As per the research report, the size of the Theranostics market in Europe was valued at USD 25.93 Million in 2022 and is expected to reach USD 44.36 Million by 2027 , estimated to grow at a healthy rate of 11.34% during the forecast period 2022 to 2027.
Theranostics is a relatively young branch of medicine that combines customized medications with precise diagnostic tests. Theranostics combines diagnostic and therapeutic applications into a single agent, enabling drug administration, diagnosis, and therapy response monitoring in cancer patients.
Major drivers driving the theranostics market during the forecast period include the rising incidence rate of cancer, upcoming technical developments, and growing awareness among physicians about the condition.
Also, increasing market research and development and prospective FDA approvals may help drive theranostics market growth throughout this period. The growing burden of chronic diseases and increased collaborations and partnerships by critical players for developing companion diagnostics are expected to fuel market expansion.
The desire to have effective treatment procedures at all costs solely contributes to the global theranostics market growth potential. In addition, the increasing prevalence of chronic diseases is having a significant impact on market demand. Furthermore, rising investments in biotechnology research institutes and increased awareness of the importance of creating high-quality medications using modern technology are projected to outpace market expansion. In addition, Theranostics market demand is being fueled by people's desire for early diagnosis.
The complete recovery of people after cancer therapies takes time. The growing need to treat cancers such as kidney, brain, breast, and liver presents a massive opportunity for market competitors. Other significant trends are increasing the global theranostics market that the pharmaceutical industry keeps an eye on are shorter medical trial times.
The expense of maintaining and installing devices in laboratories, a shortage of experienced physicians, and tight rules and regulations for product launch certification impede the market growth. In addition, most emerging nations' inadequate medical reimbursement regulations are likely to constrain market expansion over this period. Furthermore, one issue hindering market expansion is the high cost of theranostics products.
This research report on the Europe Theranostics Market has been segmented and sub-segmented into the following categories:
By Disease Type:
By Technology:
By End-User:
By Country:
Geographically, the Europe is projected to register a predominant share in the theranostics market during the forecast period. The regional growth of the market is attributed to the proliferation of pharmaceutical and medical device companies, increasing partnerships and collaborations between life science and medical diagnostics companies across the region. As a result, Europe would be the most significant value contributor in the global market, as the major market players' growing focus on product portfolio expansion.
According to disease type, neurological disorders hold a significant share of the market due to the prevalence of Parkinson's disease, Alzheimer's disease, and other common diseases; Theranostics in Europe are divided into Western Europe and Eastern Europe. Germany, France, the United Kingdom, Italy, Spain, and Western Europe have been classed as theranostics markets.
The UK theranostics market retains a significant market due to industry leaders and sophisticated healthcare and pharmaceutical infrastructure. However, cancer and cardiovascular disorders are expected to grow at the fastest rate due to rising risk rates and prevalence and increased research expenditure by pharmaceutical companies.
Germany theranostics market is the fastest-growing region, thanks to rising healthcare spending, product innovation, and disposable income. In addition, the growing senior population's technologically improved healthcare systems and options such as universal care are likely to generate significant expansion.
KEY MARKET PLAYERS
Key players operating in the Europe Theranostics Market profiled in this report are Abbott Laboratories, AmeriPath, Dickinson and Company, BIOTEC Laboratories, Dade Behring, Dianon Systems, Dynacare Laboratories, Enterix, Focus Diagnostics, Pfizer, and Beckman Coulter.
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