Theranostics Market

SKU: DMBT1187 | Last Updated On: Feb 01 2023 | Available Formats

>Theranostics Market Expected to reach a high CAGR of 10.7% By 2023-2030:

Theranostics Market is segmented by Disease (Cardiovascular Diseases, Neurological Disorders, Immunological Disorders, Oncology & Others), by Technology (PCR, Immunohistochemistry, In Situ Hybridization, Sequencing, Others), by End User (Hospitals, Diagnostic Laboratories & Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030.

The global theranostics market size was valued US$ 1,679.8 million in 2021 and is estimated to reach US$ 3,715.6 million by 2029, growing at a CAGR of 10.7% during the forecast period (2023-2030). Theranostics involves a combination of targeted diagnostic tests with targeted therapy. Theranostics include using a specific diagnostic test, which shows a distinct molecular target on a tumor or any other disease-causing agent. The technique holds the potential to identify specific mutations with the help of therapeutic agents, thus optimizing drug effectiveness and safety. Theranostics is also referred to as companion diagnostics, Dx/Rx partnering, or pharmacodiagnostics.

Theranostics Market Scope

Metrics

Details

Market CAGR

10.7%

Segments Covered

By Disease, By Technology, By End User, By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

Market Dynamics

Rising incident rates of chronic diseases such as cancers and cardiovascular diseases, increasing research and development, and rising demand for theranostic products for early determination of disease and best suitable therapy are the major factors driving the global theranostics market. 

The increasing research & development and novel product launches are expected to drive the market’s growth.

The theranostics market is driven by rising technological advancements, increasing research & development, and high demand for companion diagnostic products in oncology, which is expected to drive the theranostics market. The market’s growth can also be attributed to the rising expenditure on healthcare and clinical trials. Moreover, the availability of technologically advanced products by key players is also expected to play a vital role in the market’s growth. Rising government funding and increasing awareness of treating chronic diseases will boost the market growth. 

Growing advancement in technology and bioscience has provided ways to deal with various diseases, leading towards a personalized treatment approach from conventional treatment. Nanotheranostic agents are nano and theranostic technology combination products. Using nanoparticles in theranostics is significantly getting attention due to their specific characteristics, not causing side effects and localized specific disease sites.  

Another driving factor for the theranostics market is the high adoption rate of companion diagnostic products for early diagnosis of diseases and determining the best treatment method. Various novel product launches and research studies contribute to the market’s growth. For instance, in Jun 2022, Roche launched its novel platform of advanced tissue staining, the BenchMark Ultra Plus system. This provides accurate and fast test results to help clinicians make decisions timely. Biochemical markers can characterize any abnormal and cancer cells within the cells. Clinicians can detect the main driver’s presence by chemical solutions applied to the tissue with BenchMark Ultra Plus or even can find the therapy type to combat them.

High costs associated with theranostics products are expected to hamper the market growth.

However, the stringent regulations and high cost of theranostics products are the major factors restricting the growth of the global theranostics market. Nanomedicine products are expensive and need more research and development than traditional treatments such as chemotherapy.

COVID-19 Impact Analysis

The pandemic has positively impacted global financial expectations, operations and crisis response strategy. The COVID-19 outbreak has severely impacted the healthcare industry. The theranostics market has experienced huge profits due to COVID, as various research and clinical trials got started in full swing due to the increasing cases of COVID. Nanomedicine is being used widely; hence major key players utilize companion therapeutics to treat various diseases. Various initiatives, collaborations and mergers are happening worldwide, boosting the market’s growth. For instance, in May 2021, Nanobiotix and Lianbio announced their partnership to develop first-in-class radio-enhancer NBTXR3 (hafnium oxide nanoparticle) over therapeutic combination in Asian markets.

Segment Analysis

The disease segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The disease segment is the highest market holder in the global theranostics market. Based on disease, the global theranostics market is segmented into oncology, neurology, cardiovascular, immunology and others. Cancer theranostics combines therapeutics and diagnosis approaches for cancer to reduce delays in treatment. If cancer growth is restricted during diagnosis, its treatment gets easy due to its retarted growth. Nanomedicines, a nanoparticle-based therapy, are used to diagnose, monitor and treat biological systems. These nanostructures have anticancer therapy properties like cancer cell targeting and drug encapsulation. These monitor treatment response for further safety modulation and drug efficacy. 

The oncology diseases segment dominates the market as the demand for combat diagnostic therapies for oncology is increasing due to rising global incidences of cancer. The growing number of regulatory approvals, technological advancements, product launches, and research/clinical trial studies drive the market’s growth. For instance, in Jun 2022, Roche announced the approval for FoundationOne CDx of Foundation Medicine as the companion diagnostic (CDx) for Rozlytrek (entrectinib) of Roche by the U.S. Food and Drug Administration. FoundationOne is a comprehensive genomic profiling (CGP) tissue biopsy pan-tumor test to find the tumor’s specific molecular fingerprints by assessing an individual’s cancer. This is the first CDx approved by the U.S. FDA to recognize NTRK fusion-positive cancers or ROS1 fusion-positive non-small cell lung cancer that may be appropriately treated with Rozlytrek.

Geographical Analysis

North America holds the largest market share in the global theranostics market.

North America dominates the global theranostics market, primarily attributed to the rising number of people suffering from a variety of cancer. According to the World Health Organization, in 2020, cancer was the leading cause of death, accounting for 9.6 million people who died worldwide, and more than 300,000 patients are being diagnosed each year. 

Increasing expenditure on healthcare and raising awareness among people are also contributing to the market’s growth in this region. Advancement of technology in these companion diagnostics, increase in pharmaceutical establishment across the region and government approvals, and the presence of key players in the region are contributing to the growth of the theranostics market. 

Moreover, the growing number of product launches is responsible for the market’s growth. Many key developments, technological advancements, collaborations, and agreements are taking place in this region. For instance, in Jan 2022, Leica Biosystems, a company in cancer diagnostics, announced its agreement with Leap Therapeutics, a biotech company. They will work to develop companion diagnostics for Dickkopfrelated protein 1 (DKK1) detection. This assay will help Leap Therapeutics’ anti-DKK1 cancer therapy’s clinical development being studied and researched in clinical trials.

Competitive Landscape

The theranostics market is highly competitive with local and global companies’ presence. F. Hoffmann La Roche, Thermo Fisher Scientific Inc., GE Healthcare, Agilent Technologies, Qiagen NV, Foundation Medicine, Leica Biosystems Nussloch GmBH, Beckman Coulter, Pfizer, Inc., Abbott Laboratories and more. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the market’s growth. For instance, in Sep 2022, Foundation Medicine, Inc., a cancer molecular profiling company, announced its collaboration with Relay Therapeutics, a precision medicine company combining computational with experimental technology to transform the drug discovery process. In this collaboration, FoundationOne CDx will be developed as companion diagnostics for RLY-4008, an investigational FGFR2 inhibitor. 

F. Hoffmann La Roche.

Overview: Roche is a healthcare company that provides in-vitro diagnostics and supplies innovative and transformative solutions in various crucial disease areas. Working in two divisions: Pharmaceuticals and diagnostics. It was established in 1896 and is headquartered in Basel, Switzerland. 

Product Portfolio: 

Ventana MMR Rxdx Panel: This is the first companion diagnostic test that helps to identify patients whose solid tumor is insufficient in DNA mismatch repair (MMR) and may be appropriate for JEMPERLI monotherapy from GSK. It calculates the MMR protein’s panel in tumors to give crucial treatment-related information.

Key Development: In May 2020, Roche announced its acquisition of Stratos Genomics, a company with sequencing technology in the early stage, to advance Roche’s nanopore sequencer development. Roche will get access to Stratos’s Sequencing by expansion (SBX). 

The global theranostics market report would provide access to approx. 45+market data table, 40+figures and 200 (approximate) pages

 

Frequently Asked Questions

What is the Projected CAGR value of the Theranostics Market?

Theranostics Market is expected to grow at a CAGR of 10.7% during the forecasting period 2023-2030.

Which region controlled the global market during 2023-2030?

North America region Controls the Theranostics Market during 2023-2030.

Which is the fastest growing region in the Theranostics Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period.

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