The U.S. prostate cancer nuclear medicine diagnostics market size is expected to reach over USD 389.1 million by 2026 according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 10.7% during the forecast period. According to the American Cancer Society (ACS), in 2019, 174,650 new cases and 31,620 deaths caused by caused by prostate cancer are expected to be recorded in U.S. Such high prevalence of the disease is expected to drive the market growth.
Development of novel radiopharmaceuticals to improve the detection of the target disease is anticipated to accelerate the market growth. For instance, new imaging agents targeting Prostate-specific Membrane Antigen (PSMA) are being developed using 68Ga and 18F radioisotopes. In addition, numerous studies are being performed by researchers to develop new diagnostic agents for Positron Emission Tomography (PET) with higher efficiency as compared to the existing agents. For instance, 89Zr-huJ591 is an imaging agent used with PET for the detection of prostate cancer. This agent is in phase I/II of clinical trials, and is likely to get launched over the forecast period.
Growing demand for accurate diagnostic methods is estimated to fuel growth of the U.S. prostate cancer nuclear medicine diagnostics market. PET is commonly integrated with MRI and CT scan to enhance accuracy of diagnosis in malignancies. Therefore, researchers are conducting studies on PET/MRI to improve patient outcomes. For instance, in December 2018, a study was published in The Journal of Nuclear Medicinestating that 68Ga-PSMA-11 PET/MRI can be advantageous in detecting the target tumor.
Various non-profit organizations fund research studies to help introduce new imaging agents for the diagnosis of tumors. The Prostate Cancer Foundation is one of the major organizations that has been funding different studies for the development of PSMA-PET imaging for over 20 years. Presence of such funding organizations and programs is expected to boost the market growth during the forecast period.
Key market players have undertaken strategic initiatives to strengthen their market presence. For instance, in February 2018, Axumin (fluciclovine F 18) injection was added to the National Comprehensive Cancer Network (NCCN) Clinical Practice Guidelines in Oncology for Prostate Cancer. The updated guidelines used by clinicians and healthcare providers stated that fluciclovine F 18 for PET/MRI or PET/CT is considered in the clinical workup of patients with recurrent or advanced prostate cancer.
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Further key findings from the study suggest:
- In 2018, PET led the U.S. prostate cancer nuclear medicine diagnostics market owing to increased sensitivity and quantification of biochemical and physiological processes at a molecular level
- In the product segment, GA 68 PSMA is anticipated to register the fastest CAGR over the forecast period due to high detection rate and accuracy to detect the target tumor
- Fluorine-18 led the PET products in 2018 owing to higher diagnostic performance and high-quality images, with a shorter acquisition time
- Key market players include PETNET Solutions, Inc.; Blue Earth Diagnostics, Inc.; Cardinal Health; Jubilant Pharma Ltd. (Triad Isotopes, Inc.); Lantheus Medical Imaging; NCM-USA LLC; Telix Pharmaceuticals, Inc.; Progenics Pharmaceuticals, Inc.; ImaginAb, Inc.; Theragnostics Ltd.; and others
Grand View Research has segmented the U.S. prostate cancer nuclear medicine diagnostics market on the basis of type and product:
U.S. Prostate Cancer Medicine Diagnostics Type Outlook (Revenue, USD Million, 2014 – 2026)
U.S. Prostate Cancer Medicine Diagnostics PET Product Outlook (Revenue, USD Million, 2014 – 2026)
- Ga 68 PSMA
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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