Theranostics Market Share, Size, Trends, Industry Analysis Report, By Disease (Neurological Disorders, Cardiovascular Diseases, Oncology Disorders, Immunological Disorders), By Technology, By End-User, By Region, Segments & Forecast, 2023 – 2032
- Published Date:Mar-2023
- Pages: 112
- Format: PDF
- Report ID: PM1295
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global theranostics market was valued at USD 1,212.39 Million in 2022 and is expected to grow at a CAGR of 10.01% in the forecast period. Increasing incidences of cancer and other chronic illness across the globe is the primary key factor supporting the growth of the market. In the coming years, reduced time for medical trials and increasing need for low-cost tumor diagnosis among the patients of merging economy countries are other supporting factors.
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Theranostics is deliberated as a combination of drug and diagnostics therapy. It aids in enhancing operative outcomes, streamlining and safety of overall drug development. Various effective medical drugs and advanced diagnostic tests have been given several names, such as Dx/Rx partnering, pharmacodiagnostics, companion diagnostics, and integrated medicine. Continuous research activities in these areas contribute broadly towards market growth, as this is considered a vastly emerging field and is anticipated to spawn robust growth opportunities from regulatory the healthcare industry.
For instance, as per World Health Organization, cancer is the leading cause of nearly 10 million deaths in 2020, and around 400,000 children develop cancer yearly. The rising need for effective treatment at a low cost requires theranostics therapy to address the issues. Side -effects of chemotherapy and others continue to be challenging for clinicians. Further, the increasing prevalence of other diseases presents many prospects for the market players in the coming decade.
The enhanced cooperation between drug manufacturers and diagnostics companies further drives the market. This factor is anticipated to fuel the market growth during the forecast period. Additionally, the operative communication with surgeons and specialists to know the theranostics dispersion in the market will likely result in an enhancement in the global market. Moreover, the increasing number of strategic mergers and acquisitions is anticipated to boost the growth of the worldwide market in the forecast period.
The covid-19 pandemic has had both positive and negative impacts on the market. On the negative side, the market was hampered by factors including disruptions in supply chains, delayed clinical trials, and economic downturn. For example, the pandemic has led to the suspension or delay of many clinical trials, which has slowed the development and commercialization of new theranostic products and services.
While on the positive side, the pandemic has led to a surge in demand for COVID-19 diagnostic testing, which has increased demand for diagnostic tools and services. It has helped to fuel the growth of the market. Further, the urgency of the pandemic has led to the accelerated development of new theranostic products and services for COVID-19 diagnosis and treatment.
However, the factors such as monitoring timelines and the high cost associated with theranostics are the aspects hindering the global market. For instance, nanomedicine products are generally more expensive and require more research and development than traditional chemotherapy treatments. In addition, lack of awareness about the therapy among various countries remained another obstacle to the market's long-term growth. Moreover, the need for more standardization can limit its widespread adoption. The lack of standardization can lead to variability in test results and hinder the comparability of results across different products and services.
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Industry Dynamics
Growth Drivers
The increasing prevalence of cancer globally is one of the major drivers of the theranostics market. As cancer incidence increases globally, the demand for more personalized and effective treatments also increases. The therapy can help to identify specific cancer biomarkers, which can be used to tailor treatment plans for individual patients. By combining diagnostics and therapeutics, theranostics can help to improve the effectiveness of cancer treatments and reduce side effects.
Moreover, the increasing incidence of cancer also leads to the developing of new theranostic products and services. Companies are investing in research and development of new theranostic products and services for various types of cancer, including breast, lung, and prostate cancer.
Technological advancements in the market have remained the second most important factor for market growth. Improvements in imaging technologies, biomarker identification, and molecular biology have made it possible to develop more effective theranostic products and services. In addition, governments worldwide are investing in research and development of theranostic products and services. For example, the National Institutes of Health (NIH) in the United States has launched several initiatives to support theranostics research.
Report Segmentation
The market is primarily segmented based on disease, technology, end-user, and region
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By Disease |
By Technology |
By End-user |
By Region |
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The Oncology Disorders segment accounted for the largest market share in 2022
The increasing number of cancer cases across the globe has required an effective therapy such as a theranostic nanoparticle-based mechanism. The mechanism combines therapeutics and diagnosis approach to reduce the delays in treatment. The nanoparticle-based therapy monitors and diagnoses the biological systems by targeting the cancer cell and encapsulating the drugs. In addition, the increasing number of regulatory approvals, products launch, technological advancements, and clinical studies for diagnosing oncology further drive the market.
Based on Technology, the Polymerase Chain Reaction (PCR) segment is anticipated to grow quickly over the forecast period.
The theranostics market is growing rapidly, driven by the increasing demand for personalized medicine and the development of targeted therapies. PCR is a key component of this market, as it enables the identification of specific biomarkers and genetic mutations that can be used to guide treatment decisions. The theranostics market uses PCR for various applications, including companion diagnostics, minimal residual disease (MRD) detection, and gene expression analysis. Factors such as the increasing prevalence of infectious diseases, the growing demand for molecular diagnostic tests, and the rising adoption of PCR technology in research and academic institutions drive market growth.
The Hospitals and Clinics segment is accounted to witness the fastest growth rate in the forecast period.
Based on end-user, the hospitals and clinics segment is projected for rapid growth, owing to major driving factors, including the rising number of theranostics patients requiring the diagnosis treatment. The hospitals and clinics segment is expected to continue driving growth in the theranostics market as more personalized medicine solutions are developed and adopted. The increasing demand for targeted diagnostic and therapeutic solutions, coupled with the growing prevalence of chronic diseases, is expected to fuel the growth of the theranostics market in the coming years.
North America region is leading the market in terms of revenue share for the year 2022
The major factors for the region's growth are the increasing demand for personalized medicine and the growing prevalence of chronic diseases. The presence of key market players and well-established healthcare infrastructure are expected to fuel the market growth in the region further. It is a major market for theranostics, driven by the increasing demand for personalized medicine and the growing prevalence of chronic diseases. The region has a well-established healthcare infrastructure and high healthcare spending, making it an attractive market for companies operating in the theranostics space.
The Asia Pacific region is a rapidly growing market for theranostics, driven by the increasing demand for personalized medicine, the growing prevalence of chronic diseases, and the rising healthcare spending in the region. The region is home to a large and diverse population with varying healthcare needs, making it an attractive market for companies in the theranostics space.
Competitive Insight
Some of the prominent key players operating in the Marketspace includes F Hoffman La Roche, Thermo Fisher Scientific Inc., GE Healthcare, Qiagen NV, Agilent Technologies, Leica Biosystems Nussloch GmBH, Pfizer, Inc., Foundation Medicine, Beckman Coulter, Inc., Focus Diagnostics, Illumina, Inc., Myriad Genetics, Inc., AmeriPath, Inc., Abbott Laboratories
Recent Developments
- October 2022: Beckman Coulter, Inc. has acquired StoCastic. LLC., an artificial intelligence company, to further improve the company’s clinical decision support portfolio that ultimately enhances patient care by using data-driven insights to clinicians.
- January 2023: Agilent Technologies, Inc. has acquired Avida Biomed to complement the company’s market-leading SureSelect portfolio and augment the clinical research and diagnosis in the cancer field.
Synthetic Rubber Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 1,312.53 Million |
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Revenue forecast in 2032 |
USD 3,096.47 Million |
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CAGR |
10.01 % from 2023 - 2032 |
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Base year |
2022 |
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Historical data |
2019 - 2021 |
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Forecast period |
2023 - 2032 |
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Quantitative units |
Revenue in USD Million and CAGR from 2023 to 2032 |
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Segments covered |
By Disease, By Technology, By End-user, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
F Hoffman La Roche, Thermo Fisher Scientific Inc., GE Healthcare, Qiagen NV, Agilent Technologies, Leica Biosystems Nussloch GmBH, Pfizer, Inc., Foundation Medicine, Beckman Coulter, Inc., Focus Diagnostics, Illumina, Inc., Myriad Genetics, Inc., AmeriPath, Inc., Abbott Laboratories |
FAQ's
Key companies in theranostics market are F Hoffman La Roche, Thermo Fisher Scientific Inc., GE Healthcare, Qiagen NV, Agilent Technologies, Leica Biosystems Nussloch GmBH.
The global theranostics market expected to grow at a CAGR of 10.01% in the forecast period.
The theranostics market report covering key segments are disease, technology, end-user, and region.
Key driving factors in theranostics market are increasing prevalence of cancer and rising investment in research and development.
The global theranostics market size is expected to reach USD 3,096.47 Million by 2032.
