Prostate Cancer Nuclear Medicine Diagnostics Market is expected to reach US$ 1,315.66 Million by 2028

PET Segment to Dominate Prostate Cancer Nuclear Medicine Diagnostics Market

According to The Insight Partners research study, titled "Prostate Cancer Nuclear Medicine Diagnostics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, PET Product, and End User," the market is expected to grow from US$ 720.12 million in 2022 to US$ 1,315.66 million by 2028. It is estimated to grow at a CAGR of 10.6% from 2022 to 2028. The rising prevalence of prostate cancer and the surging demand for early and precise diagnosis of prostate cancer. However, high cost related to prostate cancer diagnostics and treatment is expected to restrict the market growth during the forecast period.

The COVID-19 pandemic placed significant challenges on healthcare systems, whether in the preparation, response, or recovery phase of the pandemic. This has been primarily managed by reducing in-and out-patient services for diseases and implementing infection prevention and control measures. As per a September 2020 published article, titled "Global Impact of COVID-19 on Nuclear Medicine Departments, an International Survey in April 2020," both diagnostic and therapeutic nuclear medicine procedures declined sharply to a similar degree in countries affected by the pandemic.

According to the same source, countries, such as South Korea and Singapore reported a less pronounced impact on nuclear medicine services. However, the overall study results showed that nuclear medicine services worldwide had an adverse effect on the procedures. 15% of respondents experienced COVID-19 infections within their departments regarding staff health. Further, the growth of the nuclear medicine radioisotopes market is mainly attributed to the rising prevalence of cancer, the widening applications of nuclear medicine, increasing SPECT and PET applications, and increasing patient awareness of radiation and radiation therapy.

Based on type, the prostate cancer nuclear medicine diagnostics market is bifurcated into SPECT and PET. The PET segment held the largest share of the market in 2021 and is anticipated to register the highest CAGR during the forecast period. A Positron Emission Tomography (PET) scan is usually the most effective way to restage recurrent prostate cancer. After prostate cancer treatment, PET scanning may be used to determine the effectiveness of the treatment and is now commonly being used to detect biochemically recurrent prostate cancer for restaging.

Rising research activities for developing novel imaging agents to improve prostate cancer detection is one of the key factors driving the growth of nuclear medicine diagnostics. Researchers are conducting several studies to introduce new diagnostic agents for PET with higher efficiency than the existing agents. For instance, in March 2018, a study in The Journal of Nuclear Medicine demonstrated a novel PET agent named Copper-64 Chloride (64CuCl2) to detect prostate cancer. This new imaging agent exhibited a higher detection rate when compared with Fluorine-18-Choline (18F-choline). The adoption of PET as a diagnostic tool is significantly increasing, as it offers higher accuracy than other diagnostic techniques.

Accuracy in diagnosis directly impacts the decision-making and treatment monitoring processes. The increasing demand for these diagnostic procedures is expected to boost the prostate cancer nuclear medicine diagnostics market during the forecast period. Reimbursement policies are expected to further fuel the demand for nuclear medicine diagnostics in the near future. Several programs such as Medicaid, Medicare, and the Health Insurance programs in the U.S. are expected to create growth opportunities for the market players. For instance, the Centers for Medicare & Medicaid Services (CMS) covers PET services through National Coverage Determination (NCD) which includes tracers necessary for the diagnosis of prostate cancer. Therefore, PET is expected to hold the largest market share over the forecast period due to the factors mentioned above.

Blue Earth Diagnostics Limited, ImaginAB, Curium, Juniliant Radiopharma, NCM-USA LLC, ABX Advanced Biochemical Compounds GmbH, Telix Pharmaceuticals Ltd., Novartis AG, Theragonostics, and Lantheus Medical Imaging Inc. are the key companies operating in the prostate cancer nuclear medicine diagnostics market.

Prostate Cancer Nuclear Medicine Diagnostics Market, by Geography, 2022 (%)

---

Prostate Cancer Nuclear Medicine Diagnostics Market Research Report 2028

Download Free Sample

---

Prostate Cancer Nuclear Medicine Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (PET and SPECT), PET Product (F-18, C-11, and Ga68-PSMA), and End User (Hospitals, Clinics, and Others)

The report segments the Prostate Cancer Nuclear Medicine Diagnostics market as follows:

The prostate cancer nuclear medicine diagnostics market is analyzed on the basis of type, PET product, end user, and geography. Based on type, the market is segmented into SPECT and PET. Based on PET products, the market is segmented into F-18, C11, and GA 68 PSMA. Based on end user, the market is segmented into hospitals, clinics, and others.