Theranostics Market

SKU: DMHCIT1187 | Last Updated On: Jul 27 2022 | Available Formats

Theranostics Market Expected to reach a high CAGR of 11.5% By 2029: DataM Intelligence

Global 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, 2022-2029

Theranostics Market is expected to grow at a high CAGR of 11.5% during the forecasting period (2022-2029).

Theranostics involves a combination of targeted diagnostic tests with targeted therapy. Theranostics include use of the specific diagnostic test, which shows a distinct molecular target on a tumor or any other disease-causing agent. The technique holds potential to identify specific mutations with the help of therapeutic agents, thus optimizes drug effectiveness and safety. Theranostics is also commonly referred to as companion diagnostics, Dx/Rx partnering, or pharmacodiagnostics. Growing prevalence of chronic diseases globally and increasing preference of personalized healthcare is boosting the global theranostics market at a high CAGR of XX% over the forecast period.

Market Dynamics 

Growing incidence of cardiovascular, oncology disease is the major factor driving the global theranostics market. According to WHO (World Health Organization), in 2016, an estimated 17.9 million people died due to cardiovascular diseases. Additionally, continuous research activities in these areas are contributing broadly towards the market growth. In addition, the increasing number of strategic collaborations and partnerships are projected to propel the growth of the overall market at a high pace. In 2018, Biocartis Group NV and Amgen Inc., partnered to develop companion diagnostic tests for Amgen’s drug Veectibix.

Stringent regulations and cost of theranostics products are the major factors restricting the growth of the global theranostics market.

Theranostics Market Scope

Metrics

Details

Market CAGR

11.5%

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

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Segment Analysis 

Based on disease, the global theranostics market is broadly segmented as oncology, cardiovascular, immunology, neurology diseases, and others. Among all the disease types, oncology segment accounted for major market share in 2018 and is projected to grow at a high pace over the forecast period (2019-2026). It is owing to increasing cancer cases and theranostics potentials to make effective cancer care are the factors associated with the market growth. According to WHO (World Health Organization), in 2018, cancer is the second leading cause of death globally, and an estimated 9.6 million people died. Globally, about 1 in 6 deaths is due to cancer.

The global Theranostics market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America region accounted for major market share in 2018 in the global theranostics market. It is owing to the rising incidence of severe medical conditions, such as neurological disorders and cancer. According to National Cancer Institutes, in 2018, an estimated 1,735,350 new cases of cancer were diagnosed in the US. Also, the availability of advanced healthcare infrastructure, presence of key biopharmaceutical companies, strong R&D activities, and grants, and increasing collaborations are fueling the market in the region. For instance, in 2018, Genome Canada launched an initiative for clinical implementation of precision health, which has a significant impact on the theranostics market.

The Asia-Pacific theranostics market is likely a robust growth rate in the forecast period owing to increasing awareness and adoption of companion diagnostics, especially for cancers. Global companies are also highly focusing on forming partnerships and collaborations with local players in the region for strategic product launches and to attain better product revenue margins, For instance, in August 2018, Qiagen formed a collaboration with SRL Inc., a Japanese clinical lab testing company for introduction of new companion diagnostics with novel drug approvals.

Competitive Analysis 

Significant players of the global theranostics market are F Hoffman La Roche, Thermo Fisher Scientific Inc., GE Healthcare, Agilent Technologies, Qiagen NV, Foundation Medicine, Leica Biosystems Nussloch GmBH, Beckman Coulter, Pfizer, Inc., and others. Majority of these prominent players are adopting a few organic and inorganic strategies such as product launches, collaboration, and product agreements, and other key developments to enhance their product portfolio in the global health insurance market. For instance, in 2017, Thermo Fisher Scientific’s Oncomine Dx target - the first generation sequencing-based diagnostic tests were approved by FDA. In 2015, Stem Cell Theranostics (SCT) collaborated with Thermo Fisher Scientific for advancing the development of cardiac disease models.

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