This compound is primarily used in nuclear medicine for diagnostic imaging and targeted radiotherapy, particularly in the detection and treatment of neuroendocrine tumors (NETs). It acts as a chelating agent, binding to radioactive isotopes such as lutetium-177 or gallium-68, which are then used in positron emission tomography (PET) scans or radionuclide therapy. The compound specifically targets somatostatin receptors, which are overexpressed in many NETs, allowing for precise localization and treatment of these tumors. Its application enhances the accuracy of tumor imaging and improves the efficacy of therapeutic interventions while minimizing damage to surrounding healthy tissues.