SPECT Equipment Market Trends and Analysis by 2028

The SPECT Equipment Market is projected to reach US$ 2,109.05 million by 2028 from US$ 1,552.02 million in 2021; it is expected to grow at a CAGR of 4.5% from 2021 to 2028.

SPECT is an imaging technique that helps note physiological changes in organs and tissues within the body. SPECT adjuncts in the early diagnosis of conditions, monitoring therapy, or indeed carrying out exploration on human physiology. Standalone SPECT is a class of nuclear medicine imaging systems that uses gamma beams. The machine detects the gamma-beam discharges from an injected radioisotope to generate images for diagnosis and ailment management purposes, as it can produce high- quality full- body tomographic images in real-time. Hybrid SPECT is a hybrid of the two imaging technologies where both gamma camera and PET devices are used together while reporting images. It enhances image quality while reducing radiation dose to the patients who suffer these scans constantly, especially in oncology applications.

The report offers insights and in-depth analysis of the SPECT equipment market, emphasizing various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players worldwide. It also includes the impact of the COVID-19 pandemic on the market across all the regions. The pandemic has disrupted the socioeconomic conditions of various countries across the world. Presently, the US is the world's worst-affected country due to the COVID-19 outbreak with the highest number of confirmed cases and deaths, as per the recent WHO statistics. The high number of COVID-19 positive cases has negatively impacted the global economies. There has been a decline in overall business activities and the growth of various industries operating worldwide.

As per the Society of Nuclear Medicine and Molecular Imaging (SNMMI), nearly 80% of respondents saw declines of 50%–75% in nuclear medicine imaging procedures. In the US, due to an increasing number of COVID-19 infected patients and lethal coronavirus variants, the diagnostic and imaging activities came to an end during the pandemic. Thus, overall diagnosis of chronic diseases with SPECT equipment got delayed and hampered the North American SPECT equipment market. Therefore, the COVID-19 pandemic has a potential economic impact on most sectors, such as oncology procedures. The pandemic has hindered the cancer diagnosis and surgeries and is likely to impact the market negatively in the coming years.

Based on region, the SPECT equipment market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South and Central America.

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SPECT Equipment Market: Strategic Insights

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Market Insights

Advancements in Analysis of Tumor Imaging

Gallium-67 is of a gold standard for tumor diagnosis and staging. Hybrid imaging using Ga-67 SPECT/CT enables the localization of lymphoma lesions. Ga-67 is a primarily used agent for the imaging of inflammation, because it can accumulate non-specifically in inflamed areas as a metal-transferrin complex, followed by further binding to transferrin receptors. A few of the market players providing Gallium Citrate GA-67 are Lantheus Medical Imaging and Mallinckrodt Nuclear. Diagnostic imaging has gained a significant role in the management of patients suffering from cancer and has made an additional step forward with the introduction of fusion techniques into the field. SPECT technology provides hybrid images of two independent modalities, a functional scintigraphic technique and an anatomical procedure, yielding a superior imaging study. Scintigraphy is based on the use of single-photon or positron-emitting tracers providing a description of function or processes, whereas computed tomography (CT), ultrasound, or magnetic resonance imaging (MRI) depict the precise localization and type of morphological changes that have occurred in the lesions. According to the International Agency for Research on Cancer (IARC), by 2040, the number of new cases of cancer will grow to 27.5 million. In addition, the global cancer burden is anticipated to increase by 70% in the next 20 years.

The introduction of a hybrid imaging device (containing a low dose CT system and a gamma camera on a single gantry) enabled the sequential acquisition of the two imaging modalities, with the subsequent data merging into a composite image display. For instance, the gamma camera SPECT-CT aids in cancer diagnosis management and is used in emerging economies such as India. The Indian Navy’s hospital INHS Asvini has a state-of-the-art gamma camera SPECT-CT in South Mumbai. Such advancements in detection methods are expected to lessen the incidence of cancer rates.

Type-Based Insights

Based on product, the SPECT equipment market is bifurcated into hybrid SPECT and standalone SPECT. The hybrid SPECT segment accounted for a larger share of the market. The market for the hybrid SPECT segment is further bifurcated into SPECT-CT and SPECT-MR.  

Radioisotope Type-Based Insights

Based on radioisotope type, the SPECT equipment market is segmented into Iodine-123, Technetium-99m, Xenon-133, Thallium-201, Radium-223, Gallium-66, and Others. The Technetium-99m segment held the largest share of the market in 2021, whereas the Gallium-66 segment is estimated to register the highest CAGR in the market during the forecast period.

Application-Based Insights

Based on application, the SPECT equipment market is segmented into seizures, stroke, stress fractures, infections, tumors, and others. In 2021, the stroke segment held the largest share of the market. Moreover, the tumor segment is expected to register the highest CAGR from 2021 to 2028.

End User-Based Insights

Based on end user, the SPECT equipment market is segmented into hospitals, imaging centers, and others. The hospitals segment held the largest share of the market in 2021, and the imaging centers segment is anticipated to register the highest CAGR the market during the forecast period.

The SPECT equipment market players adopt organic strategies such as product launch and expansion to expand their footprint and product portfolio worldwide and meet the growing demand.

SPECT Equipment Market Regional Insights

The regional trends and factors influencing the SPECT Equipment Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses SPECT Equipment Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

SPECT Equipment Market Report Scope

SPECT Equipment Market Players Density: Understanding Its Impact on Business Dynamics

The SPECT Equipment Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the SPECT Equipment Market are:

1. Cardinal Health, Inc.
2. Curium
3. Lantheus Medical Imaging, Inc.
4. Mediso Ltd
5. NTP Radioisotopes

Disclaimer: The companies listed above are not ranked in any particular order.

The SPECT equipment market has been segmented as follows:

The SPECT equipment market is segmented on the basis of type, radioisotope type, application, end user, and geography. Based on type, the market is bifurcated into hybrid SPECT and standalone SPECT. The market for the hybrid SPECT segment is further bifurcated into SPECT-CT and SPECT-MR. Based on radioisotope type, the SPECT equipment market is segmented into Iodine-123, Technetium-99m, Xenon-133, Thallium-201, Radium-223, Gallium-66, and Others. Based on application, the market is segmented into seizures, stroke, stress fractures, infections, tumors, and others. In terms of end user, the SPECT equipment market is segmented into hospitals, imaging centers, and others. By geography, the market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SCAM). The SPECT equipment market in North America is subsegmented into the US, Canada, and Mexico. The market in Europe is further segmented into France, Germany, the UK, Spain, Italy, and the Rest of Europe. The SPECT equipment market in Asia Pacific (APAC) is subsegmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa (MEA) is further segmented into Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa. The SPECT equipment market in South and Central America (SCAM) is subsegmented into Brazil, Argentina, and the Rest of South and Central America. Company participants included in our research scope areCardinal Health Inc, Curium, Lantheus Medical Imaging, Inc.

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