PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373911
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373911
Single photon emission computed tomography (SPECT) market size was valued at USD 1,809.2 Million in 2022, expanding at a CAGR of 9.2% from 2023 to 2030.
Single-photon emission computed tomography (SPECT) test is utilized in preclinical applications to identify the blood flow in the body. The technique also assists in diagnosing disorders/diseases with the aid of imaging. SPECT makes use of short-lived radioisotopes to offer 3D activity of blood flow in the body. It also enables the tracking of their functions and provides imaging of internal organs in the human body. Additionally, in the process of imaging SPECT technology uses gamma cameras and radioactive substances.
Single Photon Emission Computed Tomography (SPECT) Market- Market Dynamics
The rising incidence of cancer is propelling the market demand
The development in the global radiopharmaceutical industry is witnessing significant growth in the overall SPECT market. In the diagnosis of cancer, SPECT scanners are widely used, thus the rising incidence of cancer or different health conditions like cardiovascular diseases is boosting the growth of the single-photon emission computed tomography (SPECT) market. Additionally, for faster diagnosis and treatment purposes the increasing demand for advanced imaging techniques is considered as another major driving factor for the growth of the market. Advancement of technology in diagnostic applications is leading to drive the market demand. Moreover, a powerful combined benefit of the technology, issue phenotyping, and anatomical imaging provided by SPECT scanners, which fuel sales, are resulting in the increasing demand for the SPECT market. However, the lack of skilled professionals is likely to be the restraining factor for the growth of the market. Furthermore, the increasing prevalence of diseases due to stress, poor eating habits, and changing lifestyles is further anticipated to boost the growth of the single photon emission computerized tomography (SPECT) probes market.
Single Photon Emission Computed Tomography (SPECT) Market- Key Insights
As per the analysis shared by our research analyst, the global single photon emission computed tomography (SPECT) market is estimated to grow annually at a CAGR of around 9.2% over the forecast period (2023-2030)
The single photon emission computed tomography (SPECT) industry is projected to grow at a significant rate due to the growing prevalence of cancer disease
Based on product type segmentation, standalone SPECT was predicted to show maximum market share in the year 2022
Based on application segmentation, cardiology was the leading type in 2022
The rising awareness regarding its usage and awareness amongst patients and physicians regarding the advantages associated with the usage of preclinical imaging is further estimated to stimulate the growth of the SPECT market.
The global single photon emission computed tomography (SPECT) market is segmented on the basis of product type, application, end user, and region.
The market is divided into two categories based on product type: hybrid SPECT systems and standalone SPECT systems. The standalone SPECT segment is projected to witness the highest growth rate during the forecast period. The segment is attributed to drive by the heart and cancer divisions' rising use of standalone SPECT. A type of standalone SPECT is a nuclear drug imaging device using gamma rays. In line with this, to offer images for diagnosis and disease management, the device can produce high-quality full-body tomographic pictures in real-time and analyze the gamma-ray emissions from an injected radioisotope
The market is divided into four categories based on applications: neurology, cardiology, oncology, general imaging, and others. Cardiology is likely to hold the largest revenue share. The demand for SPECT scanners from cardiology departments across the globe has been boosted by the increasing number of patients with coronary artery diseases and other heart-related diseases. SPECT scanners are used by cardiologists to check blood flow in the vessels and detect the exact heart problem that has occurred. Cardiovascular disease is diagnosed or identified by infusing a radioactive tracer with gamma cameras.
Single Photon Emission Computed Tomography (SPECT) Market- Geographical Insights
Geographically, North America is accounted to dominate the market across the globe. The factor for the growth of the market in North America is the rapid adoption of advanced imaging technology by the healthcare sector. Increasing cases of cardiovascular disorders and cancer in recent years have fueled the demand for effective molecular imaging SPECT scanners. The U.S. and Canada are likely to be considered the largest contributors to the growth of the market due to the presence of radiopharmaceutical and well-established healthcare industries. The Asia Pacific is projected to be the fastest-growing region in the global single-photon emission computed tomography market owing to the growing expenditure in the healthcare industry.
Factors such as increased clinical trials, R&D spending, strategic partnerships, collaboration between market players, the invention of combined modality SPECT systems, and expansion of product portfolio are propelling the global single-photon emission computed tomography market growth. Additionally, several favorable government policies, an increase in healthcare expenditure, support for the utilization and discovery of innovative SPECT scanners in the healthcare sector, and a rising number of diagnostic centers for easier and faster diagnosis of disease are other factors that contribute to the growth of the market. For instance, in March 2021, NorthStar Medical Radioisotopes, LLC announced a collaboration to increase the availability of technetium-99m (Tc-99m) across the globe, the most widely used medical radioisotope. The collaboration allows companies outside of the U.S. to access the TC-99 m Generation Systems (TCM Generation Systems) that use NorthStar's proprietary non-uranium-based Mo-99 produced using IBA's beamlines and accelerators.
For instance, in June 2021, Bayer announced an agreement to acquire Noria Therapeutics Inc. (Noria) and PSMA Therapeutics Inc. Bayer will obtain exclusive rights to a differentiated alpha radionuclide investigational compound based on actinium-225 and a small molecule directed towards prostate-specific membrane antigen (PSMA), through this acquisition.