Theranostics Market: Global Industry Analysis and Forecast (2023-2029)

Theranostics Market size was valued at US$ 97.46 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 10.1% through 2023 to 2029, reaching nearly US$ 191.13 Bn.
Theranostics Market Overview:
The term theranostics refers to the use of one radioactive medicine to identify (diagnose) and another radioactive drug to give therapy to treat the primary tumour as well as any metastatic tumours. One sort of radioactive isotope, Gallium, is used in theranostics to discover or diagnose malignant targets known as tumour receptors. It then treats them with a different type of radioactive isotope called Lutetium.To know about the Research Methodology :- Request Free Sample Report
Theranostics Market Dynamics:
As cancer occurrences continue to rise and side-effects of procedures like chemotherapy continue to be a challenge for clinicians, the theranostics market is expected to grow rapidly. Furthermore, because recovery is often protracted and requires time away from patients' daily routines, post-cancer care promises lucrative growth. The rise of tumours such as brain, kidney, liver, and breast, among others, presents a plethora of prospects for theranostics players. Growing research and development, as well as hopeful FDA approvals in the pipeline, are expected to continue to drive theranostics market growth.

The high costs of therapy, as well as the fact that it is still experimental, are expected to be major restraints to the growth of the theranostics market. Furthermore, healthcare costs and a lack of information regarding post-cancer treatments are expected to be obstacles in places such as North America. Rising awareness, on the other hand, is expected to open up new chances for theranostics players.

Theranostics market growth is expected to be driven by ongoing developments in cancer treatments to overcome the negative effects of current treatment approaches.

The global theranostics market is being driven by the increased prevalence of chronic diseases, the demand for innovative chemotherapeutic therapies, and the need to improve disease detection. In 2017, Illumina, Inc. stated that the US Food and Drug Administration (FDA) had authorised an extended RAS panel for identifying patients who are candidates for Vectibix treatment for metastatic colorectal cancer (panitumumab). Market growth is expected to be driven by shorter medical trial times and increased collaboration between medication and diagnostics companies. In addition, the growing usage of potentially useful and clinically applicable nanomaterial’s in biological imaging and therapy is expected to boost market growth. Biocartis Group NV and Amgen Inc. teamed together in 2018 to develop a companion diagnostic test for Amgen's Veectibix medication.
Theranostics Market Segment Analysis:
Based on the Therapeutic Area, the market is segmented into Oncology, Cardiovascular Diseases, Neurological Disorders, and Immunological Disorders. Oncology segment is expected to hold the largest market share of xx% by 2029. The rising prevalence of the disease has led to an increase in the usage of cancer diagnostics to examine various types of cancer. According to the National Cancer Institute, there were 442.4 new cancer cases for per 100,000 men and women in 2017.

In addition, the simple availability of the most up-to-date equipment in hospitals and diagnostics to aid in disease identification has increased demand for disease diagnosis. GE Healthcare is developing a number of imaging technologies to help doctors diagnose various cancers. The growing availability of such equipment, together with the growing elder population, has boosted the rise of oncology through these centres.

Based on the End-User, the market is segmented into Hospitals and Clinics, and Diagnostics Laboratories. Hospitals and Clinics segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. This is due to the growing number of the theranostics patients increases the Theranostics treatments in the hospitals and clinics.
Theranostics Market Regional Insights:
North America region is expected to dominate the Theranostics market during the forecast period 2023-2029. North America region is expected to hold the largest market share of xx% by 2029. The major factor driving market growth in this region is the increased frequency of severe diseases such as neurological disorders and cancer. According to the National Cancer Institutes, 1,735,350 new cancer cases were reported in the United States in 2018. In addition, the region's market is being driven by the availability of modern healthcare infrastructure, robust R&D activities, and growing collaborations.

Asia Pacific is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. This is due to the growing awareness and uptake of companion diagnostics, particularly for malignancies in this region. Global corporations are also putting a strong emphasis on creating partnerships and cooperation with local businesses, which is expected to drive the market growth in Asia Pacific. Qiagen and SRL Inc., a Japanese clinical lab testing firm, forged a partnership in August 2018 to introduce new companion diagnostics with fresh drug approvals.

The objective of the report is to present a comprehensive analysis of the Global Theranostics Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Theranostics Market dynamic, structure by analyzing the market segments and project the Global Theranostics Market size. Clear representation of competitive analysis of key players by Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Theranostics Market make the report investor’s guide.
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Theranostics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 97.46 Bn.


Forecast Period 2023 to 2029 CAGR:
10.1%
Market Size in 2029:
US $ 191.13 Bn.


 Segments Covered:
by Therapeutic Area
• Oncology
• Cardiovascular Diseases
• Neurological Disorders
• Immunological Disorders


by Technology
• Polymerase Chain Reaction (PCR)
• In Situ Hybridization (ISH)
• Immunohistochemistry (IHC)
• Sequencing


by End-User
• Hospitals and Clinics
• Diagnostics Laboratories



Theranostics Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Theranostics Market Key Players
• 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.

Frequently Asked Questions:

1. Which region has the largest share in Global Theranostics Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global Theranostics Market?
Ans: The Global Theranostics Market is growing at a CAGR of 10.1% during forecasting period 2023-2029.

3. What is scope of the Global Theranostics Market report?
Ans: Global Theranostics Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Theranostics Market?
Ans: The important key players in the Global Theranostics Market are – 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.

5. What is the study period of this Market?
Ans: The Global Theranostics Market is studied from 2022 to 2029.