Prostate Cancer Nuclear Medicine Diagnostics Market Size, Share, Growth, and Industry Analysis, By Type (SPECT, PET), By Application (Hospitals, Clinics, Others) and Regional Insights and Forecast to 2031

Updated On: 22 April 2024

prostate cancer nuclear medicine diagnostics market REPORT OVERVIEW

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The global prostate cancer nuclear medicine diagnostics market size was USD 673.1 million in 2021 and will reach USD 1276.6 million by 2027, at CAGR of 11.26% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, prostate cancer nuclear medicine diagnostics experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Men's prostate glands are impacted by prostate cancer. After skin cancer, prostate cancer is one of the most frequent cancer among men. Race, advanced age, and family history are all typical warning signs for prostate cancer. Imaging in nuclear medicine uses radioactive substances. It helps radiologists identify the disease's stage and is an efficient way for identifying and treating prostate cancer. Nuclear medicine diagnostics for prostate cancer is a helpful tool for identifying and treating prostate cancer and aids radiologists in determining the stage of the disease.

One of the main factors influencing the expansion in prostate cancer nuclear medicine diagnostics market growth is the increase in research efforts for the creation of innovative imaging agents to enhance prostate cancer diagnosis. Researchers are working on a number of studies to develop new diagnostic tools for PET that will be more effective than the ones currently in use.

 COVID-19 Impact: Delayed Commencement of Treatment to Deplete Market Share 

Without a question, the COVID-19 pandemic had a significant impact on the detection, management, and outlook of cancer and hindered the prostate cancer nuclear medicine diagnostics market share. The problems for the oncological medical system were in particular the prompt identification of new instances of cancer, the diagnosis of persons with suspected cancer, and the treatment of cancer throughout the COVID-19 outbreak. For individuals with recently discovered cancers, the pandemic delayed the commencement of treatment and may have even resulted in treatment pauses. These circumstances did have harmful oncologic effects.

LATEST TRENDS

"Government Programs to Stimulate Market Development  "

It is anticipated that a number of U.S. initiatives, including medicare, medicaid, and insurance for health, will open up new prospects for prostate cancer nuclear medicine diagnostics industry players. For instance, positron emission tomography programs are covered by the Centers for Medicare and Medicaid Services, or CMS, under the National Cover Determination (NCD), which also covers the tracers necessary for the diagnosis of prostate cancer. The use of positron emission tomography will probably have the biggest market share as a result of these considerations.

prostate cancer nuclear medicine diagnostics market SEGMENTATION

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• By Type

Based on type; the market is divided into SPECT, PET

SPECT is the leading part of the type segment.

• By Application

Based on the application; the market is divided into hospitals, clinics, others

Hospitals is the leading part of the application segment.

DRIVING FACTORS

"Expansion of Positron Emission Tomography demand to Aid Market Expansion  "

Since it is accurate to a greater extent than other diagnostic methods, positron emission tomography has been utilized more frequently as a diagnostic tool. Processes for making decisions and keeping track of treatment have a direct correlation with diagnosis accuracy. The prostate cancer nuclear medicine diagnostics market is anticipated to expand over the forecast period as a result of rising demand for these diagnostic methods. The advancement in nuclear medicine diagnostics is anticipated to be accelerated by reimbursement rules.

"Escalating Need for Accurate Cancer Diagnosis to Foster Industry Progress "

Prostate cancer risk is increased by rising PSA values. In blood, PSA levels are quantified in nanograms per milliliter (ng/mL). To know if a guy possesses prostate cancer or not, there is no definite cut-off point. When deciding whether a man needs additional testing, many doctors choose a PSA limit of 4 ng/mL or above, however some may start at a lower value, such 2.5 or 3. As a result, checking a man's blood for PSA levels can aid in the early diagnosis of prostate cancer. These specific elements are what drive the prostate cancer nuclear medicine diagnostics industry expansion.

RESTRAINING FACTORS

"High Cost of Nuclear Medicine Diagnostics to Stop Market Evolution "

The high cost of nuclear medicine diagnostics for prostate cancer and the low acceptance rate in developing and rising nations may impede the market's expansion. Since radiation is an undesirable consequence of nuclear medicine, there are health hazards that can result from extended exposure. This is particularly true for young children, toddlers, the elderly, and expectant mothers.

prostate cancer nuclear medicine diagnostics market REGIONAL INSIGHTS

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"Healthcare Infrastructure in North America to Support Market Advancement "

Due to the region's better healthcare infrastructure, North America currently holds a monopoly on the market for prostate cancer nuclear medicine diagnostics.

Due to the rising frequency of cancers such as those of the bladder, the stomach, liver, pancreas, and various other organs, as well as the substantial number of major manufacturers throughout the U.S., North America is predicted to expand at the greatest growth rate over the projection period of 2022 to 2029 due to advances in technology and an increase in foreign investment.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Progenics Pharma (U.S.)
• Novartis (Switzerland)
• Theragnostics (U.K.)
• PETNET Solutions (U.S.)
• Telix Pharma (Australia)
• Lantheus Medical Imaging (U.S.)
• Jubilant Pharma (India)
• ImaginAb (U.S.)
• NCM-USA (U.S.)
• Cardinal Health (U.S.)
• Alliance Medical (U.K.)
• Blue Earth Diagnostics (U.K.)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.