As per our report, the global Theranostics Market size is estimated to reach USD 153.22 Million by 2026 from USD 86.17 Million in 2021, to grow at a 12.2% CAGR from 2021 to 2026.
Theranostics is a new field of medicine combined with specific therapies based on specific diagnostic tests. The theranostics helps gather diagnostic and therapeutic applications to a single agent allowing for drug delivery, diagnosis, and treatment response monitoring which are majorly used to treat cancer.
Rising incidences of cancer and other chronic illness and growing investments in biological research are majorly propelling the global theranostics market growth.
The post-cancer treatments take time for the total recovery of the patients. The increasing need to treat cancers like kidney, brain, breast, liver creates a massive opportunity for the players present in the market. The growing R&D and the approvals for producing products from the FDA also expect the theranostics market growth. Other key drivers boosting the global theranostics market monitored by the pharmaceutical sector are reduced require time for medical trials.
The rise in the prevalence to have effective treatment procedures at any cost is solely to contribute to growth opportunities for the global theranostics market. Increasing incidences of chronic diseases are greatly influencing the demand of the market. Furthermore, growing investments in research institutes in the biotechnology field and also awareness of manufacturing quality drugs with advanced technology is likely to outshine the growth of the market. People's interest in early diagnosis is also spurring the demand of the theranostics market.
The shortage of skilled physicians due to the lack of training programs in healthcare institutes quietly hamper the demand of the global theranostics market. The cost for installing and maintaining the devices in the laboratories, stringent rules and regulations by the government for approval of new products are some of the factors challenging the market growth.
Impact of COVID-19 on the global theranostics market:
In the making process of nanomachines that can carry the drug to the diseased cells without affecting the adjoining cells, nanoparticles are used, and the process is called theranostics, a combination of therapies and diagnostics. COVID-19 has disrupted the health care sector in the name of supply chain and demand-side disruptions. But fortunately, in the case of Nanomedical science, theranostics helps mitigate the virulence effects in the infected persons. The virus is targeted with nuclear medicine that takes the principle of theranostics. As theranostics are usually applied in oncology and other tumor-related disorders, due to the outbreak, the demand for the theranostics market had become sluggish due to the fear induced in the people about the hospital visits. But when the pandemic is subdued, and the virus became a lifestyle changer, medical experts have researched the virus presence in the body and tried to inhibit the virus using Theranostics. Even in the US, the former presidents asked to check for theranostics treatment for covid 19 infected patients. This has surged the demand for expansion of nanoparticle medicine, especially theranostics for inhibiting the viral load in covid infected patients.
Also, the vaccine and drug-related treatment of COVID-19 may seem ineffective when the virus mutates as the process only involves surface-related antigen tests. But to identify the correct viral load, the MRI technique can be used to identify the physical properties of the virus and identify the infected tissues for administering the targeted medicine or drugs.
Market Size Available
2021 to 2026
2021 to 2026
By Disease Type, Technology, End-User, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
This research report on the global theranostics market segmented and sub-segmented based on the disease type, technology, end-user, and region.
Theranostics Market - By Disease Type:
Based on Disease Type, Neurological disorders are the holding a significant share in the market due to the prevalence of diseases like Parkinson's Disease, Alzheimer's Disease, and other prevalent diseases; meanwhile, cancer diseases and cardiovascular disorders are expected to grow the fastest due to increased risk rate and prevalence of these diseases and increasing research expenditure by pharmaceutical companies.
Theranostics Market - By Technology:
Based on technology, Polymerase chain reaction technology accounts for holding the most significant shares of the market. Increasing awareness of the diagnostic and treatment procedures among individuals is fuelling the growth of this market.
Theranostics Market – By End User:
Based on End-User, the Hospital sector is ruling with dominant shares of the market. The growing scale of healthcare centers and diagnostics centers is a significant factor in boosting the market's growth. Also, increasing disposable income in urban areas is magnifying the growth of the Global Theranostics market.
Theranostics Market – By Region:
Geographically, the North American theranostics market is estimated to hold a leading share in the global theranostics market during the forecast period due to market leaders and developed healthcare and pharmaceutical infrastructure. However, in North America, cancer-treated patients have less idea about the post-cancer treatments, and also, the high cost of these treatments is expected to be a challenge. The prices of the therapies are high, and still, the experimental nature will be the barrier for the growth in the theranostics market. The Shortage of skilled professionals due to lack of training hampering the demand for the treatments. The rigid regulations and rules made by the governments for the new production of products are challenging for the market.
The Asia Pacific is the fastest-growing region due to increasing healthcare expenditure, product innovation, and rising disposable income. In Japan, the largest radiopharmaceutical company named Nihon Medi-Physis (NMP) announced a package JPY-3.3Billion for new research facility provisioning to theranostics. The NMP center promises to utilize an amalgamation of therapy mechanisms using ordinary molecules by using peptides or antibodies. The center promises to deliver advanced drugs for cancer patients.
KEY MARKET PARTICIPANTS:
Companies leading the global 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.
RECENT MARKET DEVELOPMENTS:
Recently in the united states, Mayo clinic has discovered few techniques to heal the wounds that are caused due to chronic diseases. A cellular component produced at the MAYO clinic of the united states can target ruptured wounds easily and effectively. According to the research reports, it was noted that around $ 550 million was invested by various companies in the theranostics market in the year 2019 -2020 to increase the market access to various radioactive elements used in theranostics. Alpha 9 theranostics announced the closing of an $11 million-dollar investment in theranostics market space. Cardinal Health, an Ohio-based company, invested millions of US dollars in the Indianapolis-based Indy nuclear medicine hub.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Disease Type
5.1.2 Neurological Disorders
5.1.3 Cardiovascular Diseases
5.1.4 Immunological Disorders
5.1.7 Y-o-Y Growth Analysis, By Disease Type
5.1.8 Market Attractiveness Analysis, By Disease Type
5.1.9 Market Share Analysis, By Disease Type
5.2 By Technology
5.2.2 Polymerase Chain Reaction (PCR)
5.2.4 In Situ Hybridization
5.2.7 Y-o-Y Growth Analysis, By Technology
5.2.8 Market Attractiveness Analysis, By Technology
5.2.9 Market Share Analysis, By Technology
5.3 By End User
5.3.2 Diagnostics Laboratories
5.3.4 Y-o-Y Growth Analysis, By End User
5.3.5 Market Attractiveness Analysis, By End User
5.3.6 Market Share Analysis, By End User
6. Geographical Analysis
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Abbott Laboratories
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.3 Dickinson and Company
8.4 BIOTEC Laboratories
8.5 Dade Behring
8.6 Dianon Systems
8.7 Dynacare Laboratories
8.9 Focus Diagnostics
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures