Source: GlobalData
Australia PET imaging agents market to grow at 2% CAGR through 2033, forecasts GlobalData
Posted in Medical Devices
Prostate cancer is one of the most diagnosed cancers in Australia, making effective diagnostic tools and agents crucial for better patient outcomes. Positron emission tomography (PET) imaging agents, especially those targeting prostate-specific membrane antigen (PSMA), offer a powerful way to detect and monitor prostate cancer at a molecular level. Against this background, the Australian PET imaging agents market is expected to grow at a 2% CAGR through 2033, forecasts GlobalData, a leading data and analytics company.
GlobalData’s Nuclear Imaging Agents Market Size by Segments, Share, Regulatory, Reimbursement and Forecast to 2033 report reveals that Australia accounts for around 15% of the Asia-Pacific nuclear imaging agents market in 2024.
The Australian Therapeutic Goods Administration (TGA) has recently approved the use of Illuccix to diagnose prostate cancer and help identify a course of treatment, such as PSMA-targeted radionuclide therapy.
Aditi Dakshesh Parikh, Medical Devices Analyst at GlobalData, comments: “The addition of this new indication is expected to bring a transformation in prostate cancer management as Illuccix remains the only PSMA-PET agent approved in Australia and listed on the Medicare Benefits Schedule, to date. By providing insights into cellular activity, PET imaging agents can detect disease recurrence and the effectiveness of the ongoing therapies can also be easily assessed.”
The PET imaging agents’ market is witnessing a steady growth as these agents are poised to become integral not only in prostate cancer treatment but across a wider range of cancers.
Parikh concludes: “PET imaging agents are becoming the essential components in modern medical diagnostics, setting new standards in clinical practice as a result of technological advancements in hybrid imaging systems such as PET/CT and PET/MRI, enhancing diagnostic accuracy and treatment outcomes.”