Theranostics Market Growth Analysis and Forecast with Key Applications in Cancer Treatment and Diagnostic Imaging
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Theranostics Market -(Product (Diagnostic imaging, Radiopharmaceuticals, Biomarker screening and Software), Application (Prostate Cancer, Bone Metastasis, Other Cancers, Other Application), End-user (Hospitals & Cancer Care Centers, Theranostics Centers, and Research & Academic Centers)) Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global Theranostics Market is valued at US$ 2.21 Bn in 2023, and it is expected to reach US$ 6.37 Bn by 2031, with a CAGR of 14.38% during the forecast period of 2024-2031.
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Theranostics describes a new field that bridges the gap between traditional medicine and the more modern personalized and precision medicine approaches by integrating medicines, nanoscience, and diagnostics. Using theranostics and precision medicine has improved the care for cancer patients. To determine how well a treatment works, doctors look for certain biomarkers. Decisions like medication selection, which affect treatment success rates, are aided by this. Theranostics provide credence to precision medicine’s pursuit of disease’s biological foundation. Theranostics offers diagnostic tools to determine which patients benefit most from the treatment. Consequently, the market is expected to be driven by the increasing number of cancer cases and the growing emphasis on personalized treatment. However, the global theranostics industry is projected to be constrained due to numerous nations’ inadequate reimbursement facilities and poorly defined regulations for theranostics tests.
List of Prominent Players in the Theranostics Market:
- 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 Dynamics:
Drivers-
The growing demand for the theranostics market is fueled by rising cancer and chronic illness incidences and surges in spending on biological research. The worldwide theranostics industry is poised for growth due to the increasing demand for efficient treatment processes, regardless of cost. Theranostics lend credibility to precision medicine’s quest for the molecular basis of disease. Diagnostic tools are provided by theranostics to ascertain which patients would experience the treatment’s maximum benefit. Hence, the rising incidence of cancer and the need for tailored treatment are anticipated to propel the market. Increasing knowledge about the importance of producing high-quality pharmaceuticals using cutting-edge technologies is anticipated to surpass the market’s revenue growth. Interest in early diagnosis is driving the theranostics sector.
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Challenges:
The prime challenge is high cost, a shortage of competent individuals, and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the theranostics market. The high expense of installing and maintaining laboratory equipment and the government’s strict regulations regarding certifying new items. The expensive equipment makes it unaffordable for most hospitals in underdeveloped nations to use this advanced technology. Healthcare institutions like cancer care centers and smaller hospitals hesitate to purchase these systems because of their high price tag and limited budgets.
Regional Trends:
The North American theranostics market is anticipated to register a major market share in terms of revenue. It is projected to grow at a high CAGR in the near future because of the growth of the cancer incidence rate and the increasing number of investments backing the adoption of theranostics. Supporting the expansion of the market are the theranostics centers and the fast-growing elderly population in the area. Besides, Europe had a substantial share in the market because of the industry heavyweights and well-established pharmaceutical and healthcare systems.
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.
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Segmentation of Theranostics Market-
By Product
- Diagnostic Imaging
- Radiopharmaceuticals
- IVD/Biomarker Screening
- Software and Services
By Application
- Prostate Cancer
- Bone Metastasis
- Other Cancers
- Other Applications
By End User
- Hospitals and Cancer Care Centers
- Theranostics Centers
- Research and Academic Centers
By Region
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
