New York, July 25, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "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), End User (Hospitals, Clinics, and Others), and Geography," the factors such as the rising prevalence of prostate cancer and the surging demand for early & precise diagnosis of prostate cancer drive the market growth.
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Prostate Cancer Nuclear Medicine Diagnostics Market Report Scope & Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 720.12 million in 2022 |
| Market Size Value by | US$ 1,315.66 million by 2028 |
| Growth rate | CAGR of 10.6% from 2022 to 2028. |
| Forecast Period | 2022- 2028 |
| Base Year | 2022 |
| No. of Pages | 180 |
| No. Tables | 84 |
| No. of Charts & Figures | 74 |
| Historical data available | Yes |
| Segments covered | Type, PET Product, and End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Prostate Cancer Nuclear Medicine Diagnostics Market: Competitive Landscape and Key Developments
Curium, Telix Pharmaceuticals Ltd, ImaginAb Inc., and Jubilant Pharma have implemented various inorganic strategies, such as partnerships and collaborations, which bought dynamic improvements in the Prostate Cancer Nuclear Medicine Diagnostics market. Companies are also adopting organic strategies such as product launches and expansions. These growth strategies have aided the market players in expanding their business and enhancing their geographic presence. Additionally, acquisitions and partnerships help market players strengthen their customer base and expand their product portfolio.
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In April 2022, Telix announced a partnership with Avanço and THP to distribute Telix's prostate cancer investigational imaging product for the Portuguese and Austrian, Czech Republic, and Slovak Republic markets.
In December 2021, Telix entered into a commercial distribution agreement with Madrid-based NUCLIBER S.A. (NUCLIBER) for Telix's prostate cancer investigational imaging product, Illuccix (TLX591-CDx, Kit for the preparation of 68Ga-PSMA-11 injection) for the Spanish market.
In June 2021, Curium completed the acquisition of the Austrian radiopharmaceuticals Company IASON, further expanding its footprint in Europe for its broad portfolio of life-saving diagnostic solutions.
In November 2020, Jubilant Radiopharma and SOFIE Biosciences Ink Strategic Partnership signed a deal to further advance in the field of molecular imaging and therapeutics. According to the terms of the partnership, Jubilant Pharma, through one of its wholly-owned subsidiaries, was a strategic partner to SOFIE, allowing SOFIE to continue expanding production capacity, advancing its theranostic pipeline, and supporting novel PET diagnostic manufacturing and distribution in the US.
In March 2020, ImaginAb Announces CD8 ImmunoPET Technology License and Supply Agreement with AstraZeneca. AstraZeneca's clinical trials in North America and Europe will leverage ImaginAb's CD8 ImmunoPET technology to ease the clinical development of AstraZeneca's new immunotherapies and expand the therapeutic utility of ImaginAb's CD8 ImmunoPET.
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Prostate Cancer Nuclear Medicine Diagnostics Market: Key Insights – Impact of COVID-19 Pandemic
The outbreak of the COVID-19 offered some lucrative opportunities to players operating in the prostate cancer nuclear medicine diagnostics market. Various people across North America were affected by the pandemic. The US was among the highly affected ones in the region. The infection severely affected the country's geriatric population, causing various complications, leading to the death of a large population. For instance, Till May 16, 2022, The US reported 84,230,829 COVID cases with 1,026,670 deaths.
Apart from this, chronic or non-healing wounds are mostly seen in older people and take longer to heal. Therefore, prostate cancer nuclear medicine diagnostics and proper care are required to prevent chronic cases of infection and health conditions.
Furthermore, due to the outbreak of COVID-19, various hospitals were engaged in treating the affected people. The COVID-19 epidemic resulted in a significant drop in cancer screening. However, the epidemic has resulted in a total screening deficiency in the US. COVID-19-related delays in cancer screenings are thought to be causing additional excess fatalities that are directly linked to the epidemic. Prostate biopsy and PC diagnosis rates fell during the COVID-19 pandemic, especially during the outbreak's peak.
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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.
Prostate Cancer Nuclear Medicine Diagnostics Market: Segmental Overview
Based on type, the prostate cancer nuclear medicine diagnostics market is segmented into SPECT and PET. The PET segment is likely to hold the largest share of the market in 2021. Moreover, the same segment is anticipated to register the highest CAGR in the market during the forecast period. The adoption of PET as a diagnostic tool is significantly increasing, as it offers higher accuracy than 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 propel the prostate cancer nuclear medicine diagnostics market during the forecast period.
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Browse Adjoining Reports:
Prostate Cancer Diagnostics Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Priliminary Tests and Confirmatory Tests)
Prostate Cancer Vaccines Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Tablet, Injection); End User (Hospital, Clinic, Others)
Castration-Resistant Prostate Cancer HRPCA Therapeutics Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Therapy (Hormonal Therapy, Chemotherapy, Immunotherapy, Radiotherapy); Drug Delivery (Oral, Injectable.)
Prostate Cancer Minimally Invasive Surgery Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Procedure (Laparoscopic Prostatectomy, Brachytherapy, Cryosurgery, others); Stages Of Disease Progression (Stage A, Stage B, Stage C, Stage D); End User (Hospitals and Clinics, Diagnostic Centers, Others) and Geography
Prostate Cancer Therapeutics Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Therapy ( Hormonal Therapy, Chemotherapy, Targeted Therapy, Immunotherapy ); Distribution Channel ( Hospitals, Specialty Clinics, Others )
Prostate Cancer Diagnostics Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Priliminary Tests and Confirmatory Tests)
SPECT Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type [Hybrid SPECT (SPECT-MR and SPECT- CT) and Standalone SPECT], Radioisotope Type (Iodine-123, Technetium-99m, Xenon-133, Thallium-201, Radium-223, Gallium-66, and Others), Application (Seizures, Stroke, Stress Fractures, Infections, Tumors, and Others), and End User (Hospitals, Imaging Centers, and Others)
Nuclear Medicine Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Single Photon-Emission Computed Tomography (SPECT), Planar Scintigraphy, and Positron Emission Tomography (PET)); Application (Oncology, Cardiology, Neurology, and Other Applications); End User (Hospitals, Imaging Centers, and Academic and Research Centers), and Geography
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