What Is The Current and Historic Market Size Analysis Of The Prostate Cancer Nuclear Medicine Diagnostics Market?
The prostate cancer nuclear medicine diagnostics market has seen considerable growth due to a variety of factors.
• The prostate cancer nuclear medicine diagnostics market has grown rapidly in recent years. It is set to rise from $0.86 billion in 2024 to $0.99 billion in 2025, at a compound annual growth rate (CAGR) of 15.0%.
The growth is driven by the increasing demand for PET scans, urbanization, rising disposable incomes, and a greater focus on early detection of cancer.
What are the Market Size and Expected Growth Rates for the Prostate Cancer Nuclear Medicine Diagnostics Market?
The prostate cancer nuclear medicine diagnostics market is expected to maintain its strong growth trajectory in upcoming years.
• The prostate cancer nuclear medicine diagnostics market is expected to grow to $1.71 billion by 2029 at a CAGR of 14.6%.
Growth is driven by rising prostate cancer prevalence, increasing demand for PET scans, environmental sustainability awareness, and digital transformation. Major trends include product innovation, advancements in nuclear medicine, improved imaging methods, and innovative radiopharmaceuticals.
Which Key Drivers Are Propelling The Prostate Cancer Nuclear Medicine Diagnostics Market's Growth?
Growth in the prostate cancer nuclear medicine diagnostics market is projected to be spurred by an increase in prostate cancer occurrences. Prostate cancer originates in the prostate, a tiny gland shaped like a walnut in males that generates seminal fluid to nourish and carry sperm. The surge in prostate cancer is attributed to an aging population, lifestyle modifications, and genetic predispositions. Prostate cancer nuclear medicine diagnostics offer critical data that allows healthcare professionals to provide more accurate, efficient, and personalized treatment to individuals with prostate cancer. For instance, the World Health Organization, a Switzerland-based agency focused on global public health, predicted in February 2024 that by 2050, there would be over 35 million new cancer cases, a 77% rise from the presumed 20 million cases in 2022. As a result, the escalating prevalence of prostate cancer propels the expansion of the prostate cancer nuclear medicine diagnostics market.
What Are The Key Segments Within 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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What Trends Are Reshaping The Future Of The Prostate Cancer Nuclear Medicine Diagnostics Market?
Principal businesses in the prostate cancer nuclear medicine diagnostics market are progressing with inventive diagnostic imaging methodologies and securing approval from the US Food and Drug Administration (FDA). Such FDA endorsement assures healthcare providers and patients of the safety and practicality of these diagnostic procedures for various health conditions. For instance, in March 2022, Novartis, a pharmaceutical giant from Switzerland, introduced Pluvicto (lutetium Lu 177 vipivotide tetraxetan) for the treatment of metastatic castration-resistant prostate cancer (mCRPC) in adults. This particular type is known as prostate-specific membrane antigen-positive (PSMA-positive) and has expanded to other parts of the body. Pluvicto amalgamates a targeting compound (ligand) with a therapeutic radioisotope (a radioactive particle), contributing to a precise cancer treatment that targets cells that express the prostate-specific membrane antigen (PSMA) in prostate cancer.
Who Are the Key Players 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 Are The Regional Insights Into 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.
