The Theranostics Market Scope is expanding due to a rise in cancer cases and increased utilization of radiopharmaceuticals for neurological treatments. Emerging countries offer potential for growth, with the increasing incidence of targeted diseases and a growing number of healthcare facilities.
The report Theranostics Market is projected to reach USD 4.3 billion by 2028 from USD 2.1 billion in 2023, at a CAGR of 15.5% from 2023 to 2028.
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Growth Drivers
Precision medicine or personalized medicine involves the targeted approach for a patient by considering the difference in the genes and other factors such as lifestyles and environments. Specific characteristics of a patient are analyzed tailored for innovative approach to medical treatment. The treatment or therapy designed for the patient by considering the molecular and cellular profile results in effective prevention, diagnosis, improved outcomes, and reduced side effects.
Market Segmentation: –
- Based on the product, the global theranostics market is segmented into diagnostic imaging, radiopharmaceuticals, IVD/Biomarker screening, and software and services. The radiopharmaceuticals segment is anticipated to register the highest growth rate over the forecast period and also accounted for the highest share of the theranostics market in 2022.
- Based on application, the theranostics market is segmented into prostate cancer, bone metastasis, other cancer, and other applications. The prostate cancer segment accounted for the largest share of the market in 2022 and is also expected to grow at the highest CAGR during the forecast period.
- Based on end user, the global theranositcs market is segmented into hospitals and cancer centers, theranostics centers, and research and academic centers. The hospitals and cancer care centers segment accounted for the largest share of the market in 2022. Consistent rise in the number of hospitals and rising old-age population are driving the growth of this segment.
- The Asia Pacific theranostics market is anticipated to register the highest growth from 2023 to 2028. The key players of theranostics market are focusing on expanding their footprint in the APAC region. This region is witnessing a significant rise in the adoption of the treatment by different end user facilities in the region.
Growth opportunities
Developing economies such as offer growth opportunities for the major players in the market. Although the cost factor is a concern in these developing countries, their huge population base—especially in India and China—offers a sustainable market for theranostics.
The high incidence of chronic diseases such as cancer, strokes, and neurological and cardiovascular diseases, as well as the high death rates in these countries, have increased the need for early detection. According to a GLOBOCAN 2020 report, the number of new cancer cases diagnosed in 2020 was 19.3 million, and almost 10.0 million died due to cancer.
Recent Developments of Theranostics Industry:
- Advanced Accelerator Applications (France) received FDA approval for Pluvicto (lutetium Lu 177 vipivotide tetraxetan). Pluvicto is a targeted radioligand therapy for patients with prostate cancer with a therapeutic radioisotope.
- Bayer AG (Germany) and the Broad Institute of MIT and Harvard (US) extended their long term collaboration for the advancement of new therapeutic approaches in cancer.
- GE Healthcare collaborated with the Mayo Clinic (US) for innovation in research and product development. The collaboration aims to have the technology for clinicians for the precise diagnosis and approaches to theranostics and medical imaging.
Top Key Players:
As of 2022, prominent players in the market are Advanced Accelerator Applications (France), Bayer AG (Germany), GE Healthcare (US).
The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Increasing establishment of hospitals, rising focus on targeted therapies, and introduction of novel theranostic approaches are expected to drive the market during the forecast period. Introduction of artificial intelligence (AI) helps to improve the diagnostic accuracy. Recent FDA approvals increases the awareness and supports rising adoption of theranostics.
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