# Gallium-68 Market Research Methodology, Business Opportunities and Analysis Report by 2031
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-11-22
Category: Research Reports
Category URL: https://financedigest.com/category/research-reports
Meta Title: Rise in Prevalence of Prostate Cancer Driving Gallium-68
Meta Description: Explore the latest trends, projections, and applications of gallium-68 in PET imaging for cancer detection. Drive your business with valuable insights.
URL: https://financedigest.com/title-gallium-68-market-research-methodology-business-opportunities-and-analysis-report-by-2031html

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**Description:**

**Gallium-68 Market: Introduction**

According to the report, the global [gallium-68 market](https://www.transparencymarketresearch.com/gallium68-market.html) was valued at ~US$ 100 Mn in 2020. It is [projected to expand at a CAGR](https://www.financedigest.com/non-ionizing-radiation-emf-detection-measurement-and-safety-market-is-projected-to-expand-at-a-cagr-of-4-57-from-2016-to-2024-tmr.html "Non-ionizing Radiation/EMF Detection, Measurement, and Safety Market is projected to expand at a CAGR of 4.57% from 2016 to 2024 – TMR") 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](https://www.financedigest.com/carbocernaite-market-research-report-2022-global-forecast-till-2026.html "Carbocernaite Market Research Report 2022 – Global Forecast till 2026") period. The high prevalence of neuroendocrine tumors (NETs) among the population [drives the gallium-68 market](https://www.financedigest.com/discrete-digitization-to-drive-the-chromatographic-separation-resins-market.html "Discrete digitization to drive the Chromatographic Separation Resins 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](https://www.transparencymarketresearch.com/radiopharmaceuticals-market.html) have been evaluated in numerous [clinical trials](https://www.transparencymarketresearch.com/clinical-trials-market.html). Increase in awareness about NETs as well as [advancements in nuclear medicine propels the gallium-68 market](https://www.financedigest.com/iol-delivery-systems-market-latest-advancements-and-business-opportunities-2028.html "IOL Delivery Systems Market  Latest Advancements and Business Opportunities 2028") in North America.

The gallium-68 [market in Asia Pacific is estimated to expand](https://www.financedigest.com/beverage-packaging-market-estimated-to-expand-at-a-robust-4-1%cagr-by-2027.html "Beverage Packaging Market Estimated to Expand at a Robust 4.1%CAGR By 2027") 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.

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**[Rise in Prevalence of Prostate Cancer to Drive](https://www.financedigest.com/nestle-sales-soar-as-price-rises-drive-growth.html "Nestle sales soar as price rises drive growth") 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](https://www.financedigest.com/strong-nighttime-earthquake-jolts-sleeping-mexicans-at-least-one-death-reported.html "Strong nighttime earthquake jolts sleeping Mexicans, at least one death 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](https://www.financedigest.com/lentils-flour-market-overview-cost-structure-analysis-growth-opportunities-and-forecast-to-2029.html "Lentils Flour Market Overview, Cost Structure Analysis, Growth Opportunities And Forecast To 2029") 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.

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**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](https://www.financedigest.com/emulsified-shortenings-market-overview-cost-structure-analysis-growth-opportunities-and-forecast-to-2029.html "Emulsified Shortenings Market Overview, Cost Structure Analysis, Growth Opportunities And Forecast To 2029") period. [Rise in access to healthcare and rapid introduction of advanced technological implementations in PET systems are major factors driving the market](https://www.financedigest.com/ge-healthcare-rises-8-in-market-debut-eyes-small-deals.html "GE HealthCare rises 8% in market debut, eyes small deals") in North America. The [market in Europe is anticipated to expand at a high CAGR in the near](https://www.financedigest.com/mull-it-over-living-near-the-uks-best-christmas-markets.html "Mull it over: Living near the UK’s best Christmas markets") 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](https://www.financedigest.com/sports-inspired-clothing-market-2022-outlook-current-and-future-industry-landscape-analysis-2028.html "Sports Inspired Clothing Market 2022 Outlook, Current and Future Industry Landscape Analysis 2028"). 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&ltype=S](https://www.transparencymarketresearch.com/checkout.php?rep_id=82334&ltype=S)

**Growth Strategies of Key Players**

[Key players operating in the global gallium-68 market](https://www.financedigest.com/peel-oil-market-industry-research-segmentation-key-players-analysis-and-forecast-to-2029.html "Peel Oil Market Industry Research, Segmentation, Key Players Analysis and Forecast to 2029") 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](https://www.financedigest.com/lumen-research-expand-us-operations-with-key-sales-and-customer-success-hires.html "Lumen Research expand US operations with key sales and customer success hires") base. For instance, in May 2018, ITM received marketing authorization for ready-to-use radiopharmaceutical TOCscan (68Ga-Edotreotide) in Germany, Austria, and France.

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