The single photon emission computed tomography (SPECT) market is anticipated to witness significant growth in the coming years. SPECT imaging utilizes gamma ray-emitting radioactive tracers to generate three-dimensional images of vital organs and tissues. It allows clinicians to diagnose conditions related to cardiology, neurology, and oncology. SPECT systems offer accurate imaging along with higher resolution and sensitivity compared to traditional scanning methods. The rising geriatric population, increasing prevalence of chronic diseases, and surging healthcare spending are fueling the demand for SPECT technologies worldwide.
The Global single photon emission computed tomography (SPECT) 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 single photon emission computed tomography (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.
The key opportunities in the Single Photon Emission Computed Tomography Market Growth include development of novel radiotracers, hybrid imaging systems, and AI-driven image reconstruction techniques. Also, growing application of SPECT scans in neurology, cardiology, and oncology will create lucrative prospects.
Globally, the market is expanding due to increasing public awareness regarding early disease diagnosis, rising prevalence of chronic disorders, and strengthening healthcare infrastructure especially in emerging nations of Asia Pacific and Latin America.
Market drivers
The major driver for the single photon emission computed tomography market is the rising healthcare expenditure worldwide. According to data, global healthcare spending is estimated to reach USD 10 trillion by 2022. Growing budgets are allowing more hospitals and diagnostic centers to invest in advanced SPECT systems. Another key aspect is the increasing geriatric population who are more prone to developing cardiovascular diseases, cancer, neurological disorders for which SPECT scans prove highly beneficial.
PEST Analysis
Political: Government healthcare reforms and supportive reimbursement policies for diagnostic imaging are promoting market growth. Increasing healthcare expenditure is also fueling demand.
Economic: Rising disposable incomes, growing aging population requiring medical care, and technological advancements are major drivers. However, high device costs pose a challenge.
Social: Growing awareness about early disease detection and benefits of Single Photon Emission Computed Tomography Market imaging for diagnosis are key factors. Additionally, social trends like increasing lifestyle diseases are supporting market expansion.
Technological: Continuous technological innovations are enhancing image quality, resolution, and specificity. New radiotracers and isotope delivery systems are improving clinical applications. Development of hybrid SPECT-CT systems is further expanding capabilities.
Geographical regions with high market concentration
North America dominates the market currently due to rising incidence of cancer and cardiac diseases. Favorable reimbursement policies and healthcare reforms are fueling regional growth. Europe holds the second largest share on back of high spending on healthcare and growing geriatric population requiring diagnostic services.
Fastest growing regional market
The Asia Pacific region is expected to witness the fastest growth over the forecast period. This can be attributed to increasing healthcare spending of nations, growing medical tourism, rising standard of living, expanding patient pool, and growing awareness. In addition, presence of untapped opportunities and introduction of favorable regulations will support market expansion in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.