Wilmington, Delaware, United States, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to a market report by TMR, the global germanium-68/gallium-68 generators industry is anticipated to register a CAGR of 14.4% from 2022 to 2031. Increase in adoption of radioisotopes in nuclear medicine is likely to propel market demand in the next few years. Gallium-68 can be produced without a cyclotron. This makes its production easier for companies that have smaller facilities and do not own an on-site cyclotron. Furthermore, rise in adoption of radionuclides with shorter half-life in medical facilities across the world is bolstering market development.
Usage of gallium-68 compounds in PET image scanners aids in enhancing the repeat imaging ability and improves the dosimetry. Modern systems, such as PET/CT, are most frequently used for the diagnosis and treatment of various chronic ailments, including neurological disorders, cardiovascular disorders, and cancer. Radioisotopes offered by players in the global germanium-68/ gallium-68 generators market are also used to produce radioactive therapeutic drug solutions for treating gastrointestinal, neurological, cardiovascular, and endocrine disorders.
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Germanium-68/ Gallium-68 Generators Market - Key Findings of Report
- Increase in Prevalence of Cancer Propels Market Growth: Leading players in the market are offering products and solutions that are used to diagnose and treat various types of cancer. These are used in PET and PET/CT scans. Increase in prevalence of cancer, including prostate and lung is augmenting market expansion. According to a recent study by the American Cancer Society, 1,918,030 cases of cancer are anticipated to be recorded in the U.S. alone in 2022. Furthermore, rise in prevalence of prostate cancer, which is the fifth leading cause of death among men, and the second most frequently diagnosed type of cancer, is expected to drive market demand in the next decade.
Germanium-68/ Gallium-68 Generators Market - Growth Drivers
- Increase in preference for PET and PET/CT systems for diagnosis and treatment of cancer is propelling market growth
- Rise in prevalence of prostate cancer across the world bolsters market development
- Surge in adoption of radionuclide generators that use gallium-68 compounds in nuclear medicine sector boosts market demand
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Germanium-68/ Gallium-68 Generators Market - Key Players
Leading companies assessed in the report are IRE ELiT, ITM Isotope Technologies Munich SE, iThemba Labs, B. J. Madan & Co., IBA Radiopharma Solutions, Eckert & Ziegler, Cardinal Health, RadioMedix, Inc., Isotope JSC, and artms.ca. These players are adopting growth strategies and investing in new technologies to increase market share. Extensive research & development activities, expanding product inventories, merger & acquisition, and launch of new and robust services and solutions are the strategies adopted by the prominent players. Market players are also engaged in the design and development of innovative products using new technologies in order to expand revenue streams.
Germanium-68/ Gallium-68 Generators Market - Regional Growth Assessment
Europe is anticipated to account for the leading market share during the forecast period. This is ascribed to presence of a large number of prominent regional players, who have established robust channels for region-wide distribution. The market in Asia Pacific is estimated to register higher growth rate in the next few years. Rise in awareness about the utilization of radioisotopes in PET scan for cancer is ascribed to the region's large market share. Additionally, increase in the significance of nuclear medicine in various medical fields, such as oncology, endocrinology, and cardiology, is anticipated to drive the market in Asia Pacific in the next few years.
Germanium-68/ Gallium-68 Generators Market: Segmentation
Germanium-68/ Gallium-68 Generators Market, by Type of Generator
- 50 mCi
- 100 mCi
- Others
Germanium-68/ Gallium-68 Generators Market, by End-user
- Hospitals
- Diagnostic Centers
- Others
Germanium-68/ Gallium-68 Generators Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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