Theranostics Market Report by Disease Type (Neurological Disorders, Cardiovascular Diseases, Immunological Disorders, Oncology Diseases, and Others), Technology (Polymerase Chain Reaction, Immunohistochemistry, In-Situ Hybridization, Sequencing, and Others), End User (Hospitals & Clinics, Diagnostic Laboratories, and Others), Region and Competitive Landscape (Market Share, Business Overview, Products Offered, Business Strategies, SWOT Analysis and Major News and Events) 2024-2032

Theranostics Market Report by Disease Type (Neurological Disorders, Cardiovascular Diseases, Immunological Disorders, Oncology Diseases, and Others), Technology (Polymerase Chain Reaction, Immunohistochemistry, In-Situ Hybridization, Sequencing, and Others), End User (Hospitals & Clinics, Diagnostic Laboratories, and Others), Region and Competitive Landscape (Market Share, Business Overview, Products Offered, Business Strategies, SWOT Analysis and Major News and Events) 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A22828
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Theranostics Market Size:

The theranostics market size reached US$ 2.07 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4.68 Billion by 2032, exhibiting a growth rate (CAGR) of 9.1% during 2024-2032. The theranostics market is driven by the growing cancer and chronic disease incidences, surging demand for personalized medicine, and the emergence of new biomarkers and molecular targets, which are propelling innovation and adoption in the healthcare sector.

Report Attribute
Key Statistics
Base Year
Forecast Years
Historical Years
Market Size in 2023 US$ 2.07 Billion
Market Forecast in 2032 US$ 4.68 Billion
Market Growth Rate (2024-2032) 9.1%

Theranostics Market Analysis:

  • Major Market Drivers: The growing need for theranostics is due to the rising incidence of chronic illnesses including cancer and cardiovascular problems since they provide accurate diagnosis, treatment monitoring, and therapy optimization. Furthermore, a major motivator for theranostics is its ability to personalize medicine by fusing medicines and diagnostics, enabling focused treatment methods and enhancing patient outcomes.
  • Key Market Trends: The trend of integrating therapeutic drugs with modern imaging technology for targeted drug delivery and real-time viewing is increasing treatment efficacy while reducing side effects. The adoption of theranostics in precision medicine is owing to the growing emphasis on companion diagnostics in conjunction with drug development procedures to identify appropriate patient populations and predict treatment responses.
  • Geographical Trends: The rise of North America can be attributed to its strong healthcare system, advantageous reimbursement practices, and considerable R&D. In addition, the Asia-Pacific region has significant development potential owing to the growing healthcare costs, a rise in the incidence of chronic illnesses, and investments in cutting-edge medical and therapeutic technology.
  • Competitive Landscape: Some of the major market players in the theranostics industry 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. among many others.
  • Challenges and Opportunities: The regulatory complications and repayment challenges present barriers to market entry and adoption of theranostic technologies, obliging streamlined regulatory pathways and evidence-based reimbursement models. Moreover, the opportunities lie in the development of novel theranostic agents, entry into emerging markets, and advancements in artificial intelligence and molecular imaging techniques, authorizing personalized and precise theranostic interventions with improved efficacy and safety profiles.

Theranostics Market Drivers:

Growing Cases of Cancer and Chronic Diseases

Globally rising rates of chronic illnesses and cancer represent a major reason for the theranostics market's growth. The need for cutting-edge therapeutic and diagnostic approaches grows as these diseases proliferate. For example, according to the WORLD HEALTH ORGANIZATION, in the Eastern Mediterranean Region in 2023, cancer was responsible for over 459,000 deaths per year. In the five years before, the area had about 1.6 million new instances of cancer. Approximately 734,000 individuals are detected with cancer each year, estimates suggest that number could rise by 50% by 2040. Therefore, addressing complicated illnesses like cancer requires the adoption of theranostics for the accurate diagnosis of disease and the simultaneous delivery of tailored medicines.

Emergence of Novel Biomarkers and Molecular Targets

Theranostics is undergoing a revolution with the identification of novel biomarkers and molecular targets. These indicators are fundamental instruments for tracking their course, how well treatments are working, and the onset of diseases. Molecular targets are physical parts that can be accurately targeted by treatments to produce a desired therapeutic outcome. In addition, the perpetual research and development (R&D) in proteomics and genomics is discovering novel biomarkers and targets that can be used in theranostic applications. This boosts the theranostics' potential for managing diseases and creates new opportunities for the creation of highly targeted treatments and diagnostics, which in turn fuels market growth.

Rising Demand for Personalized Medicine

Personalized medicine aims to tailor medical treatment to the individual characteristics of each patient, and this approach is gaining traction in the healthcare sector. For instance, in May 2023, UCLA Health  is set to establish a theranostics center aimed at offering personalized cancer care. This innovative approach employs radiopharmaceuticals for cancer detection and treatment, marking a significant advancement in the nuclear medicine field known as theranostics. The upcoming theranostics center is located on the seventh floor of the 100 Medical Plaza building at UCLA Health's Westwood campus. The 3,000-square-foot future facility will include space for eight infusion recliners, offers comprehensive patient care, and can facilitate 4,000 treatment cycles annually or 80 transfusions per week. The goal is to treat patients with advanced prostate cancer, neuroendocrine tumors, and thyroid cancer with specialized care which demonstrates how far ahead the US is in the field of theranostics. Therefore, the development of personalized medicine is particularly impactful in oncology, where theranostics can guide the use of specific drugs that target cancer cells, thereby propelling market growth.

Theranostics Market Opportunities:

Growing Innovations in Theranostics Technologies

The advent of innovative technologies that combine therapeutic and diagnostic properties into a single substance is positively expanding the theranostics market. It greatly improves treatment efficacy and safety by enabling precise targeting and real-time monitoring of medicines. For example, Novartis reported on 23 March 2022, that the US Food and Drug Administration (FDA) has approved PluvictoTM (lutetium Lu 177 vipivotide tetraxetan). Adult patients with prostate-specific membrane antigen-positive metastatic castration-resistant prostate cancer (PSMA-positive mCRPC), an advanced cancer subtype that has spread to other parts of the body, can now receive treatment with PluvictoTM. According to Oliver Sartor, MD, Medical Director at Tulane Cancer Center, the approval of Pluvicto represents a major clinical achievement for individuals with progressing mCRPC, offering improved survival rates for those with limited treatment alternatives. Thus, continuous evolution is pushing the boundaries of what theranostics can achieve, particularly in treating complex diseases.

Growing Application in Non-Oncological Diseases

Theranostics applications in non-oncological diseases are expanding, presenting the market with additional prospects for expansion. Theranostic techniques are widely used to treat diseases such as diabetes, neurological problems, and cardiovascular ailments. For example, theranostic nanoparticles can penetrate the blood-brain barrier to diagnose and treat neurodegenerative illnesses early on. Comparably, in cardiology, biomarker-based theranostics present an opportunity for focused therapy and early identification of cardiac disorders, improving patient management and lowering medical expenses. Thus, this diversification into different medical domains demonstrates the adaptability and potential of theranostics to transform treatment paradigms in the healthcare industry, thus creating a positive market outlook.

Collaboration Among Companies

Theranostics market growth is due to the strategic collaborations between pharmaceutical and biotech businesses, diagnostic instrument manufacturers, and academic institutions. These collaborations are central to combining resources, exchanging knowledge, and accelerating the formation of novel theranostic agents. These partnerships also aid in negotiating the regulatory environment, which may be difficult in the cutting-edge field of theranostics. For instance, in September 2023, GE HealthCare and Mayo Clinic established a strategic alliance to improve medical imaging and theranostics via joint ventures. The goal of this partnership is to create a unified innovation hub to advance radiology and improve patient care globally. Besides this, companies that collaborate can make use of each other’s advantages, reduce the cost of research and development, and accelerate the time to market for cutting-edge theranostic treatments.

Integration of AI and Machine Learning

Theranostics is changing as large datasets can be analyzed quickly and accurately by AI and ML algorithms, which is useful for finding patterns that the human eye would miss. These technologies are applied in theranostics to enhance the precision of diagnostic imaging, select therapeutic agents more effectively, and forecast patient reactions to different therapies. This improves results by personalizing patient care and increasing treatment effectiveness. Predictive models powered by AI can also expedite the drug development process, saving money and time while raising the success rate of novel treatments. Thus, a promising new direction in the development of theranostics is represented by this technological integration, augmenting the market demand.

Key Technological Trends & Development:

Nano Technology

The application of nanotechnology in theranostics entails the use of nanoparticles to enhance the delivery and effectiveness of medical diagnoses and therapies. By targeting particular cells or tissues, these nanoparticles reduce negative effects and improve drug delivery effectiveness. By delivering therapeutic compounds directly to damaged cells, nanotechnology allows for focused therapy and decreased systemic toxicity, allowing for the simultaneous detection and treatment of diseases. This strategy is especially important for treating cancer due to its accuracy which is essential for therapy to work without damaging good tissues.

Imaging Technologies (PET, SPECT, MRI, Others)

Imaging technologies such as Positron Emission Tomography (PET), Single Photon Emission Computed Tomography (SPECT), and Magnetic Resonance Imaging (MRI) are integral to the theranostics field. These technologies provide detailed images of the body's internal structures and are crucial in the diagnosis, monitoring, and management of diseases. In January 2024, InHealth announced the launch of its first relocatable radioligand therapy service for cancer treatment in the United Kingdom. Over 20,000 cancer patients in the UK are already served annually by InHealth's PET-CT service, which is available on both static and mobile websites. According to the corporation, the movable facility that will be made available with its new radioligand service would give current sites that deliver this kind of care from static locations and acute hospitals more capacity. Besides this, PET and SPECT are valuable in detecting cancer and neurological disorders due to their ability to visualize metabolic or molecular activity within the body. Hence, the integration of these imaging techniques in theranostics allows for precise localization and targeted treatment, enhancing treatment outcomes, and thus positively influencing the market growth.

Artificial Intelligence and Machine Learning

Artificial intelligence (AI) and machine learning (ML) are revolutionizing theranostics by enabling the analysis of large datasets to identify patterns that predict disease progression and treatment outcomes. AI algorithms can analyze imaging data, genetic information, and patient records to personalize treatment plans. Additionally, AI can assist in developing new theranostic agents by predicting molecule interactions and stability, significantly speeding up the drug development process. As these technologies evolve, they are expected to lead to more predictive and preventative healthcare, with machine learning models being increasingly used for real-time decision-making in clinical settings.

Liquid Biopsies

In liquid biopsy, circulating tumor cells or tumor DNA fragments are found and analyzed in a blood sample. This is a revolutionary method in the field of theranostics. This technique offers a non-invasive way to track tumor dynamics and mutations over time and enable the early diagnosis of cancer. According to the National Library of Medicine, liquid biopsy can detect markers released from tumors, including exosomes, tumor-educated platelets (TEPs), circulating tumor cells (CTCs), and circulating free nucleic acids, which include circulating free DNA (cfDNA), circulating free RNA (cfRNA), and circulating free microRNA (cfmiRNA). It can be used to evaluate the efficacy of therapy and identify drug resistance, allowing for modifications to treatment plans without requiring invasive tissue biopsies for malignancies where conventional biopsies are not appropriate, this method is beneficial. Thus, this technology is valuable for malignancies where conventional biopsies are not appropriate, contributing to market growth.

3D Bioprinting Technologies

3D bioprinting technology in theranostics involves creating customized tissues and organs that can be used for testing drugs or even for transplantation. This technology utilizes layers of living cells that are deposited onto a gel medium or scaffold to construct 3D structures. It has significant potential in personalized medicine, especially for developing patient-specific models that accurately mimic the natural anatomy and pathology of diseased tissues. These models can be used to test therapeutic responses in a controlled environment, providing valuable insights into the effectiveness and safety of potential treatments before they are used in clinical settings.

Theranostics Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on disease type, technology, and end user.

Breakup by Disease Type:

  • Neurological Disorders
  • Cardiovascular Diseases
  • Immunological Disorders
  • Oncology Diseases
  • Others

Oncology diseases account for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the disease type. This includes neurological disorders, cardiovascular diseases, immunological disorders, oncology diseases, and others. According to the report, oncology diseases represented the largest segment.

The largest segment is oncology due to the increasing focus on personalized medicine in the field of cancer treatment. Additionally, combining therapy and diagnostics allows theranostics for precise diagnosis and focused therapy based on individual genetic profiles and illness features, providing customized approaches to patient care. For instance, MGI established a strategic alliance with ALACRiS Theranostics and introduced the customer experience center (CEC) in Berlin, Germany. It aims to expand MGI's advanced automation and sequencing platforms across Germany. This partnership intends to advance precision medicine by delivering MGI's cutting-edge products for diverse cancer types, such as bladder, colorectal, and stomach, through an expanding network of regional clinical facilities. By combining ALACRiS's proficiency with MGI's innovative technologies, this collaboration seeks to transform cancer diagnosis and therapy, ultimately enhancing patient prognosis. Theranostics is critical to oncology, as it helps identify certain biomarkers, forecast therapy responses, and track the course of the disease, which helps to maximize therapeutic outcomes and minimize side effects, thus contributing to market growth.

Breakup by Technology:

  • Polymerase Chain Reaction
  • Immunohistochemistry
  • In-Situ Hybridization
  • Sequencing
  • Others

Polymerase chain reaction holds the largest share of the industry

A detailed breakup and analysis of the market based on the technology have also been provided in the report. This includes polymerase chain reaction, immunohistochemistry, in-situ hybridization, sequencing, and others. According to the report, polymerase chain reaction accounted for the largest market share.

Polymerase Chain Reaction (PCR) or PCR technology aids theranostics, as it relies heavily on PCR technology to amplify particular DNA sequences and makes it easier to identify genetic variants linked to disease. The widespread adoption is due to its adaptability, sensitivity, and effectiveness in finding biomarkers for a wide range of illnesses, such as cancer, infectious diseases, and genetic disorders. Apart from this, PCR-based theranostics support diagnosis and treatment choices by offering insightful information on disease prognosis and therapy response.

Breakup by End User:

  • Hospitals & Clinics
  • Diagnostic Laboratories
  • Others

Hospitals & clinics represent the leading market segment 

Hospitals & clinics are dominating the market due to their easy accessibility to individuals in need of diagnosis and treatment, and their capacity to offer complete care under one roof. Additionally, clinics and hospitals frequently include state-of-the-art diagnostic and treatment equipment, which makes it easier to incorporate theranostic technologies into their current infrastructure. Along with this, the presence of skilled healthcare professionals in these settings ensures efficient utilization and implementation of theranostic approaches, further solidifying the position of hospitals & clinics as the primary end users driving the growth of the theranostics market. Besides this, in October 2023, South Korea's Asan Medical Center (AMC) inaugurated the nation's first Theranostics Center.

Breakup by Region:

  • North America
    • United States
    • Canada
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East
  • Africa

North America leads the market, accounting for the largest theranostics market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East , and Africa. According to the report, North America represented the largest regional market for theranostics.

North America, with a strong market presence, is dominating the market growth. It is at the forefront of theranostics research and development due to a robust healthcare infrastructure, significant R&D investments, and a growing need for individualized treatment. Moreover, North America is in the convergence of therapy and diagnostics, with leading players driving technology breakthroughs and regulatory backing creating a growth-friendly environment. Thus, this position in the theranostics industry highlights its critical role in influencing the direction of precision medicine, from trailblazing research institutes to thriving biotechnology hubs. For instance, on 31 January 2024, the Food and Drug Administration (FDA) made changes to the Quality Management System Regulation’s title and introduced requirements and provisions aimed at providing clarity on specific expectations and concepts outlined in ISO 13485:2016. The updated section, known as the Quality Management System Regulation (QMSR), seeks to enhance understanding and compliance. The FDA released a final ruling on modifying these requirements to better align with the global consensus standard for Quality Management Systems, which has been adopted by many other regulatory bodies globally. These modifications incorporate, by reference, the quality management system requirements set forth by the International Organization for Standardization (ISO), an international standard designed for quality management systems about medical devices.

Analysis Covered Across Each Country:

  • Historical, current, and future market performance
  • Historical, current, and future performance of the market based on disease type, technology, and end user.
  • Competitive landscape
  • Government regulations

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape covering market structure, market share by key players, market player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant, among others. Detailed profiles of all major companies have also been provided. This includes a business overview, product offerings, business strategies, SWOT analysis, financials, and major news and events. Some of the major market players in the theranostics industry 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., Thermo Fisher Scientific Inc., etc. At present, key players in the market are strategically enhancing their positions through various initiatives aimed at solidifying their market presence and fostering innovation. These efforts include substantial investments in research and development to pioneer novel theranostic solutions that cater to evolving healthcare needs. Additionally, strategic collaborations and partnerships with academic institutions, pharmaceutical companies, and healthcare providers enable access to complementary expertise, resources, and distribution channels, facilitating the development and commercialization of cutting-edge theranostic technologies. Moreover, a focus on expanding geographical reach through market expansion strategies and regulatory approvals further strengthens their foothold in emerging markets and reinforces their status as leaders in the global landscape. Overall, these proactive measures underscore the commitment of key players to advancing the field of theranostics and cementing their position as frontrunners in this dynamic and transformative market.

Analysis Covered for Each Player:

  • Market Share
  • Business Overview
  • Products Offered
  • Business Strategies
  • SWOT Analysis
  • Major News and Events

Theranostics Market News:

  • 10 October 2023: Icon introduces theranostics, a tailored method for cancer therapy. It employs sophisticated diagnostic imaging to pinpoint cancerous cells, subsequently administering targeted radiation therapy at a cellular level for effective treatment.
  • 3 March 2023, Radiopharm Theranostics known for its development of radiopharmaceutical products for diagnostic and therapeutic applications, announced its acquisition agreement through its wholly owned subsidiary, Radiopharm Theranostics (USA) Inc., to acquire Pharma15 Corporation (Pharma15), a private US-based venture focusing on the development of advanced therapeutic radiopharmaceuticals for Prostate Cancer. Pharma15 is dedicated to creating assets that address resistance to current or late-stage prostate-specific membrane antigen (PSMA) targeting cancer therapies. These technologies demonstrate precise receptor targeting on cancer cells, while sparing healthy tissues, potentially reducing toxicity in novel targeted approaches.
  • On 13 February 2024: Curasight A/S unveiled its ambitious plan to enhance its clinical therapeutic approach by introducing a new Phase I/IIa trial encompassing five different cancer types, employing what is known as a basket trial design. This trial aims to evaluate the efficacy of Curasight's theranostic methodology, utilizing its diagnostic platform uTRACE® and treatment platform uTREAT®, across a spectrum of cancers including glioblastoma, neuroendocrine tumors (NET), head-and-neck cancer (HNSCC), non-small cell lung cancer (NSCLC), and pancreatic cancer.

Theranostics Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
  • Disease Type
  • Technology
  • End User
  • Region
Disease Types Covered Neurological Disorders, Cardiovascular Diseases, Immunological Disorders, Oncology Diseases, Others
Technologies Covered Polymerase Chain Reaction, Immunohistochemistry, In-Situ Hybridization, Sequencing, Others
End Users Covered Hospitals & Clinics, Diagnostic Laboratories, Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East, Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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., Thermo Fisher Scientific Inc., etc. (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
Customization Scope 10% Free Customization
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report:

  • How has the global theranostics market performed so far, and how will it perform in the coming years?
  • What are the drivers, restraints, and opportunities in the global theranostics market?
  • What is the impact of each driver, restraint, and opportunity on the global theranostics market?
  • What are the key regional markets?
  • Which countries represent the most attractive theranostics market?
  • What is the breakup of the market based on the disease type?
  • Which is the most attractive disease type in the theranostics market?
  • What is the breakup of the market based on technology?
  • Which is the most attractive technology in the theranostics market?
  • What is the breakup of the market based on the end user?
  • Which is the most attractive end user in the theranostics market?
  • What is the competitive structure of the market?
  • Who are the key players/companies in the global theranostics market?

Key Benefits for Stakeholders:

  • IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the theranostics market from 2018-2032.
  • The research report provides the latest information on the market drivers, challenges, and opportunities in the global theranostics market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the theranostics industry and its attractiveness.
  • The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market. 

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Theranostics Market Report by Disease Type (Neurological Disorders, Cardiovascular Diseases, Immunological Disorders, Oncology Diseases, and Others), Technology (Polymerase Chain Reaction, Immunohistochemistry, In-Situ Hybridization, Sequencing, and Others), End User (Hospitals & Clinics, Diagnostic Laboratories, and Others), Region and Competitive Landscape (Market Share, Business Overview, Products Offered, Business Strategies, SWOT Analysis and Major News and Events) 2024-2032
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