U.S. Prostate Cancer Nuclear Medicine Diagnostics Market Size, Share & Trends Analysis Report By Type (SPECT, PET), By PET Product (F-18, SR-82/RB-82), And Segment- Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033

The U.S. prostate cancer nuclear medicine diagnostics market size reached USD 119.06 million in 2023 and is projected to hit around USD 289.71 million by 2033, expanding at a CAGR of 9.2% during the forecast period from 2024 to 2033.

Key Takeaways:

• The SPECT segment held the largest market share of 61.15% in terms of revenue in 2023
• The PET segment is expected to witness a lucrative growth rate of 9.5% over the forecast period
• The PET diagnostics market is segmented in terms of products into F-18 and SR-82/RB-82. F-18 held the largest market share of 75% in terms of revenue in 2023
• The SR-82/RB-82 segment is expected to expand at a CAGR of 9.9% over the forecast period

U.S. Prostate Cancer Nuclear Medicine Diagnostics Market Overview

The U.S. Prostate Cancer Nuclear Medicine Diagnostics Market stands at the forefront of innovation, driven by the imperative need for precise diagnostic tools in the realm of prostate cancer detection. Prostate cancer, a prevalent health concern among men, underscores the significance of advanced diagnostic technologies, and nuclear medicine has emerged as a cornerstone in this pursuit.

U.S. Prostate Cancer Nuclear Medicine Diagnostics Market Growth

The growth of the U.S. Prostate Cancer Nuclear Medicine Diagnostics Market is propelled by several key factors. Firstly, the increasing incidence rates of prostate cancer underscore the imperative for advanced diagnostic tools, with nuclear medicine offering a non-invasive and highly sensitive solution for early detection. Ongoing technological advancements in nuclear medicine, including novel radiopharmaceuticals and enhanced imaging techniques, contribute significantly to the market's expansion by providing more accurate and efficient diagnostic capabilities. The growing adoption of personalized medicine further fuels the demand for nuclear medicine diagnostics, allowing tailored treatment strategies based on detailed individual patient profiles. Collaborative research initiatives between industry players, research institutions, and healthcare providers play a pivotal role, fostering innovation and pushing the boundaries of diagnostic capabilities. This collaborative spirit, coupled with a commitment to improving patient outcomes, positions the U.S. Prostate Cancer Nuclear Medicine Diagnostics Market for continued growth and advancement in the realm of cancer diagnostics.

U.S. Prostate Cancer Nuclear Medicine Diagnostics Market Report Scope

U.S. Prostate Cancer Nuclear Medicine Diagnostics Market Dynamics

Drivers

• Increasing Incidence Rates: The market is driven by a rising prevalence of prostate cancer cases, emphasizing the need for advanced diagnostic tools for effective disease management.
• Technological Advancements: Ongoing innovations in nuclear medicine technologies, including the development of novel radiopharmaceuticals and enhanced imaging techniques, contribute significantly to the market's growth by improving diagnostic accuracy and efficiency.

Restraints

• High Costs: The U.S. Prostate Cancer Nuclear Medicine Diagnostics Market faces a challenge in terms of high associated costs, encompassing expenses related to equipment, radiopharmaceuticals, and specialized personnel training. These elevated costs may act as a barrier to widespread adoption, particularly in smaller healthcare facilities.
• Safety Concerns: Concerns regarding radiation exposure and safety associated with nuclear imaging techniques represent a potential restraint. These apprehensions may influence both patient and clinician acceptance, hindering the broader market penetration of nuclear medicine diagnostics for prostate cancer.

Opportunities

• Rising Research and Development: Increasing investments in research and development activities open avenues for novel diagnostic solutions. Collaborative efforts between industry stakeholders, research institutions, and government bodies can foster the creation of advanced nuclear medicine technologies tailored for efficient prostate cancer diagnosis.
• Growing Emphasis on Early Detection: With a heightened emphasis on early detection of prostate cancer, there is a substantial opportunity for nuclear medicine diagnostics to play a pivotal role. These diagnostics can provide valuable insights at earlier stages, enabling timely intervention and improving patient outcomes.

Challenges

• Regulatory Compliance: Navigating and complying with regulatory requirements poses a significant challenge in the U.S. Prostate Cancer Nuclear Medicine Diagnostics Market. Stringent regulations related to the approval and use of radiopharmaceuticals and nuclear imaging technologies may create barriers for market players, impacting the speed of innovation and market access.
• High Initial Investment: The high initial investment required for establishing nuclear medicine facilities and acquiring specialized equipment can be a substantial challenge. This financial barrier may limit the adoption of nuclear medicine diagnostics, particularly in smaller healthcare facilities with constrained budgets.

Segments Insights:

Type Insights

Based on type, the market is segmented into Single-Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET). Currently, SPECT and PET techniques are widely used in radiopharmaceutical diagnostic procedures. Affordability, ease of handling, the compatible half-life of radioisotopes, and a wide range of applications are the prime factors driving the diagnostic nuclear medicine market.

The SPECT segment held the largest market share of 61.15% in terms of revenue in 2023, owing to the low cost of scans and the ability to use easily obtained radioisotopes with a longer life than PET. Furthermore, an increase in clinical studies on SPECT radiopharmaceuticals to enable early diagnosis of prostate cancer is anticipated to propel the growth of the U.S. market.

According to the University of Utah Health, SPECT scanning has advantages over PET scanning. Firstly, it is easier to find, is more commonly used, and is less expensive. A SPECT scanner costs around USD 400,000 to USD 600,000, while a PET-CT scanner can cost over USD 1.5 million. Another benefit is that SPECT radiotracers remain in the body for a longer time of up to six hours, allowing doctors more time to capture images. On the contrary, PET tracers only last about 75 seconds. In addition, SPECT radiotracers are more affordable and readily available than PET tracers, making them a cost-effective choice for many hospitals and clinics.

On the other hand, the PET segment is expected to witness a lucrative growth rate of 9.5% over the forecast period, owing to superior image quality and higher reimbursement for its procedures compared to the traditional SPECT nuclear medicine diagnostic procedures. Radioisotopes used with PET prostate cancer diagnosis are Gallium-68, Fluorine-18, zirconium-89, copper-64, and Carbon-11.

According to the Journal of Nuclear Medicine Technology, claims from freestanding facilities are managed by regional Medicare Part B Carriers. These carriers process and pay the claims. Regarding PET scans, the CMS (Centers for Medicare & Medicaid Services) does not set standard payment rates for the technical component. Instead, each carrier decides how much to pay for the technical part of PET scans in their area.

PET Product Insights

The PET diagnostics market is segmented in terms of products into F-18 and SR-82/RB-82. F-18 held the largest market share of 75% in terms of revenue in 2023 owing to its efficient bio-distribution and relatively low urinary excretion. Fluorine-18 fluciclovine and Fludeoxyglucose F18 (F-18 FDG) are approved radioisotopes, whereas F18 sodium fluoride (18F-NaF) and 18F-Choline are the PET tracers widely studied due to their potential ability to detect tumors, including prostate cancer.

For instance, in May 2023, the FDA approved POSLUMA (flotufolastat F18) by Blue Earth Diagnostics as a PET imaging agent to detect PSMA-positive lesions in men with prostate cancer. This imaging method is suitable for men considering initial definitive treatment or suspected cancer recurrence based on elevated PSA levels. The FDA's decision to approve POSLUMA is backed by positive outcomes from the phase 3 SPOTLIGHT and LIGHTHOUSE trials. POSLUMA is thus now approved for use in PET imaging to find specific lesions in men with prostate cancer based on their PSA levels.

The SR-82/RB-82 segment is expected to expand at a CAGR of 9.9% over the forecast period, owing to factors such as the increased demand for PET scans for the diagnosis and staging of cancer, growing awareness of the benefits of PET scans, and development of new PET/CT scanners that are more efficient and easier to use. For instance, GE Healthcare launched the MI PET/CT Scanner. It is the first PET/CT scanner to use a new type of detector called a Silicon Photomultiplier (SiPM) detector.

SiPM detectors are more sensitive than traditional detectors, meaning they can detect lower levels of radioactivity. This can improve the accuracy of PET scans, especially in patients with low levels of cancer activity. The Discovery MI PET/CT Scanner is also more efficient than previous PET/CT scanners, which means it can scan patients faster and with less radiation exposure.

Key Companies & Market Share Insights

Key players in the market are focusing on adopting growth strategies, such as mergers and acquisitions, developing existing devices, promotional events, and technological advancements. For instance, United Imaging Healthcare launched the uMI 510 PET/CT Scanner, a high-resolution scanner with 110,592 LYSO crystals. This makes it one of the most sensitive PET/CT scanners available. The uMI 510 PET/CT Scanner is also more efficient than previous PET/CT scanners, which means it can scan patients faster and with less radiation exposure. 

Key U.S. Prostate Cancer Nuclear Medicine Diagnostics Companies:

• Blue Earth Diagnostics
• Siemens Healthcare Private Limited
• Cardinal Health
• CURIUM PHARMA
• Lantheus
• Jubilant Draximage Radiopharmacies, Inc.
• NCM-USA LLC
• Telix Pharmaceuticals Limited
• ARICEUM THERAPEUTICS
• Novartis AG
• Life Molecular Imaging

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the U.S. Prostate Cancer Nuclear Medicine Diagnostics market.

By Type 

• SPECT
• PET

By PET Product 

• F-18
• SR-82/RB-82
• Others