PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498764
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498764
Theranostics Market size was valued at USD 2,390.20 million in 2023, expanding at a CAGR of 13.90% from 2024 to 2032.
The theranostics market involves the combination of diagnostics with therapeutics to create personalized treatment plans for patients. This approach allows for tailored therapy based on an individual's specific genetic makeup, disease state, and other relevant factors. The key drivers of the theranostics market are the growing focus on personalized medicine and precision healthcare. By using diagnostic tests to identify biomarkers or specific molecular targets, healthcare providers can better match patients with the most effective treatments, potentially improving outcomes and reducing adverse effects. Furthermore, the increasing prevalence of chronic diseases, such as cancer and cardiovascular disorders, has fueled the demand for innovative therapeutic approaches.
Theranostics Market- Market Dynamics
Increasing focus on precision medicines propelling the theranostics market
Precision medicine approaches have gained traction across various medical fields, including oncology, neurology, cardiology, and infectious diseases. As per data, in 2022, total spending on treatments with precision medicine stood at some 32 billion U.S. dollars globally. By 2027, it is projected that total spending will increase to around 124 billion dollars. With advancements in genomics, proteomics, and other omics technologies, healthcare providers can better understand the molecular mechanisms underlying diseases and identify biomarkers that help predict treatment response. Forr instance, Theranostics, an advanced model of precision medicine for lung cancer, combines prevention, diagnosis, and treatment for individual or targeted population disorders to accommodate individual patient characteristics. In addition to clinical traits, it entails gathering and integrating lung cancer patient's genome, transcriptome, proteome, and metabolome properties.
Theranostics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 13.90% over the forecast period (2024-2032)
Based on Therapeutic Area segmentation, oncology was predicted to show maximum market share in the year 2023
Based on end-user segmentation, Hospitals, and Clinics was the leading type in 2023
based on region, North America was the leading revenue generator in 2023
The Global Theranostics Market is segmented on the basis of Therupatic Area, Technology, End User, and Region.
The market is divided into three categories based on end-users: Hospitals and Clinics, Diagnostic Laboratories, and Others. By identifying specific molecular targets associated with diseases, theranostics facilitates targeted therapy delivery. This approach enhances treatment precision, and effectiveness, and reduces collateral damage to healthy tissues. Many theranostic techniques can be seamlessly integrated into existing healthcare infrastructure, making them readily accessible to patients and clinicians without requiring significant additional resources or infrastructure.
The market is divided into five categories based on therapeutic area: Neurological conditions, immunological disorders, cardiovascular illnesses, oncology, and other conditions. Lung cancer, cervical cancer, colorectal cancer, breast cancer, and other cancers are further subdivided under the oncology section. The market was led by the oncology segment, which is anticipated to continue leading during the projection period. This is because theranostics is becoming more widely used in cancer therapy to reduce treatment delays, eliminate many steps in the process, and enhance patient care.
Theranostics Market- Geographical Insights
North America region often leads in theranostics advancements due to well-established healthcare systems, strong research institutions, and favorable regulatory frameworks. The United States, in particular, hosts several key players in theranostics development and adoption. North America is home to many leading pharmaceutical companies that are actively involved in theranostics research and development. These companies have the resources and expertise to accelerate the commercialization of theranostic products and bring them to market. Emerging economies like China, India, and South Korea are witnessing rapid growth in theranostics due to increasing investments in healthcare infrastructure, rising prevalence of chronic diseases, and a growing emphasis on precision medicine.
Companies specializing in diagnostic imaging technologies also compete in the theranostics market. They develop imaging agents and technologies used for the diagnosis and monitoring of diseases. Examples include GE Healthcare, Siemens Healthineers, and Philips Healthcare. Radiopharmaceutical companies focus on the development and production of radiopharmaceuticals used in theranostics. These companies play a crucial role in providing targeted therapies for various diseases such as cancer. Collaboration between different stakeholders such as pharmaceutical companies, diagnostic companies, and research institutions is common in the theranostics market. These partnerships facilitate the development and commercialization of theranostic products by leveraging complementary expertise and resources. For instance, bioMerieux has signed an agreement with GlaxoSmithKline to develop a predictive test to help clinicians select the most appropriate treatment for different segments of breast cancer patients.
In June 2023, The ICPO Foundation and FMRI recently revealed a reference center cooperation that will foster global standards of education in Radiomolecular Precision Oncology (RPO) and assist in setting up novel Theranostics Centres in India.
GLOBAL THERANOSTICS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Thermo Fisher Scientific Inc.
AmeriPath, Inc.
Beckman Coulter, Inc.
Foundation Medicine, Inc.
Hoffmann-La Roche Ltd
Myriad Genetics, Inc.
Focus Diagnostics
Abbott Laboratories
Illumina, Inc.
QIAGEN
Agilent Technologies, Inc.
Others