New York, United States , April 12, 2024 (GLOBE NEWSWIRE) -- The Global Theranostics Market Size is to Grow from USD 1.9 Billion in 2023 to USD 3.3 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.68% during the projected period.
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Theranostics is a type of pharmaceutical treatment used in combination with diagnostics to maximize efficacy, safety, and expedite the discovery of new drugs. It is also known as integrated medicine, pharmacodiagnostics, companion diagnostics, and Dx/Rx partnership. It is the application of drugs in addition to diagnostic techniques. Theranostics is the process of combining medicinal treatment and diagnostics to expedite the creation of more affordable and effective medications. a quickly developing subject that the healthcare industry and regulatory organizations find intriguing. A number of factors are driving the global theranostics market, including the rising incidence of cancer globally and the resulting need for more specialized and potent therapies. The identification of certain cancer biomarkers allows for the customization of treatment regimens for individual patients. Combining medicine and diagnosis, or theranostics, can lessen side effects and increase the efficacy of cancer therapies.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Theranostics Market Size, Share, and COVID-19 Impact Analysis, By Disease (Neurological Disorders, Cardiovascular Diseases, Oncology Disorders, Immunological Disorders), By Technology (PCR, In Situ Hybridization (ISH), Immunohistochemistry (IHC), Sequencing), By End User (Hospitals & Clinics, Diagnostics Laboratories & Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The oncology segment is expected to hold the largest share of the global theranostics market during the predicted timeframe.
The theranostics market is classified by disease into neurological disorders, cardiovascular diseases, oncology disorders, immunological disorders. Among these, the oncology disorders segment is expected to hold the largest share of the global theranostics market during the predicted timeframe. The growing number of cancer patients globally has led to the development of a method based on theranostic nanoparticles. To cut down on treatment delays, the mechanism combines prescription drugs with diagnostic techniques. The specifically cancer-targeting medication-encapsulated nanoparticle-based treatment tracks and identifies biological systems.
The PCR segment is expected to hold the largest share of the global theranostics market during the forecast period.
Based on the technology, the global theranostics market is divided into PCR, In Situ Hybridization (ISH), Immunohistochemistry (IHC). Among these, the PCR segment is expected to hold the largest share of the global theranostics market during the forecast period. Theranostics market growth is predicted to be driven by the creation and use of increasingly individualized medical solutions, with an emphasis on hospitals and clinics. The growing prevalence of chronic illnesses and the growing need for specialized therapeutic and diagnostic options are projected to drive growth in the theranostics market over the coming years.
The hospitals and clinics segment is expected to hold the largest share of the global theranostics market during the forecast period.
Based on the end user, the global theranostics market is divided into hospitals and clinics, diagnostics laboratories, and others. Among these, the hospitals and clinics segment is expected to hold the largest share of the global theranostics market during the forecast period. The growing number of patients requiring diagnosis and treatment related to theranostics. Theranostics market growth is predicted to be driven by the creation and application of increasingly individualized medical solutions, with an emphasis on hospitals and clinics.
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North America is anticipated to hold the largest share of the global theranostics market over the predicted timeframe.
North America is anticipated to hold the largest share of the global Theranostics market over the predicted timeframe. The primary forces driving the region's growth are the increasing prevalence of chronic illnesses and a growing demand for specialized medications. Major industry players and the region's healthcare infrastructure are expected to keep driving market expansion.
Throughout the projected period, Asia-Pacific is anticipated to develop at the quickest rate. This is a result of companion diagnostics' growing acceptance and application, particularly with regard to tumors in this region. International businesses are also focusing a lot of effort on working together and building partnerships with local businesses, which is expected to support Asia Pacific market development.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Theranostics Market include F Hoffman La Roche, Thermo Fisher Scientific Inc., GE Healthcare, Agilent Technologies, Qiagen NV, Foundation Medicine, Leica Biosystems Nussloch GmBH, Pfizer, Inc., Beckman Coulter, Inc., Focus Diagnostics, Illumina, Inc. and others.
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Recent Developments
- In May 2023, PharmaLogic and NUCLIDIUM announced a strategic collaboration agreement for the US manufacturing and clinical supply of Cu-based theranostics.
- In September 2022, The University of Texas MD Anderson Cancer Center and Radiopharm Theranostics Limited formed Radiopharm Ventures, LLC as a joint company with the objective of creating novel radiopharmaceutical therapeutic therapies for cancer.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Theranostics Market based on the below-mentioned segments:
Global Theranostics Market, By Diseases
- Neurological Disorders
- Cardiovascular Diseases
- Oncology Disorders
- Immunological Disorders
Global Theranostics Market, By Technology
- PCR
- In Situ Hybridization (ISH)
- Immunohistochemistry (IHC)
- Sequencing
Global Theranostics Market, By End User
- Hospitals and Clinics
- Diagnostics Laboratories
- Others
Global Theranostics Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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