May 25, 2024
Single Photon Emission Computed Tomography (SPECT) Market

Single Photon Emission Computed Tomography (SPECT) Market is Estimated to Witness High Growth Owing to Technological Advancements

The Single Photon Emission Computed Tomography (SPECT) is in trends by advancements in medical imaging technologies. SPECT is a type of nuclear imaging test that uses gamma camera and a radioactive material called a radiotracer to produce 3D images of organs and tissues. SPECT is commonly used to evaluate heart and brain disorders. The radiotracer is injected into the patient’s bloodstream and accumulates in specific organs, tissues, or blood flow pathways. The gamma camera then detects the radiotracer’s decay and produces images that show where the radiotracer has accumulated. SPECT provides functional information about organs and tissues, unlike CT or MRI that shows anatomy.

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.

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 has the largest market share for SPECT systems.

The growing prevalence of cardiac diseases and cancer around the world is majorly driving the demand for SPECT scans. SPECT’s ability to provide functional images is adding to its increasing adoption in oncology, neurology, and cardiology.

The SPECT market is witnessing robust expansion in the Asia Pacific region owing to improving healthcare infrastructure, raising awareness about nuclear imaging, and growing geriatric population.

Market key trends

Integration of Single Photon Emission Computed Tomography (SPECT) Market Demand with CT and PET scans is a leading trend in the SPECT market. The hybrid SPECT/CT and SPECT/PET systems provide anatomical and functional images simultaneously, enhancing diagnostic accuracy. This is boosting the demand for multi-modality systems over standalone SPECT. Development of novel radiotracers, miniaturization of gamma cameras, and 3D imaging capabilities are other key SPECT technologies gaining traction.

Porter’s Analysis

Threat of new entrants: Entering the Single Photon Emission Computed Tomography market would require large capital investment for R&D, manufacturing capabilities and acquiring regulatory approvals which poses as a barrier for new companies. Bargaining power of buyers: Buyers have moderate bargaining power as they have few alternatives and the SPECT imaging systems are essential for clinical applications. However, established brands have customer loyalty which offsets buyer power. Bargaining power of suppliers: A few key component suppliers exist which supply critical parts for SPECT systems. This gives them some bargaining power over OEMs in the industry. Threat of new substitutes: Technology such as PET imaging is considered a substitute but is more expensive. However, SPECT remains preferable for certain clinical uses due to ease of operation and lower cost. Competitive rivalry: Being an oligopolistic market, key global players compete on the basis of product performance, innovative applications and service. This drives intensive competition.

The North American region accounts for the largest share of the Single Photon Emission Computed Tomography market in terms of value largely due to availability of funding for clinical trials and diagnostic research in the US. Europe is the second largest regional market owing to growing geriatric population and increasing incidence of chronic diseases.

The Asia Pacific region is slated to witness the fastest growth over the forecast period attributed to rising healthcare expenditure, growing adoption of molecular imaging techniques and increasing focus of market players on emerging Asian countries. Growing patient pool, improving accessibility and expanding medical infrastructure in countries like India and China offer lucrative opportunities for SPECT vendors in the Asia Pacific Single Photon Emission Computed Tomography market.

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