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
Market Size Value in US$ 1,552.02 million in 2021 Market Size Value by US$ 2,109.05 million by 2028 Growth rate CAGR of 4.5% from 2021 to 2028. Forecast Period 2021-2028 Base Year 2021
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SPECT Equipment Market: Strategic Insights
| Market Size Value in | US$ 1,552.02 million in 2021 |
| Market Size Value by | US$ 2,109.05 million by 2028 |
| Growth rate | CAGR of 4.5% from 2021 to 2028. |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Lucrative Regions for SPECT Equipment Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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Market Insights
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.
SPECT Equipment Market, by Type – 2021 and 2028
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.
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.
,
Mediso Ltd,
NTP Radioisotopes,
Bracco Imaging S.p.A, Star Equity Holdings, Inc.,
Bruker Corporation, MiE GmbH and Spectrum Dynamics Medical amongst others.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Radioisotope Type, Application, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
SPECT is an imaging technique with the eventuality to 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 system 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.
The hybrid SPECT segment dominated the global SPECT equipment market and held the largest revenue share of 67.66% in 2021.
The hospitals segment dominated the global SPECT equipment market and accounted for the largest revenue share of 50.36% in 2021.
The SPECT equipment market majorly consists of the players such as Cardinal Health, Inc., Curium, Lantheus Medical Imaging, Inc., Mediso Ltd., NTP Radioisotopes, Bracco Imaging S.p.A, Star Equity Holdings, Inc., Bruker Corporation, MiE GmbH and Spectrum Dynamics Medical., among others
The List of Companies - SPECT Equipment Market
- Cardinal Health, Inc.
- Curium
- Lantheus Medical Imaging, Inc.
- Mediso Ltd
- NTP Radioisotopes
- Bracco Imaging S.p.A.
- Star Equity Holdings, Inc.
- Bruker Corporation
- MiE GmbH
- Spectrum Dynamics Medical
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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