Theranostics Market

Global Theranostics Market Size (2024 to 2032)

The global theranostics market size is estimated to reach USD 272.78 Million by 2032 from USD 108.60 Million in 2024, to grow at a 12.2% CAGR from 2024 to 2032.

MARKET DRIVERS

The growing incidence of chronic diseases such as cancer is propelling the theranostics market growth.

The post-cancer treatments take time for the total recovery of the patients. The increasing need to treat cancers such as kidney, brain, breast, and liver creates a massive opportunity for the players in the market. Theranostics is a new field of medicine combined with specific therapies based on specific diagnostic tests. Theranostics helps gather diagnostic and therapeutic applications to a single agent allowing for drug delivery, diagnosis, and treatment response monitoring which are majorly used to treat cancer. This treatment uses diagnostic imaging for the determination of the presence of target receptors on cancer cells, uses a combination of imaging and molecular radiotherapy, precise radiation therapy directed at receptors, determine the presence of a molecular target intending a specific drug, and uses positron emission tomography to identify the tumor.

The widespread adoption of Theranos in the diagnosis and treatment of various diseases further boosts the theranostics market growth.

In the diagnosis and treatment of diseases such as neuroendocrine tumors, liver tumors, bone metastatic prostate cancer, metastatic prostate cancer and thyroid cancer, theranostics are being used. The patient-centred focused care of theranostics is making a transition from conventional medicine to personalized medicine. It is a personalized treatment plan, which has been emerging as a safe and effective targeted pharmacotherapy based on the uniqueness of everyone, leading to more effective medication provision for the right patient at the right time. Furthermore, being a cost-effective, practical, and specific treatment protocol, it plays an essential role in genetics, proteomics, pharmacogenetics, and biomarker profiling, which forms the backbone of theranostics, thereby driving the growth of the global theranostics market.

Furthermore, the growing R&D and the approvals for producing products from the FDA and increasing investments in biological research also expect the theranostics market growth. Another key driver boosting the global theranostics market monitored by the pharmaceutical sector is the reduced required time for medical trials. The rise in the prevalence of effective treatment procedures at any cost is solely to contribute to growth opportunities for the global theranostics market. Increasing incidences of chronic diseases are greatly influencing the demand of the market. Furthermore, growing investments in research institutes in the biotechnology field and awareness of manufacturing quality drugs with advanced Technology is likely to outshine the market's growth. People's interest in early diagnosis is also spurring the demand in the theranostics market.

MARKET RESTRAINTS

The shortage of skilled physicians due to the lack of training programs in healthcare institutes quietly hampers the growth of the global theranostics market. In addition, the cost of installing and maintaining the devices in the laboratories and stringent rules and regulations by the government for approval of new products are some factors challenging the market growth.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Theranostics Market Analysis By Disease Type

The neurological disorders segment is anticipated to account for the major share of the global market during the forecast period owing to the prevalence of diseases such as Parkinson's Disease, Alzheimer's Disease, and other prevalent diseases; meanwhile, cancer diseases and cardiovascular disorders are expected to grow the fastest due to increased risk rate and prevalence of these diseases and increasing research expenditure by pharmaceutical companies. In addition, the emergence of the brain theranostics field, involving the visualization of brain disease through the designing of probes and monitoring levels of biomarkers in tissues, has improved diagnosis and treatment efficacy.

The cardiovascular diseases segment is estimated to grow at the highest CAGR during the forecast period due to the rise in cardiovascular imaging, which can corroborate and extend pathophysiological evidence for cardiovascular disease. Furthermore, it is a valuable tool for atherosclerosis, providing the concept for medical treatment, the surrogating endpoint for clinical trials, and predicting the responsiveness.

The oncology segment is predicted to hold considerable occupancy in the worldwide market during the forecast period. Theranostics methods can also be applied in the treatment of cancers, leading to its dominance in the market. It is made for treating basal cell carcinoma, prostate cancer, esophageal cancer, breast cancer, actinic cheilitis, macular degeneration, actinic keratosis, and Bowen's disease.

Global Theranostics Market Analysis By Technology

The polymerase chain reaction segment is projected to hold the largest share of the global theranostics market during the forecast period. For example, a specific DNA fragment can be amplified quickly in the lab using the polymerase chain reaction, producing millions to billions of copies that can then be further examined. In addition, increasing awareness of diagnostic and treatment procedures among individuals is fuelling the growth of PCR segment.

The method most frequently used nowadays for antibody theranostics for solid tumors is immunohistochemistry (IHC), which is expected to dominate the market. IHC can be used to employ the antibody to find the target expression in tumor tissue. The same antibody can subsequently be employed for therapy if the section is determined to express the target positively.

Global Theranostics Market Analysis By End User

The hospital segment was the leading segment in the global market in 2023 and is likely to continue its domination in the worldwide market during the forecast period owing to the growing scale of healthcare and diagnostics centers. Also, increasing disposable income in urban areas is magnifying the growth rate of the hospital segment in the global market.

The diagnostics laboratories segment is anticipated to account for the leading share of the global market during the forecast period. Theranostics is a proposed process of diagnostic therapy for the patients' testing and tailoring treatment with a possibility for reaction to new drug discovery.

REGIONAL ANALYSIS

North America played the dominating role in the global theranostics market in 2023.

It is expected that the domination of the North American region in the global market is expected to continue throughout the forecast period owing to the presence of several major market participants and the presence of well-developed healthcare and pharmaceutical infrastructure. However, in North America, cancer-treated patients have less idea about post-cancer treatments and the high cost of these treatments is expected to be a challenge. Therefore, the prices of the therapies are high, and the experimental nature will still be the barrier to the growth in the theranostics market—the Shortage of skilled professionals due to lack of training hampering the demand for the treatments. In addition, the rigid regulations and rules made by the governments for the new production of products are challenging for the market.

The Asia Pacific theranostics market is the fastest-growing region in the global market.

Factors such as increasing healthcare expenditure, rising efforts on product innovation and increasing disposable income support the growth rate of the Asia-Pacific market. In Japan, the largest radiopharmaceutical company Nihon Medi-Physis (NMP), announced a package of JPY-3.3 billion for new research facility provisioning to theranostics. The NMP center promises to utilize an amalgamation of therapy mechanisms using ordinary molecules using peptides or antibodies. As a result, the center promises to deliver advanced drugs to cancer patients. These factors further help the global market for theranostics increase over the forecast period.

KEY PLAYERS IN THE THERANOSTICS MARKET

Companies leading the global 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.

RECENT HAPPENINGS IN THE MARKET

• In November 2022, committed fundamental tools and technologies creating company MGI launched a new Customer Experience Center (CEC) in Berlin, located at the facilities of ALACRiS Theranostics GmbH, for its support for clinical and research purposes with unique clinical precision oncology solutions, facilitating an individualized approach to cancer treatment to increase value for its customers and local partners.
• In October 2022, Radiopharm Theranostics, a developer of a world-class platform of radiopharmaceuticals for diagnostic and therapeutic use, and NorthStar Medical Radioisotopes, LLC, a global innovator in the development of radiopharmaceuticals, entered into a clinical supply agreement for the supplement of actinium-225 to be used in drug trials involving targeted alpha therapy.
• In October 2022, an Australia-based clinical-stage radiopharmaceutical company, Clarity Pharmaceuticals, successfully treated its first patient in Phase I/II theranostic trial with metastases resistant to castration using SAR-bisPSMA, a cost-effective, next-generation platform for the treatment of patients with prostate cancer.
• In October 2022, EANM showcased developments in Telix's theranostics portfolio regarding advances in imaging, surgery, and patient management in genitourinary oncology.

DETAILED SEGMENTATION OF THE GLOBAL THERANOSTICS MARKET INCLUDED IN THIS REPORT

This research report on the global theranostics market is segmented and sub-segmented based on the disease type, Technology, end-user, and region.

By Disease Type

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

By Technology

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

By End User

• Hospitals
• Diagnostics Laboratories
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa