What is the current market size and future outlook for the prostate cancer nuclear medicine diagnostics market?
The prostate cancer nuclear medicine diagnostics market size has grown rapidly in recent years. It will grow from $0.86 billion in 2024 to $0.99 billion in 2025 at a compound annual growth rate (CAGR) of 15.0%. The growth in the historic period can be attributed to increasing demand for pet scans, increasing urbanization, rise in disposable income, rise in need for accurate cancer diagnosis, increasing emphasis on early detection.
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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How have varous drivers impacted the growth of the prostate cancer nuclear medicine diagnostics market?
The rise in the prevalence of prostate cancer is expected to propel the growth of the prostate cancer nuclear medicine diagnostics market going forward. Prostate cancer is a type of cancer that occurs in the prostate, a small walnut-shaped gland in males that produces seminal fluid, which nourishes and transports sperm. The rising prevalence of prostate cancer is due to the aging population, lifestyle changes, and genetic factors. Prostate cancer nuclear medicine diagnostics provide valuable insights that enable clinicians to deliver more precise, effective, and personalized care to patients with prostate cancer. For instance, in February 2024, according to the World Health Organization, a Switzerland-based specialized agency responsible for international public health, by 2050, over 35 million new cancer cases are projected, representing a 77% increase from the estimated 20 million cases in 2022 .Therefore, the rise in the prevalence of prostate cancer drives the prostate cancer nuclear medicine diagnostics market.
What are the primary segments of the 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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Which firms are leading 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
How will industry trends affect the trajectory of the prostate cancer nuclear medicine diagnostics market?
Major companies operating in the prostate cancer nuclear medicine diagnostics market are developing innovative diagnostic imaging techniques and getting US Food and Drug Administration (FDA) approval. FDA clearance for diagnostics ensures that healthcare providers and patients can access safe and practical tests for diagnosing and managing various medical conditions. For instance, in March 2022, Novartis, a Switzerland-based pharmaceutical corporation, launched Pluvicto(lutetium Lu 177 vipivotide tetraxetan) for treating adult patients diagnosed with metastatic castration-resistant prostate cancer (mCRPC) of a specific type known as prostate-specific membrane antigen–positive (PSMA-positive) that has spread to other areas of the body. Pluvicto combines a targeting compound (ligand) with a therapeutic radioisotope (a radioactive particle), providing a precision cancer treatment that targets prostate cancer cells expressing the prostate-specific membrane antigen (PSMA).
Which geographic trends are shaping the prostate cancer nuclear medicine diagnostics market, and which region has the highest market share?
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.
What Does The Prostate Cancer Nuclear Medicine Diagnostics Market Report 2025 Offer?
The prostate cancer nuclear medicine diagnostics market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Prostate cancer nuclear medicine diagnostics refers to the process of using radioactive substances to detect and evaluate prostate cancer. These diagnostics help in the detection, staging, and management of prostate cancer by providing detailed functional information about the disease’s extent and characteristics. Prostate cancer nuclear medicine diagnostics involve the use of radioactive substances (radiopharmaceuticals) that are introduced into the body, typically through injection, and emit gamma rays or positrons.
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