Therapy-diagnosis convergence is a major theranostics advancement. Theranostics uses therapeutic and diagnostic techniques on one platform to build personalized treatment programs based on each patient's condition profile.
Leading theranostics market trends involve molecular imaging. With advanced imaging technologies like SPECT and PET, disease traits may be precisely observed at the molecular level, enabling more targeted treatment.
Theranostics follows tailored treatment by tailoring care to each patient. Theranostic approaches allow cancer patients to choose targeted drugs based on their molecular composition, making this tailored approach increasingly popular.
Radiopharmaceuticals provide focussed treatment and diagnostic imaging in theranostics. Innovative radiopharmaceuticals, such as radionuclide-tagged medicines, make accurate diagnosis and therapy simpler, especially in nuclear medicine.
Nanotechnology changes theranostics industry since it offers new diagnosis and treatment methods. Nanoparticles and nanocarriers for medication transport and imaging increase theranostic agent specificity and efficacy, enabling personalized treatment and monitoring.
Cancer therapy with theranostics is driving the market growth. Targeted radionuclide therapy may treat various malignancies with fewer side effects and greater outcomes. Diagnostic imaging often guides this therapy.
Theranostics is expanding into neurological illnesses. Targeted drugs and neuroimaging are being studied for Parkinson's and Alzheimer's diseases, promising tailored treatment.
AI is improving data processing, interpretation, and decision-making in theranostics. AI algorithms enhance patient outcomes by identifying diagnostic imaging patterns, predicting therapy responses, and optimizing treatments.
Theranostics targets cardiovascular applications. Theranostic cardiology uses imaging to assess cardiovascular function and guide focused treatment for atherosclerosis, myocardial infarction, and heart failure.
Increased regulatory support for theranostic procedures is growing the market. Because theranostics can enhance patient outcomes, regulatory agencies are aggressively pushing their development and approval. Clinical trials are validating theranostics' safety and efficacy in several medical fields.
Theranostics market innovation is driven by pharmaceutical, diagnostic imaging, and research institute alliances. These collaborations use shared knowledge, resources, and technology to accelerate theranostic therapy research and commercialization.
As more healthcare systems realize the benefits of personalized, focused therapy, theranostics is growing rapidly. Theranostics is getting more popular worldwide, expanding its usage in several medical disciplines.
The Theranostics Market is expected to reach USD 1,731.78 Million by 2030 at 9.80% CAGR during the forecast period 2022-2030. Theranostics is referred to as the combination of therapeutics, nanoscience, and diagnostics that provides a transition from conventional medicine to a contemporary personalized and precision medicine approach. Theranostics is also called as theragnostics or companion diagnostics (CDx), or pharmacodiagnostics or personalized medical care, or personalized therapy, or personalized medicine technology.
It is a new field of medicine which combines specific targeted therapy based on specific targeted diagnostic tests. Factors responsible for the growth of the market are globally increasing the development of novel companion diagnostic tests, mounting adoption of companion diagnostic tests by end users, increasing collaborations and partnerships by prominent market participants to develop innovative companion diagnostics, and rising burden of chronic diseases. For instance, according to the World Health Organization (WHO), in 2001, chronic diseases contributed approximately 60% of the 56.5 million total reported deaths in the world and around 46% of the global burden of disease; these diseases are forecasted to account for about three-quarters of all deaths worldwide by the end of 2020. On the contrary, the lack of properly defined regulations for theranostics tests and inadequate reimbursement facilities in most of the economies are anticipated to limit the theranostics market size during the forecast period from 2019 to 2025.
Theranostics Market Segmentation
The theranostics market has been segmented into the therapeutic area, technology, end user, and region.
By therapeutic area, the market has been segmented into oncology, cardiovascular diseases, neurological disorders, immunological disorders, and others. The oncology segment is further categorized into breast cancer, colorectal cancer, lung cancer, cervical cancer, and others. The oncology segment dominated the market in 2018 and expected to retain its dominance over the forecast period due to increasing adoption of theranostics in cancer disease to eliminate multi-step procedures, reduce delays in treatment and improves patient care.
On the basis of technology, the market has been divided into polymerase chain reaction (PCR), immunohistochemistry (IHC), in situ hybridization (ISH), sequencing, and others.
Based on end user, the market has been classified into hospitals and clinics, diagnostic laboratories, and others.
The theranostics market has been segmented on the basis of region into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The market in the Americas has further been segmented into North America and Latin America, with the North American market divided into the US and Canada.
The European theranostics market has been segmented into Western Europe and Eastern Europe. Western Europe, market, has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The theranostics market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The market in the Middle East & Africa has been segmented into the Middle East and Africa.
Theranostics Market Key Players
Regional Market Summary
Theranostics Market Share (%), by Region, 2018
Source: White Papers, Company Presentations, Annual Reports, and MRFR Analysis
Geographically, the Americas held substantial market share in 2018 attributed to the presence of key market players, rising prevalence of chronic diseases, strong research and development activities, and increasing adoption of companion diagnostics in the US and Canada. The presence of market players, namely, Thermo Fisher Scientific Inc., Beckman Coulter, Inc., Abbott Laboratories, and Agilent Technologies, Inc. facilitates early market initiation of products and prompt products supply to the customers, thereby supporting to its dominance.
Europe would be the second largest value contributor in the global market due to proliferating pharmaceutical and medical device companies, increasing partnerships and collaborations between life science companies and medical diagnostics companies, and growing focus of major market players on the expansion of product portfolio. For instance, in June 2018, Laboratory Corporation of America Holdings and Unilabs (a Swiss provider of clinical laboratory testing and medical diagnostic imaging services) strategically collaborated to provide expanded global development and delivery of companion diagnostics.
Increasing awareness regarding companion diagnostics, rising collaborations between medical diagnostic companies, growing elderly population coupled with surging prevalence of serious health illnesses are expected to contribute to the lucrative market growth of Asia-Pacific. In August 2018, QIAGEN N.V. collaborated with SRL, Inc., a Japan-based clinical lab testing company, to introduce new companion diagnostics simultaneous with new drug approvals.
The theranostics market in the Middle East & Africa would witness the modest market growth rate from 2018 to 2025. The Middle East would spearhead the market attributed to growth in the healthcare sector along with developing healthcare infrastructure in the Gulf Cooperation Council (GCC) region.
by Therapeutic Area
by Technology
by End User
by Region
Intended Audience
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