Global Theranostics Market Insights Forecasts to 2033

• The Global Theranostics Market Size was Valued at USD 1.9 Billion in 2023.
• The Market Size is Growing at a CAGR of 5.68% from 2023 to 2033.
• The Worldwide Theranostics Market Size is Expected to Reach USD 3.3 Billion by 2033.
• Asia Pacific is Expected to Grow the fastest during the forecast period.

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The Global Theranostics Market Size is Anticipated to Exceed USD 3.3 Billion by 2033, Growing at a CAGR of 5.68% from 2023 to 2033.    

 

Market Overview

Theranostics is a type of pharmacological therapy in conjunction with diagnostics to optimize safety, effectiveness, and speed up drug development. Other names for it include Dx/Rx collaboration, pharmacodiagnostics, companion diagnostics, and integrated medicine. It is the use of medications in conjunction with diagnostic procedures. Theranostics is the process of accelerating the development of more accessible and efficient pharmaceuticals by fusing medicine therapy with diagnostics. a rapidly expanding field that regulatory bodies and the healthcare business find fascinating. This is a relatively young field of medicine that combines specialized diagnostics and targeted therapy. The factors accelerating the market's expansion are the growing number of new companion diagnostic test developments in world, the increasing end-user adoption of these tests, the growing number of partnerships and collaborations by major industry players to create cutting-edge companion diagnostics, and the rising prevalence of chronic illnesses.

 

Report Coverage

This research report categorizes the market for the global theranostics market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global theranostics market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global theranostics market.

 

Driving factors

The global theranostics market is driven by various factors, including the prevalence of cancer is increasing worldwide, which is increasing demand for more specialized and effective treatments. Treatment plans can be tailored for each patient based on the discovery of specific cancer biomarkers. By combining diagnostics and medication, theranostics can reduce side effects and boost the effectiveness of cancer treatments. In addition, new theranostic services and products are being developed in response to the increasing prevalence of cancer. Companies are investing in the research and development of innovative theranostic goods and services for malignancies other than those of the prostate, lung, and breast. Technological advancements in the industry remain the second most important factor driving market growth. The development of molecular biology, biomarker identification, and imaging technologies has enabled the creation of increasingly successful theranostic products and services.

 

Restraining Factors

The worldwide theranostics sector is facing two obstacles to its expansion: stringent government regulations and inadequate reimbursement choices. Lack of awareness of the therapy in different countries was another obstacle to the market's long-term growth.

 

Market Segmentation

The Global Theranostics Market share is classified into diseases, technology and end user.

 

• The oncology disorders segment is expected to hold the largest share of the global theranostics market during the forecast period.   

Based on the diseases, the global theranostics market is divided into neurological disorders, cardiovascular diseases, oncology disorders, immunological disorders. Among these, the oncology disorders segment is expected to hold the largest share of the global theranostics market during the forecast period. A technique based on theranostic nanoparticles has been developed as a result of the increasing number of cancer patients worldwide. The mechanism combines medications and diagnostic methods to reduce treatment delays. The medication-encapsulated, precisely cancer-targeting nanoparticle-based therapy monitors and detects biological systems.

 

• The PCR segment is expected to hold the largest share of the global theranostics market during the forecast period.   

Based on the technology, the global theranostics market is divided into PCR, In Situ Hybridization (ISH), Immunohistochemistry (IHC). Among these, the PCR segment is expected to hold the largest share of the global theranostics market during the forecast period. The theranostics business is expanding significantly because to the introduction of targeted medications and the growing need for individualized treatment. PCR is an essential part of this sector since it allows for the identification of specific biomarkers and genetic variations that may be used to guide therapeutic decisions. Theranostics uses PCR for a variety of applications, including companion diagnostics, minimal residual disease (MRD) detection, and gene expression research.

 

• The hospitals and clinics segment are expected to hold the largest share of the global theranostics market during the forecast period.   

Based on the end user, the global theranostics market is divided into Hospitals and Clinics, Diagnostics Laboratories, and Others. Among these, the hospitals and clinics segment are expected to hold the largest share of the global theranostics market during the forecast period. The rising number of theranostics patients in need of diagnosis and care. The development and implementation of more customized medical solutions is expected to drive the theranostics market's growth, with a focus on hospitals and clinics. The market for theranostics is expected to rise over the next years due to the increased demand for specialized diagnostic and therapeutic solutions as well as the rising incidence of chronic disorders.

 

Regional Segment Analysis of the Global Theranostics Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

  

North America is anticipated to hold the largest share of the global theranostics market over the predicted timeframe.

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North America is anticipated to hold the largest share of the global theranostics market over the predicted timeframe. The rising incidence of long-term conditions and the growing need for specific medication are the main drivers of the region's growth. It is anticipated that the region's healthcare infrastructure and major industry players would continue to drive market expansion.

 

Asia-Pacific is expected to grow the fastest during the forecast period. This is because companion diagnostics are becoming more widely recognized and used, especially for cancers in this area. International companies are also placing a lot of attention on collaborating and forming alliances with regional companies, which is anticipated to fuel market expansion in Asia Pacific.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global theranostics along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• F Hoffman La Roche
• Thermo Fisher Scientific Inc.
• GE Healthcare
• Agilent Technologies
• Qiagen NV
• Foundation Medicine
• Leica Biosystems Nussloch GmBH
• Pfizer, Inc.
• Beckman Coulter, Inc.
• Focus Diagnostics
• Illumina, Inc.
• Abbott Laboratories
• Myriad Genetics, Inc.
• AmeriPath, Inc.
• Others

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

• In May 2023, a strategic partnership agreement was signed by NUCLIDIUM and PharmaLogic for the production and clinical supply of Cu-based theranostics in the US.

 

• In September 2022, Radiopharm Ventures, LLC was established as a joint venture by Radiopharm Theranostics Limited and the University of Texas MD Anderson Cancer Center with the goal of developing innovative radiopharmaceutical therapeutic treatments for cancer.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Theranostics Market based on the below-mentioned segments: 

 

Global Theranostics Market, By Diseases

• Neurological Disorders
• Cardiovascular Diseases
• Oncology Disorders
• Immunological Disorders

 

Global Theranostics Market, By Technology

• PCR
• In Situ Hybridization (ISH)
• Immunohistochemistry (IHC)
• Sequencing

 

Global Theranostics Market, By End User

• Hospitals and Clinics
• Diagnostics Laboratories
• Others

 

Global Theranostics Market, By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa