Overview and Scope
Theranostics is a medical field combining therapeutics and diagnostics into a single, integrated approach. It involves developing and applying diagnostic tests that not only detect diseases or conditions but also provide information to guide personalized therapeutic interventions.
Sizing and Forecast
The theranostics market size has grown rapidly in recent years. It will grow from $98.91 billion in 2023 to $110.41 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to advancements in molecular imaging, shift to value-based healthcare, integration in oncology..
The theranostics market size is expected to see rapid growth in the next few years. It will grow to $164.38 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to rise in precision medicine initiatives, expanding applications beyond oncology, population aging and chronic diseases, advancements in biomarker discovery, government support and funding.. Major trends in the forecast period include regulatory support, rise of companion diagnostics, increased focus on cancer theranostics, patient engagement and awareness, technological convergence..
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Segmentation & Regional Insights
The theranostics market covered in this report is segmented –
1) By Disease Type: Neurological Disorders, Cardiovascular Diseases, Immunological Disorders, Oncology Diseases, Other Diseases
2) By Technology: Polymerase Chain Reaction, Immunohistochemistry, In-Situ Hybridization, Sequencing, Other Technologies
3) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
North America was the largest region in the global theranostics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the theranostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising prevalence of cancer is expected to propel the growth of the theranostics market going forward. Cancer refers to uncontrolled cell growth, which impacts various organs and contributes to significant morbidity and mortality worldwide. Theranostics, the integration of therapeutics and diagnostics, offers promising potential in cancer and chronic disease management. This approach enables personalized and targeted treatments by combining diagnostic and therapeutic capabilities, presenting opportunities for innovation in the healthcare industry. Hence, the increase in number of cancer patients will contribute to the growth of the theranostics market. For instance, in January 2022, according to the National Cancer Institute (NCI), a US-based government agency of the National Institutes of Health (NIH) dedicated to cancer research, prevention, and treatment, In the United States, approximately 5.4% of the population, or 18.1 million individuals, are cancer survivors. In addition, there were 623,405 people living with metastatic breast, prostate, lung, colorectal, or bladder cancer or metastatic melanoma in 2022, a number projected to rise to 693,452 by 2025. Therefore, the rising prevalence of cancer is driving the theranostics market.
Key Industry Players
Major companies operating in the theranostics market report are Abbott Laboratories, Agilent Technologies Inc., AmeriPath Inc., Beckman Coulter Inc., Thermo Fisher Scientific Inc., Astellas Pharma, Helmholtz Centre for Infection Research, Radiopharm Theranostics Ltd., Alpha- Theranostics, UNIVERZITET U NOVOM SADU, Cardio-Theranostics LLC, Curium, SoFi Technologies Inc., Theradiag, Cell Theranostics, F. Hoffmann-La Roche AG, GE HealthCare Technologies Inc., Qiagen NV, Foundation Medicine Inc., Leica Biosystems Nussloch GmBH, Pfizer Inc., Siemens Healthineers, Advanced Accelerator Applications, AstraZeneca PLC, Bayer AG, Bio-Rad Laboratories, The Bristol-Myers Squibb Company, Danaher Corporation, MilliporeSigma, Illumina Inc., Merck KGaA, Roche Diagnostics Corporation, PerkinElmer Inc.
The theranostics market report table of contents includes:
1. Executive Summary
2. Theranostics Market Characteristics
3. Theranostics Market Trends And Strategies
4. Theranostics Market – Macro Economic Scenario
5. Global Theranostics Market Size and Growth
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31. Global Theranostics Market Competitive Benchmarking
32. Global Theranostics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Theranostics Market
34. Theranostics Market Future Outlook and Potential Analysis
35. Appendix
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