Gallium-68 Market

Gallium-68 Market Research, 2032

The global Gallium-68 market size was USD 93.5 million in 2021 and was 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 tumors (68Ga-peptides such as DOTA-TATE, DOTA-TOC, and DOTA-NOC) etc.

Market Highlights

The global Gallium-68 market is expected to project a CAGR of 8.7% during the forecast period, 2022-2032

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 increase 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 tumors 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 Segmentation:

Oncology segment is expected to grow with high CAGR during the forecast period

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.

Hospitals segment is expected to grow with high CAGR during the forecast period

Global Gallium-68 Market is classified based on the End User into Hospitals, Diagnostic Centers, 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 needs skilled personnel and high capital investments which are available in hospitals, thereby facilitating the growth of hospitals segment in the global gallium-68 market.

Market Dynamics:                                                                  

Growth Drivers

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 medications. 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 a radioisotope for prostate cancer imaging which is expected to increase the demand for 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.

Restriction

Health Complications May Hamper Market Growth

The utilization of gallium-68 in geriatric patients is limited due to complications such as heart problems, liver or kidney malfunction, which may hinder market growth

Recent Developments:

• In May 2018, ITM received marketing authorization for ready-to-use radiopharmaceutical TOCscan (68Ga-Edotreotide) in Germany, Austria, and France

Key Players Covered:

• Siemens Healthineers AG
• ITM Isotopen Technologien München AG
• Advanced Accelerator Applications
• Telix Pharmaceuticals

Other Prominent Players ( Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Developments, Regional Presence, SWOT Analysis )

Regional 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.

Global Gallium-68 Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, YoY Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, YoY Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, YoY Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, YoY Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, YoY Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.

Global Gallium-68 Market Scope and Segments:

Frequently Asked Questions (FAQ):