Market Definition
Theranostics is a term used for diagnosis and therapy.
Theranostics can be broadly defined as a combination of molecularly targeted
imaging and therapy, whereas imaging helps to gain information regarding
presence of targeted moleculaes on cell surface and therapy progression.
Radiotheranostics involves the use of radionuclide/radiopharmaceutical that
delivers targeted radiation to kill the cancerous cells and imaging modality
such as positron emission tomography (PET) is used to locate the cancer.
FDA approved theranostics procedures are performed for different applications
such as prostate cancer, neuroendocrine tumor, etc. These procedures are mainly
performed in hospitals, cancer care centers, and theranostics centers.
Market Outlook:
The report "Theranostics Market by Product (Diagnostic
imaging (PET, CT, MRI), Radiopharmaceuticals (Lu-177, Sm-153, Ra-223, I-131),
Biomarker screening, Software), Application (Prostate Cancer, Bone metastasis),
& Stakeholder Expectations - Global Forecast to 2028", is projected to
reach USD 4.3 billion by 2028 from USD 2.1 billion in 2023, at a CAGR of 15.5%
from 2023 to 2028.
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PDF Brochure:
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Growth Drivers
Precision
medicine or personalized medicine involves the targeted approach for a patient
by considering the difference in the genes and other factors such as lifestyles
and environments. Specific characteristics of a patient are analyzed tailored
for innovative approach to medical treatment. The treatment or therapy designed
for the patient by considering the molecular and cellular profile results in
effective prevention, diagnosis, improved outcomes, and reduced side effects.
Market Segmentation: -
- Based on the product, the global theranostics market is
segmented into diagnostic imaging, radiopharmaceuticals, IVD/Biomarker
screening, and software and services. The radiopharmaceuticals segment is
anticipated to register the highest growth rate over the forecast period
and also accounted for the highest share of the theranostics market in
2022.
- Based on application, the theranostics market is segmented
into prostate cancer, bone metastasis, other cancer, and other
applications. The prostate cancer segment accounted for the largest share
of the market in 2022 and is also expected to grow at the highest CAGR
during the forecast period.
- Based on end user, the global theranositcs market is
segmented into hospitals and cancer centers, theranostics centers, and
research and academic centers. The hospitals and cancer care centers
segment accounted for the largest share of the market in 2022. Consistent
rise in the number of hospitals and rising old-age population are driving
the growth of this segment.
- The Asia Pacific theranostics market is anticipated to
register the highest growth from 2023 to 2028. The key players of
theranostics market are focusing on expanding their footprint in the APAC
region. This region is witnessing a significant rise in the adoption of
the treatment by different end user facilities in the region.
Growth opportunities
Developing economies such as offer growth opportunities for the
major players in the market. Although the cost factor is a concern in these
developing countries, their huge population base—especially in India and
China—offers a sustainable market for theranostics.
The high incidence of chronic diseases such as cancer, strokes,
and neurological and cardiovascular diseases, as well as the high death rates
in these countries, have increased the need for early detection. According to a
GLOBOCAN 2020 report, the number of new cancer cases diagnosed in 2020 was 19.3
million, and almost 10.0 million died due to cancer.
Recent Developments of Theranostics Industry:
- Advanced Accelerator Applications
(France) received FDA approval for Pluvicto (lutetium Lu 177 vipivotide
tetraxetan). Pluvicto is a targeted radioligand therapy for patients with
prostate cancer with a therapeutic radioisotope.
- Bayer AG (Germany) and the Broad
Institute of MIT and Harvard (US) extended their long term collaboration
for the advancement of new therapeutic approaches in cancer.
- GE Healthcare collaborated with the Mayo
Clinic (US) for innovation in research and product development. The
collaboration aims to have the technology for clinicians for the precise
diagnosis and approaches to theranostics and medical imaging.
Top Key Players:
As of 2022, prominent players in the market are Advanced
Accelerator Applications (France), Bayer AG (Germany), GE Healthcare (US).
The new research study consists of industry
trends, pricing analysis, patent analysis, conference and webinar materials,
key stakeholders, and buying behaviour in the market. Increasing establishment
of hospitals, rising focus on targeted therapies, and introduction of novel
theranostic approaches are expected to drive the market during the forecast
period. Introduction of artificial intelligence (AI) helps to improve the
diagnostic accuracy. Recent FDA approvals increases the awareness and supports
rising adoption of theranostics.
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