Theranostics Market by Product Type (Diagnostic Imaging, Radiopharmaceuticals, IVD/Biomarker Screening, Software and Services and Others), Application(Prostate Cancer, Bone Metastasis, and Others), End Users and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits

Industry : Healthcare | Pages : 190 Pages | Published On : Mar 2024

         
     

The Theranostics Market was valued USD 1.9 Billion in 2023 and projected to reach USD 5.4 Billion by 2030, growing at a CAGR of 16.2% during the forecast period of 2023-2030.

Theranostics Market Size


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             2019                         2023-2030      

ReportDetails
Market Size ValueUSD 1.9 Billion in 2023
Market Size ValueUSD 5.4 Billion by 2030
CAGR16.2%
Forecast Period2023-2030
Historic Data2019
Forecast UnitsValue (USD Million/USD Billion)
Segments CoveredProduct Type, Application, End User and Region
Geographics CoveredNorth America, Europe, Asia Pacific, and RoW

Major vendors in the global theranostics market: Abbott Laboratories, Advanced Accelerator Applications, AmeriPath, Bayer AG, Cardinal Health, Curium, GE HealthCare Technologies, Lantheus Medical Imaging, NuView Life Science, Telix Pharmaceuticals and Others.

Market Overview

The rising incidence of chronic diseases, such as cancer, cardiovascular disorders, and neurological conditions, is fueling the demand for precise diagnostic tools and targeted therapies offered by Theranostics. Continuous innovations in diagnostic technologies, including molecular imaging, genomics, and proteomics, are expanding the capabilities of Theranostics, enabling early disease detection and personalized treatment strategies. Growing investments in research and development activities by pharmaceutical companies, diagnostic firms, and academic institutions are accelerating the development of novel Theranostics platforms and expanding their application across various disease areas. Rising awareness among healthcare professionals and patients about the benefits of Theranostics in improving treatment outcomes and reducing healthcare costs is driving acceptance and adoption across healthcare settings. Investments in healthcare infrastructure, particularly in emerging markets, are creating opportunities for the expansion of the Theranostics market by increasing access to advanced diagnostic and therapeutic technologies. Integration of Theranostics with digital health technologies, such as electronic health records (EHRs), telemedicine, and wearable devices, is enhancing patient management and enabling remote monitoring, thereby driving market growth.

Increasing Prevalence of Chronic Diseases

The increasing prevalence of chronic diseases acts as a major driving force in the Theranostics market. As conditions such as cancer, cardiovascular diseases, diabetes, and neurological disorders become more prevalent worldwide, there is a heightened need for accurate diagnosis and tailored treatment approaches. Theranostics, with its dual capability of diagnosis and therapy, offers a promising solution to address this challenge. By enabling clinicians to identify diseases at an early stage and personalize treatment regimens based on individual patient characteristics, Theranostics can significantly improve patient outcomes and treatment efficacy. As the burden of chronic diseases continues to grow, the demand for Theranostic technologies is expected to rise, driving market expansion and innovation in the field.

Market Dynamics

Drivers:

  • Increasing Prevalence of Chronic Diseases
  • Expansion in Personalized Medicine

Opportunities:

  • Rise of Companion Diagnostics
  • Incorporating Digital Health Technologies

Rise of Companion Diagnostics

Companion diagnostics are tests that are developed alongside specific therapies to identify patients who are most likely to benefit from those treatments. In the context of Theranostics, companion diagnostics play a crucial role in optimizing treatment selection, monitoring treatment response, and predicting potential adverse effects. By enabling more precise and effective therapeutic interventions, companion diagnostics not only improve patient outcomes but also contribute to cost savings by avoiding ineffective treatments. The trend towards personalized medicine continues to grow, the demand for companion diagnostics within the Theranostics market is expected to expand, creating new opportunities for innovation and growth.

North America dominates the market for Theranostics.

North America accounts for the largest revenue share in the global Theranostics Market. This region leads in both the development and adoption of theranostic technologies and solutions. The driving factor behind North America's dominance in the Theranostics market is its unparalleled ecosystem fostering innovation, collaboration, and investment in cutting-edge healthcare technologies. Factors contributing to North America's dominance include the presence of major pharmaceutical and biotechnology companies, advanced healthcare infrastructure, extensive research and development initiatives.

Countries in Asia Pacific are experiencing rapid economic growth, leading to increased investment in healthcare infrastructure and research and development. The region's large and diverse population presents a substantial market for Theranostic products and services. there is a growing prevalence of chronic diseases in Asia Pacific, such as cancer, cardiovascular diseases, and diabetes, driving the demand for advanced diagnostic and therapeutic solutions like Theranostics. The combination of these factors positions Asia Pacific as a dominant force in the global Theranostics market, with continued growth and innovation expected in the coming years.

The diagnostic imaging segments is anticipated to hold the largest market share during the forecast period

Diagnostic imaging technologies such as MRI, CT scans, ultrasound, and PET scans play a critical role in early disease detection, accurate diagnosis, and treatment monitoring across a wide range of medical specialties. The increasing prevalence of chronic diseases, growing geriatric population, and rising demand for minimally invasive diagnostic procedures are fueling the demand for diagnostic imaging services. The Diagnostic Imaging segment is expected to maintain its dominance in the market due to its indispensable role in modern healthcare.

Segmentations Analysis of Theranostics Market: -

  • By Product Type
    • Diagnostic Imaging
    • Radiopharmaceuticals
    • IVD/Biomarker Screening
    • Software and Services
    • Others
  • By Application
    • Prostate Cancer
    • Bone Metastasis
    • Others
  • By End Users
    • Hospitals and Cancer Care Centers
    • Theranostics Centers
    • Research and Academic Centers
    • Others
  • By Region
    • North America
      • US
      • Canada
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Colombia
      • Chile
      • Peru
      • Rest of Latin America
    • Europe
      • UK
      • Germany
      • France
      • Italy
      • Spain
      • Russia
      • BENELUX
      • CIS & Russia
      • Nordics
      • Austria
      • Poland
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Thailand
      • Indonesia
      • Malaysia
      • Vietnam
      • Australia & New Zealand
      • Rest of Asia Pacific
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • South Africa
      • Nigeria
      • Egypt
      • Israel
      • Turkey
      • Rest of Middle East & Africa

Recent Developments

  • In September 2022, The University of Texas MD Anderson Cancer Center and Radiopharm Theranostics Limited have announced the establishment of Radiopharm Ventures, LLC. This joint venture aims to develop innovative radiopharmaceutical therapeutic products specifically designed for cancer treatment.

Theranostics Market Report Gives Answers to Following Key Questions:

  • What will be the Theranostics Market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers of Theranostics Market?
  • What are the main forces behind the worldwide Theranostics Market? Which companies dominate the Theranostics Market?
  • Which companies dominate the Theranostics Market? Which business possibilities, dangers, and tactics did they embrace in the market?
  • What are the global Ready-to-Eat Food industry's suppliers' opportunities and dangers in Theranostics Market?
  • What is the Ready-to-Eat Food industry's regional sales, income, and pricing analysis? In the Theranostics Market, who are the distributors, traders, and resellers?
  • What are the main geographic areas for various trades that are anticipated to have astounding expansion over the Theranostics Market?
  • What are the main geographical areas for various industries that are anticipated to observe an astounding expansion in Theranostics Market?
  • What are the dominant revenue-generating regions for Theranostics Market, as well as regional growth trends?
  • By the end of the forecast period, what will the market size and growth rate be?
  • What are the main Theranostics Market trends that are influencing the market's expansion?
  • Which key product categories dominate the Theranostics Market? What are the Theranostics Market’s main applications?
  • In the coming years, which Theranostics Market technology will dominate the market?

Reason to purchase this Theranostics Market Report:

  • Determine prospective investment areas based on a detailed trend analysis of the global Theranostics Market over the next years.
  • Gain an in-depth understanding of the underlying factors driving demand for different Theranostics Market segments in the top spending countries across the world and identify the opportunities each offers.
  • Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
  • Identify the major channels that are driving the global Theranostics Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
  • Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Theranostics Market.
  • Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Theranostics Market providers worldwide, including information about their products, alliances, recent contract wins, and financial analysis wherever available.

TOC

Table and Figures

Methodology:

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This methodology is built upon the integration of all seven research methodologies developed by MarketDigits, a renowned global research and consulting firm. By leveraging the collective strength of these methodologies, we are able to deliver a 360° view of the challenges, trends, and issues impacting your industry.

The first step of our 360° Research Methodology™ involves conducting extensive primary research, which involves gathering first-hand information through interviews, surveys, and interactions with industry experts, key stakeholders, and market participants. This approach enables us to gather valuable insights and perspectives directly from the source.

Secondary research is another crucial component of our methodology. It involves a deep dive into various data sources, including industry reports, market databases, scholarly articles, and regulatory documents. This helps us gather a wide range of information, validate findings, and provide a comprehensive understanding of the industry landscape.

Furthermore, our methodology incorporates technology-based research techniques, such as data mining, text analytics, and predictive modelling, to uncover hidden patterns, correlations, and trends within the data. This data-driven approach enhances the accuracy and reliability of our analysis, enabling us to make informed and actionable recommendations.

In addition, our analysts bring their industry expertise and domain knowledge to bear on the research process. Their deep understanding of market dynamics, emerging trends, and future prospects allows for insightful interpretation of the data and identification of strategic opportunities.

To ensure the highest level of quality and reliability, our research process undergoes rigorous validation and verification. This includes cross-referencing and triangulation of data from multiple sources, as well as peer reviews and expert consultations.

The result of our 360° Research Methodology is a comprehensive and robust research report that empowers you to make well-informed business decisions. It provides a panoramic view of the industry landscape, helping you navigate challenges, seize opportunities, and stay ahead of the competition.

In summary, our 360° Research Methodology is designed to provide you with a deep understanding of your industry by integrating various research techniques, industry expertise, and data-driven analysis. It ensures that every business decision you make is based on a well-triangulated and comprehensive research experience.

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Covered Key Topics

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Leading Market Players

Company Market Share

Market Size and Growth Rate

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