Global Single Photon Emission Computed Tomography (SPECT) Market to Reach $2.5 Billion by 2026

SPECT imaging system is a type of nuclear imaging equipment. SPECT is used to evaluate disease processes that are based on metabolic and functional information of cells and organs. Lately, enhancing the diagnostic capability of various equipment in organic-specific or dual-modality systems has become very essential, which is expected to augment the market growth during the forecast period. It is a non-invasive, nuclear medicine based imaging technique that uses gamma rays for providing 2D and 3D information about various internal organs. Functioning of internal organs can be analyzed with greater assurance and accuracy with SPECT imaging. SPECT can offer 2D and 3D images of organs and additionally show how they work for instance, brain activity and pumping of blood by the heart. The nuclear medicine imaging method employs tracers or radioactive substances called probes and a specialized camera for detecting the radioactivity and for producing images. SPECT scanners can be useful in the diagnosis of strokes, seizures, and Alzheimer`s among other conditions. Heart related problems like artery blockages, heart attacks and chest pains can also be analyzed with greater precision. SPECT scanners produce 2D as well as 3D images. For higher quality results however, proper calibration of the systems as well as operation are necessary.

Amid the COVID-19 crisis, the global market for Single Photon Emission Computed Tomography (SPECT) estimated at US$1.7 Billion in the year 2020, is projected to reach a revised size of US$2.5 Billion by 2026, growing at a CAGR of 6.8% over the analysis period. Standalone, one of the segments analyzed in the report, is projected to grow at a 6.2% CAGR to reach US$1.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Hybrid segment is readjusted to a revised 7.5% CAGR for the next 7-year period. This segment currently accounts for a 43.8% share of the global Single Photon Emission Computed Tomography (SPECT) market.

The U.S. Market is Estimated at $646.1 Million in 2021, While China is Forecast to Reach $274.4 Million by 2026

The Single Photon Emission Computed Tomography (SPECT) market in the U.S. is estimated at US$646.1 Million in the year 2021. The country currently accounts for a 36.07% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$274.4 Million in the year 2026 trailing a CAGR of 9.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.5% and 6.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.4% CAGR while Rest of European market (as defined in the study) will reach US$298.9 Million by the close of the analysis period.

The market is driven primarily by the booming healthcare industry. Increasing prevalence of lifestyle-induced disorders and growing elderly population also promote market growth. Furthermore, over the years, the growing trend of dual modality and organ specific systems greatly helped in increasing SPECT equipment`s diagnostic capabilities. Another factor promoting market growth is the rising prevalence of coronary artery diseases. Demand is also growing for hybrid SPECT imaging systems lately. Other growth promoting factors include increased research in the areas of radiopharmaceuticals development and growing awareness about the many benefits of the testing type over other imaging techniques among people. Continued technological sophistications being achieved in system designing and development of novel radiotracers also promote market growth. However, stringent regulations governing use of the systems hold potential to hamper anticipated market growth. The imaging systems are also highly expensive. High reagent costs, sensitivity of the reagents to storage conditions, and side effects arising from use of radiopharmaceuticals also act as market growth restricting factors. There are also a few alternatives to SPECT for instance, scintigraphy, increasing popularity of which can limit market growth.

Gallium-67 is estimated to witness a high CAGR in the SPECT market. Gallium-67 is a radioisotope used in diagnosing inflammation, acute and chronic infections, and tumors. It is also used as a bone imaging agent. Hybrid imaging using Gallium-67 SPECT/CT helps in exactly localizing the tumors. It is estimated that by 2040, new cancer cases would increase to 27.5 million and the cancer burden is expected to grow by 70% globally in the coming 20 years.