to growing medical tourism and increasing healthcare infrastructure and expenditures.

Neurological applications: Use of SPECT in diagnosing neurological disorders like Alzheimer’s, Parkinson’s, epilepsy is seeing steady growth creating opportunities.

Veterinary imaging: Growing usage of SPECT in animal research and diagnosing diseases like cancer in pets is opening new revenue streams.

Impact of COVID-19 on Single Photon Emission Computed Tomography Market growth

The COVID-19 pandemic has negatively impacted the growth of the Single Photon Emission Computed Tomography market. During the initial phase of the pandemic in 2020, the market witnessed a decline in growth due to lockdowns imposed worldwide. This led to delays in ongoing projects, supply chain disruptions and shortage of skilled workforce. Hospitals also redirected their resources towards handling rising COVID patients which put elective diagnostic scans and imaging procedures on hold. With decline in routine diagnostic scans demand for SPECT devices also went down.

However, post 2020 the market has started recovering steadily as lockdowns eased globally. Manufacturers are now focusing on expanding production capacities and clearing backlogs. Hospitals have also resumed diagnostic services while ensuring implementation of strict safety protocols. With rapid vaccination drives in many countries, patient visits for non-COVID ailments have picked up pace. This is helping to restore normal imaging volumes and revive SPECT demand. Looking ahead, market players need to strengthen supply networks and device availability. Hospitals need to optimize resources and workforce to handle routine scans along with COVID care. Digitalization and automation can help improve efficiency of diagnostic operations in the new normal.

North America is the largest regional market for Single Photon Emission Computed Tomography in terms of value. This is due to high adoption of advanced nuclear medicine techniques, availability of SPECT devices, trained professionals and supportive reimbursement policies in countries like the US and Canada. Europe is the second largest regional market owing to increasing government focus on early disease diagnosis and growing geriatric population base seeking diagnostic care. Asia Pacific market is expected to be the fastest growing regional market in the coming years on account of improving healthcare infrastructure, rising medical tourism and expanding diagnostic capabilities across major Asian countries.

In terms of value, the US market accounts for the largest share in the global SPECT market. This is attributed to robust research funding, ongoing technological advancements and increasing demand for nuclear imaging procedures in complex disease diagnosis. The US also has a strong presence of notable market players and availability of skilled manpower. Germany is the second largest European country market due to high healthcare expenditure, universal insurance coverage and technical expertise in SPECT equipment manufacturing. China is expected to emerge as the fastest growing SPECT market in Asia Pacific driven by acceleration in diagnostic infrastructure development and rising public-private investments promoting healthcare services accessibility.

Get more insights on Single Photon Emission Computed Tomography Market

Leave a Reply

Your email address will not be published. Required fields are marked *