Theranostics Market Size was valued at USD 2.3 Billion in 2023. The Global Theranostics industry is projected to grow from USD 2.65 Billion in 2024 to USD 8.35 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.11% during the forecast period (2024 - 2032). 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.
September 2023: The Mayo Clinic and GE HealthCare have initiated a new strategic relationship in order to foster advancements in medical imaging and theranostics. Both entities will collaborate harmoniously to generate novel research and develop innovative products, with the aim of revolutionizing the experience of patients and doctors in the field of radiology. This collaboration facilitates the integration of research and clinical teams' knowledge and input into the process of developing and commercializing innovative products. As a result, it speeds up the translation of research findings into patient care and provides a wider scope for global influence. The two organizations have announced that their efforts will primarily concentrate on four key areas: (1) enhancing MRI techniques and technologies, (2) revolutionizing care by creating specific theranostic agents, (3) simplifying and expediting the use of ultrasound, and (4) utilizing data, artificial intelligence, and digital health tools to enhance the patient experience. Collaborative endeavors and research will occur at Mayo's Minnesota campus. GE and the renowned health system have announced their intention to collaborate with additional medical fields affected by radiography, such as cardiology, cancer, radiation oncology, vascular medicine, neurology, nuclear medicine, and urology.
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
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.
Intended Audience
| Report Attribute/Metric | Details |
| Â Â Market Size | Â Â USD 8.35 Billion |
| Â Â CAGR | Â 16.11% |
| Â Â Base Year | Â Â 2021 |
| Â Â Forecast Period | Â Â 2024-2032 |
| Â Â Historical Data | Â Â 2020 |
| Â Â Forecast Units | Â Â Value (USD Million) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â Therapeutic Area, Technology, End User |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Â Â Key Vendors | Â Â Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, Beckman Coulter, Inc., Focus Diagnostics, Abbott Laboratories, Illumina, Inc., Agilent Technologies, Inc., QIAGEN, Myriad Genetics, Inc., Foundation Medicine, Inc., and AmeriPath, Inc. |
| Â Â Key Market Opportunities | Â Â New product launches and R&D Amongst major key Players |
|   Key Market Drivers | · The growing demand for personalized medicine. · The Increasing technological development in nanoscience |
Theranostics Market Highlights:
Frequently Asked Questions (FAQ) :
Theranostics is a combination of nanoscience, diagnostics, and therapeutics that delivers personalized medication.
Theranostics Market was valued at close to USD 8.35 Million in 2032.
Theranostics Market is expected to exhibit a strong 16.11% CAGR over the forecast period from 2024-2032.
The growing demand for personalized medicine and the increasing technological development in nanoscience are the major drivers for the global theranostics market.
The Americas and Europe dominate the global theranostics market.
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
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