The Global Theranostics Market size is expected to reach $5.4 billion by 2030, rising at a market growth of 15.2% CAGR during the forecast period.
North America boasts a well-developed healthcare infrastructure with modern hospitals, diagnostic centers, and research institutions with state-of-the-art medical technologies. Therefore, the North America region captured $782.9 million revenue in the market in 2022. The availability of advanced diagnostic imaging modalities, molecular diagnostic laboratories, and therapeutic facilities enables the adoption and integration of theranostic approaches into clinical practice.
Targeted therapies align with the principles of precision medicine, which emphasize the customization of healthcare interventions based on individual patient characteristics, including genetic makeup, biomarker expression profiles, and disease phenotypes. Targeting specific molecular alterations or disease pathways, targeted therapies offer personalized treatment strategies tailored to individual patient’s unique genetic and molecular profiles. Therefore, innovation in targeted therapies is propelling the growth of the market.
Additionally, radiopharmaceuticals possess dual capabilities for diagnostic imaging and targeted therapy, making them ideal candidates for theranostic applications. Radiopharmaceuticals can be labeled with radioactive isotopes that emit gamma rays for diagnostic imaging (e.g., positron emission tomography or single-photon emission computed tomography) and beta particles for therapeutic purposes (e.g., radioimmunotherapy or targeted radionuclide therapy). Hence, rapid growth in radiopharmaceuticals is driving the growth of the market.
However, theranostic approaches often involve integrating sophisticated technologies, including molecular diagnostics, imaging modalities, targeted therapies, and drug delivery systems. Developing and implementing these technologies require specialized expertise in multiple disciplines, such as biology, chemistry, physics, and engineering. Hence, technical complexity hampers the growth of the market.
During the initial stages of the pandemic, healthcare resources and priorities shifted towards managing and controlling the spread of COVID-19. This diversion of resources and focus away from non-urgent medical procedures, including diagnostic imaging and personalized medicine initiatives, temporarily slowed the adoption and implementation of theranostic technologies in clinical practice. Also, the COVID-19 pandemic disrupted global supply chains, affecting the availability and distribution of theranostic products, components, and raw materials. Therefore, the COVID-19 pandemic had a negative impact on the market.
North America boasts a well-developed healthcare infrastructure with modern hospitals, diagnostic centers, and research institutions with state-of-the-art medical technologies. Therefore, the North America region captured $782.9 million revenue in the market in 2022. The availability of advanced diagnostic imaging modalities, molecular diagnostic laboratories, and therapeutic facilities enables the adoption and integration of theranostic approaches into clinical practice.
Targeted therapies align with the principles of precision medicine, which emphasize the customization of healthcare interventions based on individual patient characteristics, including genetic makeup, biomarker expression profiles, and disease phenotypes. Targeting specific molecular alterations or disease pathways, targeted therapies offer personalized treatment strategies tailored to individual patient’s unique genetic and molecular profiles. Therefore, innovation in targeted therapies is propelling the growth of the market.
Additionally, radiopharmaceuticals possess dual capabilities for diagnostic imaging and targeted therapy, making them ideal candidates for theranostic applications. Radiopharmaceuticals can be labeled with radioactive isotopes that emit gamma rays for diagnostic imaging (e.g., positron emission tomography or single-photon emission computed tomography) and beta particles for therapeutic purposes (e.g., radioimmunotherapy or targeted radionuclide therapy). Hence, rapid growth in radiopharmaceuticals is driving the growth of the market.
However, theranostic approaches often involve integrating sophisticated technologies, including molecular diagnostics, imaging modalities, targeted therapies, and drug delivery systems. Developing and implementing these technologies require specialized expertise in multiple disciplines, such as biology, chemistry, physics, and engineering. Hence, technical complexity hampers the growth of the market.
During the initial stages of the pandemic, healthcare resources and priorities shifted towards managing and controlling the spread of COVID-19. This diversion of resources and focus away from non-urgent medical procedures, including diagnostic imaging and personalized medicine initiatives, temporarily slowed the adoption and implementation of theranostic technologies in clinical practice. Also, the COVID-19 pandemic disrupted global supply chains, affecting the availability and distribution of theranostic products, components, and raw materials. Therefore, the COVID-19 pandemic had a negative impact on the market.
By End User Analysis
Based on end user, the market is categorized into hospitals & cancer care centers, theranostics centers, and research & academic centers. In 2022, the hospitals & cancer care centers segment registered 50.3% revenue share in the market. Hospitals and cancer care centers serve as hubs for comprehensive healthcare services, offering various diagnostic, therapeutic, and supportive care options for patients with complex medical conditions like cancer.By Product Analysis
Based on product, the market is divided into diagnostic imaging, radiopharmaceuticals, IVD/biomarker screening, and software & services. In 2022, the diagnostic imaging segment garnered 30.5% revenue share in the market. Diagnostic imaging provides valuable treatment planning and guidance information by visualizing disease extent, localization, and staging.
By Application Analysis
On the basis of application, the market is segmented into prostate cancer, bone metastasis, other cancers, and others. The prostate cancer segment recorded 38.1% revenue share in the market in 2022. Prostate cancer exhibits significant heterogeneity in terms of disease aggressiveness, treatment response, and patient outcomes. Theranostic approaches allow for personalizing treatment strategies based on individual patient characteristics and tumor biology.By Regional Analysis
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region generated 23.0% revenue share in the market. The Asia Pacific region is experiencing a rising burden of chronic diseases, including cancer, cardiovascular diseases, and metabolic disorders, due to aging populations, urbanization, and changing lifestyles.List of Key Companies Profiled
- Bayer AG
- GE HealthCare Technologies, Inc.
- Siemens Healthineers AG (Siemens AG)
- Cardinal Health, Inc.
- Canon, Inc.
- Clarity Pharmaceuticals Ltd
- Koninklijke Philips N.V.
- Thermo Fisher Scientific, Inc.
- Telix Pharmaceuticals Limited
- ABX advanced biochemical compounds GmbH
Market Report Segmentation
By End User- Hospitals & Cancer Care Centers
- Theranostics Centers
- Research & Academic Centers
- Radiopharmaceuticals
- Diagnostic Imaging
- IVD/Biomarker Screening
- Software & Services
- Prostate Cancer
- Bone Metastasis
- Other Cancers
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Global Theranostics Market by End User
Chapter 5. Global Theranostics Market by Product
Chapter 6. Global Theranostics Market by Application
Chapter 7. Global Theranostics Market by Region
Chapter 8. Company Profiles
Companies Mentioned
- Bayer AG
- GE HealthCare Technologies, Inc.
- Siemens Healthineers AG (Siemens AG)
- Cardinal Health, Inc.
- Canon, Inc.
- Clarity Pharmaceuticals Ltd
- Koninklijke Philips N.V.
- Thermo Fisher Scientific, Inc.
- Telix Pharmaceuticals Limited
- ABX advanced biochemical compounds GmbH
Methodology
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