Global Theranostics Market Size 2024, Forecast To 2033
6 Mar, 2024
The theranostics market has experienced rapid growth, escalating from $98.91 billion in 2023 to $110.41 billion in 2024, indicating a compound annual growth rate (CAGR) of 11.6%. The substantial growth in the historical period is attributed to advancements in molecular imaging, the shift to value-based healthcare, and integration in oncology. Anticipating rapid growth in the next few years, the market is projected to reach $164.38 billion in 2028 at a CAGR of 10.5%. The expected expansion in the forecast period is linked to factors such as the rise in precision medicine initiatives, expanding applications beyond oncology, population aging and chronic diseases, advancements in biomarker discovery, and government support and funding. Key trends during this forecast period include regulatory support, the rise of companion diagnostics, increased focus on cancer theranostics, patient engagement and awareness, and technological convergence.
Global Theranostics Market Key Driver
The growing prevalence of cancer is set to drive the growth of the theranostics market. Cancer, characterized by uncontrolled cell growth impacting various organs, poses a significant health challenge globally. Theranostics, integrating diagnostics and therapeutics, holds promising potential for cancer and chronic disease management by enabling personalized and targeted treatments. This approach combines diagnostic and therapeutic capabilities, presenting innovative opportunities in healthcare. According to the National Cancer Institute (NCI) in January 2022, approximately 5.4% of the US population, or 18.1 million individuals, are cancer survivors. Furthermore, in 2022, there were 623,405 individuals living with metastatic cancer, projected to rise to 693,452 by 2025. Hence, the increasing prevalence of cancer remains a key driver for the theranostics market, with market sizes of 2023, 2024, and 2028 integral to this growth narrative.
Get A Free Sample Of The Global Theranostics Market ReportGlobal Theranostics Market Segments
The theranostics market covered in this report is segmented –
1) By Disease Type: Neurological Disorders, Cardiovascular Diseases, Immunological Disorders, Oncology Diseases, Other Diseases
2) By Technology: Polymerase Chain Reaction, Immunohistochemistry, In-Situ Hybridization, Sequencing, Other Technologies
3) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
By Geography:The regions covered in the theranostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the global theranostics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the theranostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Theranostics Industry Players
Abbott Laboratories, Agilent Technologies Inc., AmeriPath Inc, Beckman Coulter Inc., Thermo Fisher Scientific Inc, Astellas Pharma, Helmholtz Centre for Infection Research, Radiopharm Theranostics Ltd, Alpha- Theranostics, UNIVERZITET U NOVOM SADU, Cardio-Theranostics LLC, Curium, SoFi Technologies Inc., Theradiag, Cell Theranostics, F. Hoffmann-La Roche AG, GE HealthCare Technologies Inc, Qiagen NV, Foundation Medicine Inc, Leica Biosystems Nussloch GmBH, Pfizer Inc., Siemens Healthineers, Advanced Accelerator Applications, AstraZeneca plc, Bayer AG, Bio-Rad Laboratories, The Bristol-Myers Squibb Company, Danaher Corporation, MilliporeSigma, Illumina Inc., Merck KGaA, Roche Diagnostics Corporation, PerkinElmer Inc.
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Theranostics Market Overview
Theranostics is a medical field combining therapeutics and diagnostics into a single, integrated approach. It involves developing and applying diagnostic tests that not only detect diseases or conditions but also provide information to guide personalized therapeutic interventions.
Theranostics Global Market Report 2023 provides data on the global theranostics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The theranostics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.