The global theranostics market size is expected to reach USD 3,096.47 Million by 2032, according to a new study by Polaris Market Research. The report “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, 2019 – 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Theranostics is expected to grow at a quick rate owing to Increasing incidences of cancer and other chronic illness across the globe. Other supporting factors are projected to reduce the time for medical trials and increase the need for low-cost tumor diagnosis among the patients of merging economy countries.
Theranostics is a field of medicine that combines diagnostic and therapeutic capabilities to provide personalized treatment options for patients. The term is a combination of "therapy" and "diagnostics." Theranostics involves the use of targeted therapies that are tailored to an individual patient's unique characteristics, such as their genetic makeup, molecular profile, and disease stage.
The goal of the therapy is to provide a more precise and effective approach to disease management by identifying the most appropriate treatment for each patient based on their specific needs. This approach can help reduce side effects and improve outcomes by targeting the underlying mechanisms of disease.
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There are several limiting factors that affect the growth and adoption of theranostics in the market, including high development and production costs, limited reimbursement, complex regulatory environment, limited clinical evidence, limited physician and patient awareness, and challenges in integrating diagnostics and therapeutics. Overall, these limiting factors can slow the growth and adoption of theranostics in the market, and addressing these issues will be crucial for realizing the full potential of this approach to personalized medicine.
Overall, the impact of COVID-19 on the theranostics market has been mixed, with both positive and negative effects. On the positive side, the pandemic has created a greater awareness of the importance of personalized medicine and targeted therapies, which are the core of the theranostics approach. However, the pandemic has also resulted in delays in clinical trials and approvals, as well as disruptions in the production and distribution of theranostic products.
Polaris Market Research has segmented the theranostics Market report based on disease, technology, end-user, and region:
Theranostics Market, Disease Outlook (Revenue - USD Million, 2019 - 2032)
Theranostics Market, Technology Outlook (Revenue - USD Million, 2019 - 2032)
Theranostics Market, End-User Outlook (Revenue - USD Million, 2019- 2032)
Theranostics Market, Regional Outlook (Revenue - USD Million, 2019 - 2032)