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Single Photon Emission Computed Tomography Driven by Increasing Nuclear Medicine Procedures

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Sneha
Single Photon Emission Computed Tomography Driven by Increasing Nuclear Medicine Procedures

The global Single Photon Emission Computed Tomography (SPECT) market overview describes a medical imaging technique that produces tomographic images of functional processes in the body. SPECT imaging utilizes gamma ray-emitting radioactive tracers administered to the patient, to visualize and measure regional tissue function and receptor concentrations in areas such as the brain, bones, and myocardium. Advantages of SPECT include tracking the movement and localization of radioactive tracers within tissues and identifying diseased organs or abnormalities, making it beneficial for diagnosing diseases like cancer, cardiovascular conditions, and neurological disorders.

The Global 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 SPECT market include GE Healthcare, Curium, Bracco Imaging, Bruker, MiE GmbH, Siemens Healthcare, Koninklijke Philips N.V., Medisco Ltd., Spectrum Dynamics Medical, and NTP Radioisotopes SOC Ltd. The increasing prevalence of target diseases and growing geriatric population rate globally are driving the demand for SPECT procedures. Furthermore, nuclear medicine departments are expanding SPECT capabilities to emerging economies in Asia Pacific and Latin America region, to cater to the increasing global diagnostic demand.

Market drivers

One of the key drivers of the Single Photon Emission Computed Tomography (SPECT) Market Growth is the rising number of nuclear medicine procedures performed annually. Nuclear medicine accounts for over 20 million diagnostic imaging procedures globally each year. SPECT scans represent a significant proportion of these, aided by its non-invasive nature and ability to detect diseases at early stages. Factors like the growing disease burden, increasing healthcare awareness and improved access to diagnostic technologies are contributing to the higher utilization of SPECT scans worldwide.

The current geopolitical scenario is impacting the growth of the Single Photon Emission Computed Tomography Market. Over the last few years, Geo-political tensions have increased between major powers which has disrupted global supply chains. This has made it difficult for market players to source key components and raw materials smoothly. It has also impacted consumer demand patterns across different regions. Increased military expenditure by many countries have also diverted funds which could have otherwise gone into healthcare infrastructure and instrument development. The market players need to closely monitor changes in trade policies and diversify their supplier base across different regions/countries to mitigate risks. They will have to invest more in localizing certain component manufacturing while also focusing on serving demand from emerging markets which are relatively less impacted. Partnerships with regional players can help gain a stronger local presence.

North America currently accounts for the largest share of the global SPECT market in terms of value. This is attributed to factors such as availability of government and private reimbursements, heavy investment in diagnostic imaging, and concentration of market players in the region. However, demand from Asia Pacific countries is rising rapidly given increasing healthcare spending, growth in medical tourism, expansion of private healthcare facilities and economic development. China in particular is emerging as a high growth market for SPECT systems backed by large patient population and government efforts to strengthen healthcare infrastructure. Other Asian countries like India, Indonesia and Vietnam are also witnessing increased usage of nuclear imaging technologies. Among all regions, Asia Pacific is expected to witness the fastest growth during the forecast period.

The current geopolitical situation is impacting the growth of the Single Photon Emission Computed Tomography Market. Over the last few years, Geo-political tensions have increased between major powers which has disrupted global supply chains. This has made it difficult for market players to source key components and raw materials smoothly. It has also impacted consumer demand patterns across different regions. Increased military expenditure by many countries have also diverted funds which could have otherwise gone into healthcare infrastructure and instrument development. The market players need to closely monitor changes in trade policies and diversify their supplier base across different regions/countries to mitigate risks. They will have to invest more in localizing certain component manufacturing while also focusing on serving demand from emerging markets which are relatively less impacted. Partnerships with regional players can help gain a stronger local presence.

North America currently accounts for the largest share of the global SPECT market in terms of value. This is attributed to factors such as availability of government and private reimbursements, heavy investment in diagnostic imaging, and concentration of market players in the region. However, demand from Asia Pacific countries is rising rapidly given increasing healthcare spending, growth in medical tourism, expansion of private healthcare facilities and economic development. China in particular is emerging as a high growth market for SPECT systems backed by large patient population and government efforts to strengthen healthcare infrastructure. Other Asian countries like India, Indonesia and Vietnam are also witnessing increased usage of nuclear imaging technologies. Among all regions, Asia Pacific is expected to witness the fastest growth during the forecast period.

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