Report : North America 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 10.3% CAGR, the North America Prostate Cancer Nuclear Medicine Market is speculated to be worth US$ 642.83 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America prostate cancer nuclear medicine market was valued at US$ 356.28 million in 2022 and is expected to reach US$ 642.83 million by 2028, registering an annual growth rate of 10.3% from 2022 to 2028. Rising prevalence of prostate cancer and surging demand for early and precise diagnosis of prostate cancer are the critical factors attributed to the market expansion.
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 US approx. 34,500 people died due to this disease 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. According to GLOBOCAN, there were ~2,129,118 cancer cases in the US in 2018. Prostate cancer accounted for nearly 10% (212,783 cases) of these cases in 2018. Furthermore, 28,705 people died due to cancer in the country. Prostate cancer will cause more than 737,463 deaths in the next five years, according to the group. Prostate cancer is the second most frequent malignancy in American men after skin cancer. According to the American Cancer Society, the number of men diagnosed with prostate cancer will be roughly 191,930 in the US in 2020, with ~ 33,330 deaths. Older men are highly prone to developing prostate cancer. About 6 out of 10 instances are seen among men aged 65 and above. Nuclear medications are used for diagnostic and analytical purposes. Positron emission tomography (PET) and Single-photon emission computed tomography (SPECT) nuclear medicine are approved for therapeutic and diagnostic purposes. Therefore, the increasing incidence of prostate cancer drives the prostate cancer nuclear medicine diagnostics market. This is expected to drive the market during the forecast period.
On the contrary, high cost related to the prostate cancer diagnostics and treatment of prostate cancer nuclear medicine hurdles the growth of North America prostate cancer nuclear medicine market.
Based on type, the North America prostate cancer nuclear medicine market is divided into PET and SPECT. The PET segment held 55.8% market share in 2022, amassing US$ 198.68 million. It is projected to garner US$ 364.33 million by 2028 to expand at 10.6% CAGR during 2022–2028.
Based on PET Product, the North America prostate cancer nuclear medicine market is categorized into F-18, C-11, and Ga68-PSMA. The F-18 segment held 57.2% market share in 2022, amassing US$ 203.77 million. It is projected to garner US$ 372.19 million by 2028 to expand at 10.6% CAGR during 2022–2028.
Based on end user, the North America prostate cancer nuclear medicine market is categorized into hospitals, clinics, and others. The hospitals segment held 51.5% market share in 2022, amassing US$ 183.58 million. It is projected to garner US$ 336.99 million by 2028 to expand at 10.7% CAGR during 2022–2028
Based on country, the North America prostate cancer nuclear medicine market has been categorised into the US, Canada, and Mexico. Our regional analysis states that US captured 72.7% market share in 2022. It was assessed at US$ 258.86 million in 2022 and is likely to hit US$ 474.22 million by 2028, exhibiting a CAGR of 10.6% during the forecast period.
Key players dominating the North America prostate cancer nuclear medicine market are Blue Earth Diagnostics Limited; ImaginAb; Curium; Jubilant Radiopharma; NCM-USA LLC; ABX advanced biochemical compounds GmbH; Telix Pharmaceuticals Ltd; Novartis AG; Theragnostics; and Lantheus Medical Imaging, Inc. among others.
- In Aug 2019, Bracco Imaging announces the completion of the acquisition of Blue Earth Diagnostics.
- In Mar 2020, ImaginAb Announces CD8 ImmunoPET Technology License and Supply Agreement with AstraZeneca.
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