Report : Asia Pacific Prostate Cancer Nuclear Medicine Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (PET and SPECT), PET Product (F-18, C-11, and Ga68-PSMA), and End User (Hospitals, Clinics, and Others)
At 11.2% CAGR, the Asia Pacific Prostate Cancer Nuclear Medicine Market is speculated to be worth US$ 295.37 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC prostate cancer nuclear medicine market was valued at US$ 156.10 million in 2022 and is expected to reach US$ 295.37 million by 2028, registering an annual growth rate of 10.8% from 2022 to 2028. Developing prevalence of prostate cancer and growing demand for early and precise diagnosis of prostate cancer are the critical factors attributed to the market expansion.
Cancer has a huge impact on the health of patients and survivors and their financial conditions. After diagnosis, a person with prostate cancer is expected to pay around US$2,800 per month for treatment. However, depending on the insurance type and government help, these prices can be high or cheap. Costs also depend on the country and the facilities being used. Healthcare systems are increasingly embracing risk-based payment techniques in which they are responsible for their patients' healthcare costs. In this environment, healthcare systems are under pressure to provide evidence-based and efficient care. Cancer screening is an area where health systems are required to align practice with evidence-based guidelines. According to research, many individuals, notably the elderly and those with short life expectancies, are routinely screened for cancer when they are unlikely to benefit. Screening and subsequent treatment have significant downstream expenses. Hence, the high cost related to prostate cancer indirectly restrains the growth of the prostate cancer nuclear medicine diagnostics markets. This is expected to drive the market during the forecast period.
On the contrary, high price related to the prostate cancer diagnostics and treatment of prostate cancer nuclear medicine hurdles the growth of APAC prostate cancer nuclear medicine market.
Based on type, the APAC prostate cancer nuclear medicine market is divided into PET and SPECT. The PET segment held 55.4% market share in 2022, amassing US$ 86.50 million. It is projected to garner US$ 166.29 million by 2028 to expand at 11.4% CAGR during 2022–2028.
Based on PET Product, the APAC prostate cancer nuclear medicine market is categorized into F-18, C-11, and Ga68-PSMA. The F-18 segment held 56.9% market share in 2022, amassing US$ 88.84million. It is projected to garner US$ 170.14 million by 2028 to expand at 11.4% CAGR during 2022–2028.
Based on end user, the APAC prostate cancer nuclear medicine market is categorized into hospitals, clinics, and others. The hospitals segment held 52.0% market share in 2022, amassing US$ 81.20 million. It is projected to garner US$ 156.22 million by 2028 to expand at 11.5% CAGR during 2022–2028
Based on country, the APAC prostate cancer nuclear medicine market has been categorised into the China, Japan, India, South Korea, Australia, and Rest of APAC. Our regional analysis states that China captured 21.7% market share in 2022. It was assessed at US$ 33.91 million in 2022 and is likely to hit US$ 68.35 million by 2028, exhibiting a CAGR of 12.4% during the forecast period.
Key players dominating the APAC prostate cancer nuclear medicine market are ImaginAb; Curium; Jubilant Radiopharma; ABX advanced biochemical compounds GmbH; Telix Pharmaceuticals Ltd; Novartis AG; and Lantheus Medical Imaging, Inc. among others.
- In Feb 2022, Telix announced that it has entered into a commercial distribution agreement with Global Medical Solutions Australia (GMSA), for Telix’s prostate cancer imaging product Illuccix (Kit for the preparation of 68Ga-PSMA-11) for the Australian market.
- In March 2022, Novartis Pluvicto approved by FDA for treatment of progressive, PSMA positive metastatic castration-resistant prostate cancer.
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