Prostate Cancer Nuclear Medicine Diagnostics Global Market Report 2024

The prostrate cancer nuclear medicine diagnostics market size has grown rapidly in recent years. It will grow from $0.75 billion in 2023 to $0.86 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth during the historic period can be attributed to several factors, increased demand for PET scans, urbanization, rising disposable income, the need for accurate cancer diagnosis, and an increased emphasis on early detection.

The prostrate cancer nuclear medicine diagnostics market size is expected to see rapid growth in the next few years. It will grow to $1.49 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to several factors, the rising prevalence of prostate cancer, increasing demand for positron emission tomography, growing awareness about environmental sustainability, the increasing frequency of cancers, and the ongoing digital transformation. Major trends expected during this period include product innovation, technological advancements, progress in nuclear medicine imaging, improvements in radiopharmaceuticals and imaging methods, and the development of innovative radiopharmaceuticals.

The anticipated increase in prostate cancer prevalence is expected to drive the expansion of the prostate cancer nuclear medicine diagnostics market. Prostate cancer, a type of cancer occurring in the prostate gland, is influenced by factors such as aging, lifestyle shifts, and genetic predispositions. Nuclear medicine diagnostics for prostate cancer offer crucial insights enabling clinicians to administer more accurate, efficient, and personalized treatment to patients. For instance, in January 2024, the American Cancer Society reported approximately 2.99 million new cases of prostate cancer and 35,250 deaths attributed to the disease. Additionally, in 2021, the National Cancer Institute recorded a rate of 116.5 new cases per 100,000 men annually. Thus, the increasing prevalence of prostate cancer is a significant driver for the prostate cancer nuclear medicine diagnostics market.

Key players in the prostate cancer nuclear medicine diagnostics sector are actively innovating diagnostic imaging technologies and securing approvals from the US Food and Drug Administration (FDA). FDA clearance ensures healthcare providers and patients have access to safe and effective diagnostic tests for various medical conditions. For example, in March 2022, Novartis, a Swiss pharmaceutical company, introduced Pluvicto (lutetium Lu 177 vipivotide tetraxetan) for treating adult patients diagnosed with metastatic castration-resistant prostate cancer (mCRPC) that expresses prostate-specific membrane antigen-positive (PSMA-positive). Pluvicto combines a targeting compound (ligand) with a therapeutic radioisotope, delivering precise cancer treatment to prostate cancer cells expressing PSMA.

In March 2023, Life Healthcare Group, a South African healthcare company, acquired TheraMed Nuclear to enhance its diagnostic imaging services, particularly in detecting and treating diseases such as organ dysfunction and cancer. TheraMed Nuclear, based in South Africa, specializes in prostate cancer nuclear medicine diagnostics.

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.

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.

The countries covered in the prostate cancer nuclear medicine diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Prostate cancer nuclear medicine diagnostics involve the utilization of radioactive substances to detect and assess prostate cancer. These diagnostics play a crucial role in the detection, staging, and management of prostate cancer by providing comprehensive functional information regarding the disease's extent and characteristics. The process entails introducing radioactive substances (radiopharmaceuticals) into the body, typically through injection, which emit gamma rays or positrons.

The primary types of prostate cancer nuclear medicine diagnostics include single photon emission computed tomography (SPECT) and positron emission tomography (PET). Single photon emission computed tomography (SPECT) is a nuclear imaging technique that generates detailed three-dimensional images depicting the body's functional processes. These diagnostics encompass various test types, including preliminary and confirmatory tests, and are utilized by various end-users such as hospitals, clinics, and others.

The prostate cancer nuclear medicine diagnostics market research report is one of a series of new reports that provides prostate cancer nuclear medicine diagnostics market statistics, including prostate cancer nuclear medicine diagnostics industry global market size, regional shares, competitors with a prostate cancer nuclear medicine diagnostics market share, detailed prostate cancer nuclear medicine diagnostics market segments, market trends, and opportunities, and any further data you may need to thrive in the prostate cancer nuclear medicine diagnostics industry. This prostate cancer nuclear medicine diagnostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The prostate cancer nuclear medicine diagnostics market includes revenues earned by entities by bone scans, prostate-specific membrane antigen (PSMA) PET scan, bone scintigraphy, and CT scans. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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