June 21, 2024
Single Photon Emission Computed Tomography Market

Single Photon Emission Computed Tomography Market Sets for Robust Expansion

The Single Photon Emission Computed Tomography (SPECT) market has emerged as a highly effective clinical imaging technology that provides nuclear medicine images of the functioning of organs and tissues. SPECT utilizes gamma ray-emitting radiotracers administered to the patient to help physicians in visualizing and assessing various physiological functions in real-time. Key application areas of SPECT scans include cardiology, oncology, neurology and other areas.

The Global Single Photon Emission Computed Tomography Market is estimated to be valued at US$ 3.13 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.

SPECT scan equipment provides non-invasive visualization of vital physiological processes within the human body at a molecular level. It helps detect cardiovascular diseases, cancers and neurological disorders at an early stage. SPECT is highly useful in cardiology for diagnosing coronary artery disease and evaluating blood flow to the heart. In oncology, Single Photon Emission Computed Tomography Market Size allow detecting primary tumors as well as metastatic spread. The growing prevalence of chronic diseases worldwide and rising geriatric population susceptible to such conditions have fueled demand for SPECT procedures. Additionally, technological advancements enabling faster scans, higher resolution and precise localization of disease sites have augmented the market growth.

Key Takeaways

Key players operating in the Single Photon Emission Computed Tomography 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. Key players are focusing on developing advanced imaging systems & radiotracers to improve diagnostic efficacy.

The increasing prevalence of lifestyle diseases and cancer has boosted demand for non-invasive diagnostic scans. SPECT scans are increasingly utilized for risk assessment, diagnosis and monitoring of treatment response in patients.

Leading market players are expanding their global footprint through strategic acquisitions and partnerships. In addition, growing healthcare spending in emerging nations is expected to drive the SPECT market during the forecast period.

Market Key Trends

Integration of tomography with Positron Emission Tomography (PET) is a key trend gaining traction in the Single Photon Emission Computed Tomography Market. PET-CT and SPECT-CT systems provide complimentary functional and anatomic information, enhancing imaging accuracy. Hybrid PET-CT has become the modality of choice for oncological imaging and cardiology. Manufacturers are focused on developing next-gen hybrid systems with improved resolution and scan speed. The emergence of hybrid imaging modalities is expected to drive significant market opportunities over the coming years.

Porter’s Analysis

Threat of new entrants: Low capital requirements for new companies to enter the SPECT market.

Bargaining power of buyers: Buyers have moderate bargaining power given the few dominant players manufacturing SPECT systems.

Bargaining power of suppliers: Suppliers of components and services have low-to-moderate bargaining power as there are many suppliers in the market.

Threat of new substitutes: New substitutes pose low threat as SPECT is widely used for functional medical imaging and faces little direct competition.

Competitive rivalry: High as major players compete on innovation, geographic coverage and service quality.

Geographical Regions

North America currently holds the largest share of the single photon emission computed tomography (SPECT) market in terms of value owing to advancements in radiopharmaceuticals and digital SPECT technology. Government support coupled with reimbursement schemes also boost market growth.

The Asia Pacific region is poised to grow at the fastest rate during the forecast period. Emerging economies expanding their healthcare infrastructure, rising medical tourism and greater accessibility are driving the APAC SPECT market. In addition, growing geriatric population suffering from cancer and cardiac diseases generates regional demand.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it