The U.S. prostate cancer nuclear medicine diagnostics market size is expected to reach USD 153.97 million by 2030, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 9.2% from 2023 to 2030. 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 Medicine stating 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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U.S. Prostate Cancer Nuclear Medicine Diagnostics Market Report
U.S. Prostate Cancer Nuclear Medicine Diagnostics Market Report Highlights
- In 2022, 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
- The SR-82/RB-82 segment is expected to expand at a CAGR of 9.9% over the forecast period
- Fluorine-18 led the PET products in 2022 owing to higher diagnostic performance and high-quality images, with a shorter acquisition time
