According to the latest report by IMARC Group, titled "Theranostics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," the global theranostics market is expected to grow at a CAGR of 10.69% during 2022-2027. Theranostics is the term used to describe the mixture of diagnostic biomarkers with therapeutic agents that share a specific target in diseased cells or tissues. It is derived from a combination of the words therapeutics and diagnostics. In this, drugs are uniquely combined to diagnose and treat medical conditions simultaneously. It provides a transition from traditional to personalized medicines. It deals with a customized treatment plan based on the uniqueness of every person, thus resulting in the right drug for the right patient at the right time. It helps to avoid unnecessary therapies being given to patients for whom they are unsuitable and ensure that the planned treatment will influence the targeted therapy area effectively. Theranostics is a new medical field that is gaining much attention from regulatory authorities and the healthcare industry.
Global Theranostics Market Trends:
The global market is majorly driven by the increasing incidences of cancer and other chronic illness. In line with this, the rising investments in biological research and the growing number of approvals for producing products from regulatory authorities are significantly contributing to the market growth. Furthermore, the escalating demand for effective treatment procedures at lowered costs and the reduced time for medical trials are positively influencing the market. Apart from this, the increasing individual interest in early diagnosis and the growing awareness regarding manufacturing quality drugs with advanced technologies are catalyzing the market. Moreover, the high demand for companion diagnostic products in oncology is anticipated to propel the market expansion. Besides, the rising expenditure on healthcare and clinical trials and the rapid advancements in bioscience are strengthening the market. Additionally, the growing efforts by the governments of various countries to spread awareness about the available medical treatments are bolstering the market.
- On the basis of the disease type, the market has been categorized into neurological disorders, cardiovascular diseases, immunological disorders, oncology diseases, and others.
- Based on the technology, the market has been classified into polymerase chain reaction, immunohistochemistry, in-situ hybridization, sequencing, and others.
- Based on the end user, the market has been segmented into hospitals and clinics, diagnostic laboratories, and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include Abbott Laboratories, Agilent Technologies Inc., AmeriPath Inc (Quest Diagnostics Incorporated), Beckman Coulter Inc. (Danaher Corporation), Becton Dickinson and Company, F. Hoffmann-La Roche AG, General Electric Company, Illumina Inc., Myriad Genetics Inc., Pfizer Inc., Qiagen N.V. and Thermo Fisher Scientific Inc.
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