Rising Prevalence of Prostate Cancer to Drive Global Prostate Cancer Nuclear Medicine Diagnostics Market

According to our new market research study, titled "Prostate Cancer Nuclear Medicine Diagnostics Market to 2028 - Global Analysis and Forecast - 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. The market is estimated to grow at a CAGR of 10.6% from 2022 to 2028. The report highlights trends prevailing in the market and drivers and hindrances pertaining to the global Prostate Cancer Nuclear Medicine Diagnostics market growth.

Prostate cancer affects the prostate glands in males. Prostate cancer is common cancer following skin cancer in males. Some common determinants responsible for the start of 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.

Factors, such as the rising prevalence of prostate cancer and the surging demand for early and precise diagnosis of prostate cancer are expected to boost the growth of the global prostate cancer nuclear medicine diagnostics market. However, the market is likely to be impacted by the high cost of prostate cancer diagnostics and treatment during the forecast period. Several immunoassay techniques do not require the use of a labeled reactant. According to the American Society of Clinical Oncology (ASCO), ~1,414,000 new cases and 375,304 deaths were reported in 2020 worldwide. As per ASCO, prostate cancer is a common type of cancer in males. In 112 nations, prostate cancer is the most diagnosed cancer. In addition, most cancer deaths cause due by prostate cancer in 48 countries. There were about 1.4 million new incidences of prostate cancer in 2020.

According to ASCO, prostate cancer incidence rates fell in the late 2000s and early 2010s, resulting in fewer prostate-specific antigen (PSA) testing. Between 2014 and 2018, overall and local-stage illness incidence rates remained stable. However, during this period, the incidence of advanced-stage prostate cancer increased by 4% to 6% per year. Prostate cancer is also the second biggest cause of cancer death in American males. In the US, approximately 34,500 people died due to this disease in 2020. Prostate cancer will cause 375,304 deaths worldwide in 2020. Prostate cancer (PCa) is the fourth most frequent malignancy in the US. Thus, the rising incidence of prostate cancer in the country propels the usage of nuclear therapies for its treatment.

North America dominated the prostate cancer nuclear medicine diagnostics market due to the region's increased prevalence and high mortality rate of prostate cancer. Thus, these factors are expected to contribute to the region's prostate cancer nuclear medicine diagnostics market during the forecast period. Prostate cancer (PCa) is the fourth most frequent malignancy in the United States. Prostate cancer is becoming more common in the country, which has led to a rise in the use of nuclear treatments to treat it. According to GLOBOCAN, there were 2,129,118 cancer cases in the United States in 2018. Prostate cancer accounted for nearly 10% of these cases in 2018, with 212,783 cases.

Furthermore, cancer claimed the lives of 28,705 people in the country. According to the group, prostate cancer cases are expected to exceed 737,463 in the next five years. Prostate cancer is the second most frequent cancer in men in the United States, after skin cancer. According to the American Cancer Society, the number of people diagnosed with prostate cancer in the United States in 2020 is expected to be around 191,930, with 33,330 people dying from the disease. In older men, prostate cancer is more prone to spread. As a result, increased prostate cancer occurrences provide significant potential prospects for the prostate cancer nuclear medicine diagnostics market over the predicted period.

Compared to previous viral pandemics, imaging modalities are now essential in diagnosing and managing patients. Apart from that, since the beginning of 2020, the COVID-19 pandemic has created significant global challenges in healthcare systems. For example, in most countries in Europe, there has been a decrease in diagnostic scintigraphy procedures by about 25% and 50%. However, the number of diagnostic PET/CT scan procedures remained stable in most participating European countries, with 69% and 66%, respectively.

Additionally, before the pandemic, imaging services in Europe, mainly the UK, suffered from chronic underinvestment with a lack of imaging acquisition and reporting capacity. For example, this was related to a significant workforce and equipment shortage. But with new IPC measures, the particular social distancing of 2m in all healthcare settings, these shortages have met CT capacity at the time of writing about 40-70% of pre-COVID levels. Also, MRI is slightly better, accounting for 80%.

Further, the imaging services are working hard to regain momentum by restoring capacity and recovering patient confidence. It remains clear that fundamental changes can only be made with significant investment for addressing the chronic underfunding of radiologists, radiographers, and imaging equipment.

Blue Earth Diagnostics Limited, ImaginAb, Curium, Jubilant Radiopharma, NCM-USA LLC, ABX advanced biochemical compounds GmbH, Telix Pharmaceuticals Ltd., Novartis AG, Theragnostics, Lantheus Medical Imaging, Inc. are the leading companies operating in the global prostate cancer nuclear medicine diagnostics market.

By geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (UAE, Saudi Arabia, Africa, and the Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South and Central America).

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