Prostate Cancer Nuclear Medicine Diagnostics Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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How has the prostate cancer nuclear medicine diagnostics market grown over the years?
In recent times, there has been a significant expansion in the prostate cancer nuclear medicine diagnostics market. The market is poised to surge from $0.86 billion in 2024 to $0.99 billion in 2025, boasting a compound annual growth rate (CAGR) of 15.0%. Various factors such as the growing demand for pet scans, escalating urbanization, increasing disposable income, and heightened need for precise cancer diagnosis can be credited for the phenomenal growth in the historic period. Additionally, the escalating focus on early detection has further fueled the market growth.
What Is the forecasted market size and growth rate for the prostate cancer nuclear medicine diagnostics market?
The prostate cancer nuclear medicine diagnostics market size is expected to see rapid growth in the next few years. It will grow to $1.71 billion in 2029 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to rising prevalence of prostate cancer, increasing demand for positron emission tomography, rising awareness about environmental sustainability, rising frequency of cancers, increasing digital transformation. Major trends in the forecast period include product innovation, technological advancements, advancements in nuclear medicine imaging, improved radiopharmaceuticals and imaging methods, innovative radiopharmaceuticals.
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What are the major factors driving growth in the prostate cancer nuclear medicine diagnostics market?
The increase in the incidence of prostate cancer will likely stimulate the growth of the market for nuclear medicine diagnostics for prostate cancer in the future. Prostate cancer occurs in the prostate, a small gland shaped like a walnut in males that manufactures seminal fluid to nourish and transport sperm. This rising incidence of prostate cancer can be attributed to an aging population, alterations in lifestyle, and genetic determinants. Nuclear medicine diagnostics for prostate cancer provides essential information that allows healthcare professionals to give more precise, efficient, and individualized treatment to patients with prostate cancer. For example, the World Health Organization, a specialized agency in Switzerland focusing on global public health, projected in February 2024 that by 2050, there would be above 35 million new cancer cases, signifying a 77% rise from the predicted 20 million cases in 2022. Hence, the increasing prevalence of prostate cancer is stimulating the growth of the market for nuclear medicine diagnostics for this disease.
What key areas define the segmentation of the global prostate cancer nuclear medicine diagnostics Market?
The prostate cancer nuclear medicine diagnostics market covered in this report is segmented –
1) By Type: Single Photon Emission Computed Tomography (SPECT), Photon Emission Computed Tomography (PET)
2) By Test Type: Preliminary Tests, Confirmatory Tests
3) By End User: Hospitals, Clinics, Other End Users
Subsegments:
1) By Single Photon Emission Computed Tomography (SPECT): Gamma Camera SPECT, Hybrid SPECT Or CT Imaging
2) By Positron Emission Tomography (PET): PET Or CT Imaging, PET Or MRI Imaging
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Who are the dominant players expanding their reach in the prostate cancer nuclear medicine diagnostics market?
Major companies operating in the prostate cancer nuclear medicine diagnostics market are Cardinal Health, General Electric, Bayer AG, Novartis AG, Siemens Healthineers AG, GE Healthcare, Lantheus, CURIUM PHARMA, Telix Pharmaceuticals Ltd., Eckert & Ziegler AG, Point Biopharma Global Inc., Point Biopharma, Alliance Medical Ltd., SHINE Medical Technologies LLC, PETNET Solution, NorthStar Medical Radioisotopes LLC, Global Medical Solutions LLC, Isotope Technologies Garching (ITG), Jubilant Pharma Limited, Blue Earth Diagnostics Inc., Institute of Isotopes Co. Ltd., Radiopharm Theranostics, Bracco Diagnostic Inc., NCM-USA LLC, ABX Advanced Biochemical Compounds GmbH
What emerging trends are influencing the growth of the prostate cancer nuclear medicine diagnostics market?
Large companies in the prostate cancer nuclear medicine diagnostics market are advancing by creating new diagnostic imaging techniques and obtaining permission from the US Food and Drug Administration (FDA). Acquiring such approval for diagnostics ensures that safe and effective tests for diagnosing and managing an array of medical conditions are available to healthcare providers and patients. For example, Novartis, a pharmaceutical corporation based in Switzerland, introduced Pluvicto(lutetium Lu 177 vipivotide tetraxetan) in March 2022. This is used for the treatment of adult patients suffering from a specific type of metastatic castration-resistant prostate cancer (mCRPC) called prostate-specific membrane antigen-positive (PSMA-positive), which has metastasized to other parts of the body. Pluvicto merges a targeting compound (ligand) with a therapeutic radioisotope (a radioactive particle) to provide a precision treatment that targets prostate cancer cells expressing the prostate-specific membrane antigen (PSMA).
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What regions are contributing significantly to the growth of the prostate cancer nuclear medicine diagnostics market?
North America was the largest region in the prostrate cancer nuclear medicine diagnostics market in 2023. The regions covered in the prostate cancer nuclear medicine diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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