SPECT Scanning Services Market to Reach USD 4.7 Billion by 2032, Growing at an 8.5% CAGR

The global SPECT (Single Photon Emission Computed Tomography) scanning services market was valued at US$ 2.1 billion in 2022 and is projected to grow at a steady CAGR of 8.5% during the forecast period. By 2032, the market is expected to reach a valuation of US$ 4.7 billion.

This growth is driven by the increasing demand for advanced imaging techniques in the diagnosis and monitoring of various medical conditions, including cardiovascular diseases, cancers, and neurological disorders. SPECT scans provide detailed functional imaging that aids in precise diagnosis, making them a crucial tool in medical practice.

Technological advancements, such as improved resolution, faster imaging times, and better integration with other diagnostic tools, are expected to further fuel the market’s growth. Additionally, the rise in the geriatric population and the increasing prevalence of chronic diseases worldwide are key factors contributing to the expansion of the SPECT scanning services market.

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Key Takeaways:

• The global SPECT scanning services market is projected to grow from US$ 2.1 billion in 2022 to US$ 4.7 billion by 2032, at a CAGR of 8.5%.
• Rising demand for advanced imaging techniques in diagnosing chronic conditions is a major driver of market growth.
• Technological advancements in SPECT scanning equipment are enhancing imaging quality and efficiency.
• The aging population and increasing incidence of chronic diseases are key contributors to the market’s expansion.

Market Drivers

1. Rising Prevalence of Chronic Diseases: The increasing incidence of conditions such as cancer, brain diseases, heart conditions, and bone disorders is driving demand for SPECT scanning services.
2. Advancements in Radiopharmaceuticals: Robust research and development in radiopharmaceuticals are enhancing the effectiveness of SPECT imaging, contributing to market growth.
3. Increased Public Awareness: Growing awareness of SPECT and PET imaging technologies in nuclear medicine is leading to higher demand for these essential diagnostic services.
4. Technological Advancements: Improvements in SPECT equipment are enhancing diagnostic accuracy and patient outcomes, further encouraging the adoption of these services in clinical settings.

Regional Insights

• The North American region is expected to hold a significant share of the market due to a high prevalence of chronic diseases, increased healthcare expenditure, and the presence of major players in the industry.

Challenges

1. High Costs: The cost associated with SPECT scanning services can be a barrier for some healthcare facilities, particularly smaller ones with limited budgets.
2. Regulatory Compliance: Navigating the regulatory landscape for nuclear medicine can pose challenges for service providers.

Competitive Landscape

What are the Key Players Operating in the Global Market?

Due to the presence of numerous regional and local companies, the global demand for SPECT scanning services could be more cohesive and competitive. Mergers and acquisitions, developments, alliances, and partnerships are a few major players’ marketing strategies.

For major corporations, increasing their consumer market share also means creating new products. As a result of these innovations, SPECT scanning services have seen an increase in effectiveness.

Some key players are Gamma Medica Inc., GE Healthcare, Siemens Healthineers, Toshiba Medical Systems Corporation, Mediso Medical Imaging Systems Ltd., Digirad Corporation, Positron Corporation, DDD Diagnostics, Cubresa Inc., and others.

Recent Developments in the Global Market

Product Launches

March 2022 GE Healthcare plans to add two new radiopharmaceuticals to its portfolio, one for Positron Emission Tomography (PET) and the other for Single-Photon Release Calculated Tomography (SPCT). A PET radiopharmaceutical imaging go-between, which aims to assist in assessing adult patients with supposed Parkinsonian syndromes, provide research, and improve patient care, was recently declared the first patient enrolled in Phase III clinical trial.

Mergers & Acquisitions

As recently as November 2020, GE Healthcare announced the acquisition of Prismatic Sensors AB, a Swedish start-up focused on photon-counting CT detectors. Oncology, cardiology, neurology, and numerous other clinical CT claims could benefit greatly from this information.

Key Companies Profiled

Gamma Medica Inc.; GE Healthcare; Siemens Healthineers; Toshiba Medical Systems Corporation; Mediso Medical Imaging Systems Ltd Digirad Corporation; Positron Corporation; DDD Diagnostics; Cubresa Inc. and Others.