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The global theranostics market was valued at USD 3 billion in 2023 and grew at a CAGR of 15% from 2024 to 2033. The market is expected to reach USD 12.13 billion by 2033. The rising incidence and prevalnce of chronic diseases will drive the growth of the global theranostics market.
Theranostics is a medical innovation that combines a diagnosis and treatment of diseases so that the patient gets treated according to the real-time analysis of the disease. While theranostics holds promise of personalizing diagnoses, it also focuses on appropriate matching of diagnostics with therapy, in order to achieve the best results with a lower risk of complications. This approach is also employed in the targeted therapy, which is a principle of the bio Medicine where the treatment administered depends on the patient’s biomarkers or disease type. A major characteristic of theranostics is reliance on imaging procedures like; PET, SPECT, MRI for targeting therapy. These methods also enable the physicians to closely observe the treatment as is going on and get important details on how best the disease is progressing and the effectiveness of the treatment. The application of theranostics has been expanding most prominently in the field of oncology although it has applications in many other fields. The integration of these diagnostic and therapeutic functions leads to the more exact delivery of medication enhancing benefit/output ratio and minimizing the side effects.
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The increasing incidence of chronic diseases – today’s population is aging due to the increased rates of chronic illnesses like cancer, cardiovascular diseases, and diabetes which require personalized approach in treatment. This gap is filled by theranostics, which is a combination of both diagnostic and therapeutic strategies, thus enabling high levels of personalization on the treatment procedure to match the patient. Furthermore, molecular tools such as next generation sequencing and other imaging techniques amplify the capacity to diagnose and address particular disease markers- exponentially boosting therapeutic outcomes. the development of healthcare infrastructure and better access to diagnostics and therapies as molecular imaging, enable the application of theranostics. Development of better equipment and availability of theranostics to a wider market makes it easier to implement theranostics in practice. Thus, increasing patient awareness and necessity for individualized treatment foster the market of theranostics. Therefore, the prevalence of diseases, technological development, increased healthcare expenditure, and patients’ awareness will contribute to the market’s growth.
High costs associated with theranostics – theranostics products require extensive investment in R&D, trial, and approval. Costs of manufacturing are also high since the production processes are intricate; and require use of sophisticated technologies. The acquisition of economies of scale may be difficult since a majority of the theranostic products may be specialty or niche goods. In addition, the adoption of these technologies also incurs extra expenses in modifying the healthcare facilities. The high costs are transferred to patients. This scenario may impede patients’ access and hamper the market’s growth. therefore, high costs associated with theranostics will hamper the market’s growth.
Technological advancements – Biotechnology and genomics, Regulatory support Systems, and R&D have a significant role in the Development of theranostics. Some of the applications of modern biotechnology include next-generation sequencing, molecular profiling, aimed at unveiling genetic features needed for the creation targeted therapies. This growth is supported by its regulatory framework that supports well-defined guidelines regard the development and validation of theranostic products. Some of the support include new processes/ways to support innovation and cooperation to advance new technologies. Another feature is the growth of the company’s investments in research and development, which ensures the corresponding funding for innovation and technology. therefore, advancement in technology well-coordinated with regulatory policies, and increased focus on R&D in theranostics contribute to the market’s development and growth.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global theranostics market, with a 40% market revenue share in 2023.
The region has well-established and well-equipped health care services such as sophisticated facilities, and high-quality research centres for designing and delivering the theranostics technology. Larger revenues and higher spending on R and D government grants, venture capital funding and private investments also augment the market’s growth. North America also enjoys favourable legal requirements whose working procedures and quick approval of products is helpful to theranostic products. Another advantage of the region is that is has a strong established clinical trial environment which enables one to test and prove technologies. Awareness and patients’ preference for tailor-made treatment foster the use of theranostic products. therefore, advanced infrastructure, R&D support, regulatory benefits, disease prevalence, and patients’ demand make North America the leading theranostics domain for development and implementation of theranostics.
North America Region Theranostics Market Share in 2023 - 40%
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The product segment is divided into diagnostic imaging, radiopharmaceuticals, IVD/biomarker screening, software, and services. The diagnostic imaging segment dominated the market, with a market share of around 35% in 2023. Diagnostic imaging is a prominent player in the overall healthcare because of its effectiveness and critical nature in theranostics. Diagnostics involves several techniques including X-ray, CT scans, MRI, ultrasound, and nuclear medicine imaging. This is important for diagnosis of many diseases, including the early-stage diseases which call for appropriate management. New development has seen more detailed images especially with the improved artificial intelligence (AI) that favors diagnosis. While the focus on preservation of health has increased in the recent years, clients with chronic conditions are monitored more frequently, which creates the demand for imaging services, as timely detection of a condition can improve the treatment results and, therefore, decrease the prices for future care. Diagnostic imaging covers different branches of medicine and is used both in emergency and primary care. it plays an essential role in oncology, cardiology, neurology, and many other branches. Furthermore, the large amount of money spent in research and development and in increasing healthcare facilities also fosters constant improvement and increased availability of imaging technologies.
The application segment is divided into prostate cancer, bone metastasis, neuroendocrine tumors, and lymphoma. The prostate cancer segment dominated the market, with a market share of around 36% in 2023. Given that prostate cancer exhibits genetic diversity, as well as the patient’s response to the treatments, personalized therapy remains viable making theranostics which bases treatment on the patient’s unique characteristics. Theranostics introduces targeted therapies that actively and selectively targets cancer cells during treatment hence enhancing outcome and minimizing on side effects. Moreover, the landscape in prostate cancer is defined clinically with regards to theranostics. This is because prostate cancer is prevalent and has a major impact on patients hence the need to develop diagnosis and treatment strategies.
The end user segment is divided into hospitals, diagnostics centers, specialty clinics, and others. The hospitals segment dominated the market, with a market share of around 41% in 2023. The primary end user of theranostics is the hospitals since they are regarded to have better diagnostic and treatment care, large patient turnover, and are actively involved in research. hospitals can do the imaging and monitoring necessary for theranostics. Most of them also have diagnostic and therapeutic capabilities for applying theranostic modalities effectively. Hospitals deal with complicated cases that require individual approaches on the treatment, and this is facilitated by a team of experts, including the oncologists, radiologists, and specialists among others, hence enabling the understanding and provision of theranostics. Also, they are preferred coordinating centres for clinical trials, which allows proving new theranostic agents or equipment.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2023 | USD 3 Billion |
| Market size value in 2033 | USD 12.13 Billion |
| CAGR (2024 to 2033) | 15% |
| Historical data | 2020-2022 |
| Base Year | 2023 |
| Forecast | 2024-2033 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Product, Application and End User |
As per The Brainy Insights, the size of the global theranostics market was valued at USD 3 billion in 2023 to USD 12.13 billion by 2033.
Global theranostics market is growing at a CAGR of 15% during the forecast period 2024-2033.
The market's growth will be influenced by the increasing incidence of chronic diseases.
High costs associated with theranostics could hamper the market growth.
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global theranostics market based on below mentioned segments:
Global Theranostics Market by Product:
Global Theranostics Market by Application:
Global Theranostics Market by End User:
Global Theranostics Market by Region:
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