Gallium-68 Market: Introduction
According to the report, the global gallium-68 market was valued at ~US$ 100 Mn in 2020. It is projected to expand at a CAGR of ~8% from 2021 to 2031. Gallium-68 is a radioisotope with a half-life of 68 minutes, which is commonly used in positron emission tomography (PET). This isotope can be utilized to label different small molecules and peptides for diverse applications. The most popular applications of gallium-68 are for prostate cancer imaging (68Ga-PSMA) and neuroendocrine tumors (68Ga-peptides such as DOTA-TATE, DOTA-TOC, and DOTA-NOC).
Rise in popularity of gallium-68 as a routinely used radioisotope in clinical PET imaging facilities and increase in prevalence of cancer are key factors that are projected to drive the global gallium-68 market during the forecast period. The high prevalence of neuroendocrine tumors (NETs) among the population drives the gallium-68 market in North America. Over 12,000 people in the U.S. are diagnosed with neuroendocrine tumors each year. The sensitivity and specificity of gallium-68 radiopharmaceuticals have been evaluated in numerous clinical trials. Increase in awareness about NETs as well as advancements in nuclear medicine propels the gallium-68 market in North America.
The gallium-68 market in Asia Pacific is estimated to expand at a CAGR of ~10% from 2021 to 2031, due to rise in importance of nuclear medicine in several medical disciplines, including cardiology, oncology, and endocrinology coupled with rapidly improving healthcare infrastructure in the region.
Request Brochure of Report – https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=82334
Rise in Prevalence of Prostate Cancer to Drive Market
The prevalence of prostate cancer has increased across the globe due to a change in dietary habits. According to the GLOBOCAN 2020 report, around 1.4 million new cases and 375,000 deaths were reported globally. In 2020, prostate cancer was the second-most frequent cancer and the fifth-leading cause of cancer death among men. Prostate cancer is typically diagnosed with biopsy and its risk is classified by the concentration of prostate-specific antigen in serum, Gleason score, and the clinical stage.
Structural imaging techniques, such as MRI, are beneficial in assessing the intraprostatic progression of the disease. However, PET is superior in the detection of extraprostatic metastases. Gallium-68 is an extensively employed radioisotope for prostate cancer imaging on a routine basis. Therefore, rise in prevalence of prostate cancer is likely to boost the demand for PET imaging utilizing gallium-68 radionucleotide, and subsequently, drives the market during the forecast period.
Hospitals Major End Users
In terms of end user, the global gallium-68 market has been split into diagnostic centers, hospitals, and others. The hospitals segment dominated the market in 2020. Radiopharmaceuticals, such as gallium-68 are consumed during PET scans for diseases such as cancer and cardiovascular. The installation of PET machines requires significant capital and skilled personnel, which are available in hospitals. Hence, the hospitals segment accounted for a prominent share of the global gallium-68 market.
Request for Custom Research – https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=82334
Use of Gallium-68 in Oncology Application
Based on application, the global gallium-68 market has been classified into oncology, neurology, cardiology, and others. The oncology segment dominated the global gallium-68 market in 2020, and the trend is anticipated to continue during the forecast period. The segment’s dominance can be attributed to rise in number of cancer patients, introduction of radioisotopes as a prominent treatment procedure, and new reimbursement process by government policies.
North America to Dominate Global Market, Asia Pacific to Offer Significant Opportunities
In terms of region, the global gallium-68 market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is projected to account for a prominent share of the global gallium-68 market during the forecast period. Rise in access to healthcare and rapid introduction of advanced technological implementations in PET systems are major factors driving the market in North America. The market in Europe is anticipated to expand at a high CAGR in the near future. The increase in use of gallium-68 radiopharmaceuticals in the diagnosis of diseases related to cardiology, respiratory, and urology fuels the market in Europe.
The gallium-68 market in Asia Pacific is projected to expand at a rapid pace in the near future. This can be attributed to rapid improvements in healthcare infrastructure in the region, increase in incidence of neurological disorders, and surge in research & development activities.
Buy Gallium-68 Market Report at https://www.transparencymarketresearch.com/checkout.php?rep_id=82334<ype=S
Growth Strategies of Key Players
Key players operating in the global gallium-68 market are Siemens Healthineers AG, ITM Isotopen Technologien München AG, Advanced Accelerator Applications (a Novartis AG Company), and Telix Pharmaceuticals. These companies engage in research & development to develop novel products in order to expand product offerings and customer base. For instance, in May 2018, ITM received marketing authorization for ready-to-use radiopharmaceutical TOCscan (68Ga-Edotreotide) in Germany, Austria, and France.
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
Mr. Rohit Bhisey
Transparency Market Research
USA – Canada Toll Free: 866-552-3453
Press Release Source: https://www.transparencymarketresearch.com/pressrelease/gallium68-market.htm