Theranostics Market projected to reach USD 5.4 Billion by 2030, growing at a CAGR of 16.2% during the forecast period of 2023-2030 – pronounced by MarketDigits in its recent study

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.

Richmond, March 04, 2024 (GLOBE NEWSWIRE) — According to a research report “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 (Hospitals and Cancer Care Centers, Theranostics Centers, Research and Academic Centers , and Others) and Region – Global Forecast to 2030.

Global Theranostics Market Report Scope:

Report Details
Market size value in 2023 USD 1.9 Billion
Market size value in 2030 USD 5.4 Billion
CAGR (2023-2030) 16.2%
Forecast Period 2023–2030
Historic Data 2019
Forecast Units Value (USD Million/USD Billion)
Segments Covered Product Type, Application, End User and Region
Geographies Covered North America, Europe, Asia Pacific, and RoW
 
  • Abbott Laboratories
 
  • Advanced Accelerator Applications
Sample of Companies Covered
  • AmeriPath
 
  • Bayer AG
 
  • Cardinal Health

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TOC Covers in Depth & Breath on Theranostics Market
170 – Market Data Tables
65 – List of Figures
225 – Pages

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.             

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.

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

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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.

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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
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East & Africa

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