Theranostics Market Size is valued at USD 2.21 Bn in 2023 and is predicted to reach USD 6.37 Bn by the year 2031 at a 14.38% CAGR during the forecast period for 2024-2031.
Theranostics refers to the practice of using two radioactive medications simultaneously, one for diagnosis and another for therapy, to treat the original tumor and any metastasized tumors. The term theranostics combines the word therapeutics and diagnostics or testing. Drug delivery, diagnosis, and monitoring of treatment response are three of the most common uses of theranostics in cancer treatment, and the field helps to consolidate these uses into a single agent. Combining imaging with molecular radiotherapy allows for pinpoint radiation therapy directed at receptors; positron emission tomography is used to detect tumors, and diagnostic imaging is used to determine whether cancer cells have target receptors. The worldwide theranostics market stands to gain the most from the increasing availability of cost-effective treatment options. A major factor impacting market demand is the rising prevalence of chronic disorders. Furthermore, the growing need for contemporary technology-based pharmaceutical production and the accompanying increase in funding for biotechnology research institutes will likely overshadow the industry's expansion.
However, the market growth is hampered by the Lack of awareness criteria for the safety and health of the theranostics market and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high theranostics because Lack of training programs in healthcare institutions is causing a shortage of qualified doctors, which is subtly reducing demand in the worldwide theranostics industry. Additionally, the industry faces challenges from variables such as the high expense of installing and maintaining the equipment in laboratories and the government's strict restrictions for the clearance of new products.
Competitive Landscape
Some of the major key players in the theranostics market are
- Advanced Accelerator Applications
- Bayer AG
- GE Healthcare
- Siemens healthiness Ag
- Cardinal Health
- Philips Healthcare
- Canon Inc
- Curium
- Lantheus
- Northstar Medical Radioisotopes
- Eckert & Ziegler
- Pharmacologic
- Eczacibasi -Monroe
- Acrotech Biopharma Inc.
- Others
Market Segmentation:
The theranostics market is segmented based on product, application, and end user. Based on product, the market is segmented into diagnostic imaging, radiopharmaceuticals, IVD/biomarker, screening, and software and services. By application, the market is segmented into prostate cancer, bone metastasis, other cancers, and other applications. By end user, the market is segmented into hospitals & cancer care centers, theranostics centers, and research & academic centers.
Based on the Product, the Diagnostic Imaging Segment is Accounted as a Major Contributor to the Theranostics Market
The diagnostic imaging theranostics market is expected to hold a major global market share in 2022. Diagnostic imaging provides an exceptionally high degree of accuracy in detecting and diagnosing a wide range of medical disorders. Driving the category growth is the increasing usage of modern equipment that supports correct diagnosis and the availability of systems with improved sensitivity.
Hospitals & Cancer Care Centers Segment to Witness Growth at a Rapid Rate
Hospitals and cancer care centers make up the bulk of acrylic acid ester usage because more and more people are learning about the benefits of the treatment, and hospitals are adopting it. This is mainly because hospitals are increasingly using new diagnostic imaging systems that have recently been approved and have increased functionality to better assist patient care, especially in countries like the US, Germany, the UK, China, and India.
In the Region, the North American Theranostics Market Holds a Significant Revenue Share
The North American theranostics market is expected to register the highest market share in revenue in the near future. It can be attributed to the increasing number of investments backing theranostics' adoption and the rising prevalence of cancer. Creating the transportation centers and the rapid increase in the region's elderly population drive the market's expansion. In addition, Asia Pacific is projected to grow rapidly in the global theranostics market because of growing disposable money, cutting-edge product development, and healthcare spending.
Recent Developments:
- In January 2024, Cardinal Health updated its non-GAAP diluted EPS projection and announced new enterprise operating and segment reporting structures as part of its continuing business and portfolio assessment. These updates strengthen the company's momentum, commitment to creating wealth over the long term, and ongoing efforts to become more focused and efficient.
- In January 2024, Bayer is revamping the Executive Leadership Team of the Crop Science Division. With the new setup, the company can strive to be the leading voice in regenerative agriculture, which will profoundly impact farmers, customers, and the globe at large.
Theranostics Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 2.21 Bn |
|
Revenue Forecast In 2031 |
USD 6.37 Bn |
|
Growth Rate CAGR |
CAGR of 14.38% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Product, By Application, By End-user and By Region |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Advanced Accelerator Applications, Bayer AG, GE Healthcare, Siemens Healthineers Ag, Cardinal Health, Philips Healthcare, Canon Inc, Curium, Lantheus, Northsatr, Medical Radioisotopes, Eckert & Ziegler, Pharmalogic, Eczacibasi -Monrol, Acrotech biopharma Inc. and Others |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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