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Gallium-68 Market Size, Share, and Analysis, By Application (Cardiology, Oncology, Neurology, Others), End User (Hospitals, Diagnostic Centres, Others) and Regional Forecasts, 2022-2032
Global Gallium-68 Market size was USD 93.5 million in 2021 and projected to grow from USD 110.1 million in 2023 to USD 233 million by 2032, exhibiting a CAGR of 8.7% during the forecast period.
Gallium-68 is a positron-emitting radioisotope created from a 68Ge/68Ga generator with a half-life of one hour eight minutes, generally used in positron emission tomography (PET). The initiation of PSMA-targeting tracers like PSMA-11, PSMA-617, and PSMA-I&T has elevated the clinical use of 68Ga-radiopharmaceuticals for diagnostic imaging purpose. This isotope can be used to label various molecules and peptides for multiple applications like a radiopharmaceutical tracer used during PET scans, for prostate cancer imaging (68Ga-PSMA), neuroendocrine tumours (68Ga-peptides such as DOTA-TATE, DOTA-TOC, and DOTA-NOC) etc.
Global Gallium-68 market is expected to reach USD 233 million, growing at a CAGR of 8.7% during forecast period owing to the increasing acceptance of gallium-68 as a frequently used radioisotope in clinical PET imaging techniques and growing prevalence of cancer which is expected to boost the growth of the global gallium-68 market during the forecast period. The specificity & sensitivity of gallium-68 radiopharmaceuticals were evaluated in several clinical trials. The increasing prevalence of neuroendocrine tumours in the population and rising awareness in the NETs & advancements in nuclear medicine is expected to drive the growth of the gallium-68 market.
Global Gallium-68 Market is classified based on the Application into Cardiology, Oncology, Neurology, Others. The Oncology segment dominated the global gallium-68 market in 2021 and is expected to continue the same during the forecast period. The segments dominance is attributed to the increasing count of cancer patients, new reimbursement initiatives by the governments & launch of radioisotopes as a popular treatment procedure.
Global Gallium-68 Market is classified based on the End User into Hospitals, Diagnostic Centres, Others. Hospitals segment dominated the market in 2021 and is expected to dominate the same in the forecast period. Radiopharmaceuticals like gallium-68 are used in hospitals during PET scans for cardiovascular diseases and for cancers. The setting up of PET machines need skilled personnel and high capital investments which are available in hospitals, thereby facilitating the growth of hospitals segment in the global gallium-68 market.
Rising Prevalence of Prostate Cancer is Expected to Boost the Growth of the Market
The prevalence of prostate cancer is increasing globally due to the adoption of modern dietary habits which is resulting in high death rate due to various ailments. As per a study, prostate cancer was the second frequent cancer occurring in men leading to death which can be diagnosed by biopsy. The risk is determined based on the concentration of prostate-specific antigen in serum and the clinical stage. Imaging techniques like MRI, are helpful in assessing intraprostatic progression of the disease. Gallium-68 is used as radioisotope for prostate imaging cancer which is expected to boost the demand the of Global Gallium-68 market.
Increasing Research and Development Activities May Boost the Growth of Market
Gallium-68 has wide range of applications and is emerging in nuclear medicine owing to the availability via radionuclide generator and cyclotron-independency. Gallium-68-labeled peptides were identified as a unique radiopharmaceuticals class of dispensing fast target localization. The (8)Ga-Dotatate, (68)Ga-Dototatoc, (68)Ga-Dotanoc are the popular radiopharmaceuticals currently in used for imaging and separating lesions of various somatostatin receptor subtypes which may have positive impact on the growth of the market.
Health Complications May Hamper the Market Growth
The utilization of gallium-68 in geriatric patients is limited due to the complications like heart problems, liver or kidney malfunction which may hamper the growth of the market.
Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Global Gallium-68 Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America region dominated the Global Gallium-68 in 2021 and is also expected to dominate the same over the forecast period owing to the increasing access to healthcare system, introduction of advanced technological implementations in PET systems and rising usage of gallium-68 radiopharmaceuticals in the diagnosis of diseases which is expected to boost the growth of the market.
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and travel bans to control the coronavirus spread. Covid-19 has affected several industries and even led to shutdown of many business activities worldwide. The Covid-19 pandemic had a negative impact on the growth of Global Gallium-68 market as the screening and non-emergent procedures were halted during the pandemic leading to the downfall of the market growth.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 8.7% from 2022-2032 |
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Unit |
Value (USD Million) |
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Segmentation |
Main Segments List |
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Application |
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End User |
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By Region |
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Global Gallium-68 Market size was estimated at USD 93.5 million in 2021 and is expected to reach USD 233 million in 2032.
Gallium-68 is a positron-emitting radioisotope created from a 68Ge/68Ga generator with a half-life of one hour eight minutes, generally used in positron emission tomography (PET). The initiation of PSMA-targeting tracers like PSMA-11, PSMA-617, and PSMA-I&T has elevated the clinical use of 68Ga-radiopharmaceuticals for diagnostic imaging purpose.
Oncology and Hospitals segment accounted for the largest Global Gallium-68 market share.
Key players: Siemens Healthineers AG, ITM Isotopen Technologien München AG, Advanced Accelerator Applications, Telix Pharmaceuticals and Other Prominent Players are the key players in the Global Gallium-68 Market.
Increasing Prevalence of Prostate Cancer and Increasing Research and Development Activities are the factors driving the Global Gallium-68 market.
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