North America Theranostics Market

North America Theranostics Market Size (2024 to 2029)

As per the research report, the size of the North America Theranostics Market was valued at USD 36.51 Million in 2024 and is expected to reach USD 63.18 Million by 2029, estimated to grow at a healthy CAGR of 11.59% during the forecast period. Theranostics is a combination of drug therapy and diagnostics.

In North America, the United States is holding the highest shares of the market. Rising chronic incidences and cancer patients are key factors contributing to theranostics market growth in this part of the world. Increasing demand for patience for better healthcare treatment and willingness to afford better healthcare treatment is enhancing the demand of the market.

Canada is following the United States is dominating the shares of the market. Growing government investment in research and development is also driving demand for the theranostics market in North America. Increasing investment in research organizations in the biotechnology field is additionally prompting the growth rate of the market. Increasing awareness among people about diagnostic procedures and the rising interest of people in early diagnosis is also escalating the demand of this market.

MARKET DRIVERS

The increasing incidence of cardiovascular, oncology diseases is the key factor in driving the growth of the market. According to the world health organization, it is estimated that there are 17.9 million people suffering from cardiovascular disease annually. Continuous research and development in the region for drug development contribute to the growth of the market. The entry of new key players is propelling the growth of the market. In 2018, Amgen Inc. and Biocartis Group NV took partnership for the development of a diagnostic test for Vectibix drug.

Increasing incidences of acute medical conditions, such as neurological diseases and cancer, propel the growth of the market. Report to the national cancer institute, in 2019, it is estimated that 1853890 new cases of cancer are diagnosed in the United States. Availability of technologically advanced infrastructure, presence of the key player in pharmaceutical organizations, strong research and development are fueling the market in the United States.

MARKET RESTRAINTS

However, a lack of awareness about post-cancer treatments, and a shortage of experienced physicians due to lack of research training programs are hindering the demand of the market. High cost for the maintenance and installation of healthcare devices in medical laboratories is also a factor limiting the demand of the market. Strict rules by the government for the approval of new healthcare products are some of the challenging factors for market growth.

This research report on the North America Theranostics Market has been segmented and sub-segmented into the following categories.

North America Theranostics Market By Disease Type

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

North America Theranostics Market By Technology

• Polymerase Chain Reaction (PCR)
• Immunohistochemistry
• In Situ Hybridization
• Sequencing
• Others

North America Theranostics Market By End-User

• Hospitals
• Diagnostics Laboratories
• Others

North America Theranostics Market By Country

• U.S
• Canada
• Rest of North America

Regionally, the United States holds the major share in the market due to the presence of market leaders as well as developed healthcare and pharmaceutical infrastructure. The U.S. is also the fastest-growing region due to increasing expenditure on health care, product innovation, and increasing disposable income. Canada is following the US is dominating the shares of the market. Increasing incidences of chronic diseases are a major factor propelling the demand of the market to the extent. 

Companies playing a dominant role in the North America Theranostics Market profiled in this report are Abbott Laboratories, AmeriPath, Dickinson and Company, BIOTEC Laboratories, Dade Behring, Dianon Systems, Dynacare Laboratories, Enterix, Focus Diagnostics, Pfizer, and Beckman Coulter.