Global SPECT Scanning Services Market Size, Forecast, and Trend Highlights Over 2022 - 2031
The global SPECT scanning services market is estimated to garner a notable revenue by the end of 2031 by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. Further, the market generated a significant revenue in the year 2021. The growth of the market is primarily attributed to the rapidly increasing prevalence of chronic diseases and conditions across the globe. For instance, the global prevalence of chronic diseases was rose around 58% by the end of 2020.
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SPECT scanners are crucial components of medical diagnostic equipment. SPECT scanning services are used for a broad range of therapeutic and diagnostic purposes. A single-photon emission computed tomography (SPECT) scan allows a doctor to examine internal organs, tissues, and bones by using a specialized camera and a radioactive substance that deliver 3D images. Physicians rely on SPECT scanners as they deliver results with a high accuracy rate. For instance, SPECT has a responsivity of 93%, a specificity of 100%, a positive accuracy of 92%, and a negative predictability of 55% for diagnosing Alzheimer's dementia.
Global SPECT Scanning Services Market: Growth Drivers and Challenges
Worldwide Growing Prevalence of Cancer - Cancer is any of a variety of illnesses characterized by the uncontrollable division of abnormal cells with the ability to penetrate and destroy normal body tissue. Cancer has the potential to spread all through your body. Cancer is one of the leading causes of death worldwide, and better screening and treatment are desperately required. As per the data provided by the World Health Organization (WHO), approximately 10 million deaths, or around one in six deaths, caused by cancer in 2020, making it the leading cause of death globally.
Increase in Cardiovascular Diseases – As per a report, cardiovascular diseases (CVDs) are the major cause of death, claiming the lives of an estimated 17.9 million people annually.
Upsurge in Neurological Conditions – In the United States, neurological conditions accounted for the 48.39 deaths per 100,000 population in 2019.
Escalating Research and Development Expenditure – As per the World Bank, the global research and development expenditure as a percentage of GDP was nearly 2.33% in 2019 and increased to 2.63% in 2020.
Worldwide Increasing Prevalence of Osteoporosis - Until 2022, osteoporosis has been accountable for approximately 1.5 million people undergoing a fracture in the United States.
- High Cost Associated with SPECT Scanning
- High Capital Investment
- Risks Associated with the Radioactive Substance's Half-Life
The global SPECT scanning services market is segmented and analyzed for demand and supply by application into oncology, brain disorders, cardiology, and bone disorders, out of which, the oncology segment is anticipated to hold the highest share over the forecast period on the back of growing count of oncology trials to treat varied kind of cancer, and growth in per capita income. For instance, in 2021, the number of oncology trials grew at record levels, up 56% from 2016, and a record 30 oncology novel active substances (NASs) were first introduced worldwide.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global SPECT Scanning Services Market Regional Synopsis
Regionally, the global SPECT scanning services market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2031 backed by the rising prevalence of several heart diseases, increasing neurological disorders, growing healthcare expenditure, and a notable presence of major key players in the region. As per the statistics provided by the Centers for disease Control and Prevention, in the United States, heart disease claimed the lives of about 697,000 people in 2020, accounting for 1 in 5 mortalities.
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The global SPECT scanning services market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global SPECT scanning services market includes the following segments:
Top Featured Companies Dominating the Global SPECT Scanning Services Market
- Siemens Healthcare GmbH
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Toshiba International Corporation
- Mediso Ltd.
- DIGIRAD CORPORATION
- DDD-Diagnostic A/S
- Positron Corporation
- Cubresa, Inc.
- Koninklijke Philips N.V.
- Cardinal Health, Inc.
- General Electric Company