Global $1.31 Bn Prostate Cancer Nuclear Medicine Diagnostics Market to 2028: Opportunities in the Growing Use of Radiopharmaceuticals

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Sep 05, 2022, 06:00 ET

DUBLIN, Sept. 5, 2022 /PRNewswire/ -- The "Prostate Cancer Nuclear Medicine Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, PET Product, and End User" report has been added to ResearchAndMarkets.com's offering.

The global prostate cancer nuclear medicine diagnostics 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.

Prostate cancer affects the prostate glands in males. Prostate cancer is common cancer following skin cancer in males. Common determinants responsible for prostate cancer are family history, old age, and race. Nuclear medicine is imaging that needs radioactive materials. It is a helpful method to identify and treat prostate cancer and helps radiologists conclude the stage of cancer.

In terms of occurrence, prostate cancer (PCa) is the fourth most common cancer across the US. The rising incidences of prostate cancer in the country led to the increased use of nuclear medicines for its treatment. This cancer is more likely to grow in older adults. Thus, the rising cases of prostate cancer offer substantial growth opportunities for the prostate cancer nuclear medicine diagnostics market during the forecast period.

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 and the development of novel imaging agents to improve prostate cancer detection are 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 to that other diagnostic techniques. Accuracy in diagnosis has a direct impact on decision-making and treatment monitoring processes. Increasing demand for these diagnostic procedures is expected to fuel the growth of the prostate cancer nuclear medicine diagnostics market during the forecast period. Reimbursement policies is expected to further fuel the development of nuclear medicine diagnostics.

Several programs such as Medicaid, Medicare, and the Health Insurance programs in the US 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, due to the factors mentioned above, PET is expected to hold the largest market share.

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Market Drivers