Prostate Cancer Nuclear Medicine Diagnostics Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Prostate cancer nuclear medicine diagnostics refers to the process of using radioactive substances to detect and evaluate prostate cancer. These diagnostics help in the detection, staging, and management of prostate cancer by providing detailed functional information about the disease's extent and characteristics. Prostate cancer nuclear medicine diagnostics involve the use of radioactive substances (radiopharmaceuticals) that are introduced into the body, typically through injection, and emit gamma rays or positrons.

Sizing and Forecast
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 in the historic period can be attributed to increased demand for pet scans, increased urbanization, rise in disposable income, rise in need for accurate cancer diagnosis, 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 rising prevalence of prostate cancer, increasing demand for positron emission tomography, rising awareness about environmental sustainability, rising frequency of cancers, increasing digital transformation. Major trends in the forecast period include product innovation, technological advancements, advancements in nuclear medicine imaging, improved radiopharmaceuticals and imaging methods, innovative radiopharmaceuticals.

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Segmentation & Regional Insights
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

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.

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Major Driver Impacting Market Growth
The rise in the prevalence of prostate cancer is expected to propel the growth of the prostate cancer nuclear medicine diagnostics market going forward. Prostate cancer is a type of cancer that occurs in the prostate, a small walnut-shaped gland in males that produces seminal fluid, which nourishes and transports sperm. The rising prevalence of prostate cancer is due to the aging population, lifestyle changes, and genetic factors. Prostate cancer nuclear medicine diagnostics provide valuable insights that enable clinicians to deliver more precise, effective, and personalized care to patients with prostate cancer. For instance, in January 2024, according to the American Cancer Society, a US-based health organization, there are about 2.99 million new cases of prostate cancer and 35,250 deaths from prostate cancer. Furthermore, in 2021, according to the National Cancer Institute, a US-based government agency, the rate of new cases of prostate cancer was 116.5 per 100,000 men per year. Therefore, the rise in the prevalence of prostate cancer drives the prostate cancer nuclear medicine diagnostics market.

Key Industry Players
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

The prostate cancer nuclear medicine diagnostics market report table of contents includes:

1. Executive Summary
2. Pediatric Medical Devices Market Characteristics
3. Pediatric Medical Devices Market Trends And Strategies
4. Pediatric Medical Devices Market - Macro Economic Scenario
5. Global Pediatric Medical Devices Market Size and Growth

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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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