Theranostics Market - By Product (Diagnostic Imaging [MRI, PET, CT], Radiopharmaceuticals, IVD/Biomarker Screening, Software, Services), By Application (Prostate Cancer, Bone Metastasis, Neuroendocrine Tumors, Lymphoma), By End-use & Forecast, 2024 –2032

Theranostics Market - By Product (Diagnostic Imaging [MRI, PET, CT], Radiopharmaceuticals, IVD/Biomarker Screening, Software, Services), By Application (Prostate Cancer, Bone Metastasis, Neuroendocrine Tumors, Lymphoma), By End-use & Forecast, 2024 –2032

Theranostics Market Size

Theranostics Market was valued at USD 2.2 billion in 2023 and is estimated to grow at a CAGR of 13.6% between 2024 and 2032. Theranostics is a term that combines "therapy" and "diagnostics" and refers to an approach in medicine where diagnostic tests and therapeutic interventions are integrated into a single platform. This concept aims to personalize and optimize patient care by tailoring treatments based on individual characteristics, such as disease biology, genetic makeup, and treatment response. Diagnostic techniques are used to identify specific biomarkers, molecular targets, or disease characteristics, which inform the selection of appropriate therapies. These therapies can include targeted drugs, immunotherapies, or radiation therapies, often delivered with precision to maximize efficacy and minimize side effects.

To get key market trends

  Download Free Sample

The increasing prevalence of targeted diseases such cancer, cardiovascular diseases, autoimmune diseases has emerged as a significant driver for the market. For instance, according to the World Health Organization (WHO), in 2020, cancer accounted for nearly 10 million deaths worldwide. Therefore, there is a rising need for innovative theranostic approaches that integrate diagnostics and therapies to personalize treatment strategies, optimize patient care, and improve outcomes for individuals affected by these diseases.

Furthermore, growing technological advancements in the field, an increasing focus on precision medicine, and the rising geriatric population, among other contributing factors propelling the growth of the market in the forthcoming years.
 

What are the growth opportunities in this market?

 Download Free Sample

Theranostics Market Trends

Technological advancements in theranostics have revolutionized disease management by integrating diagnostic and therapeutic capabilities. These innovations enable early disease detection, prediction of treatment responses, and precise delivery of therapies.

• Advanced imaging modalities such as positron emission tomography (PET), which estimated to reach 3 billion by 2032, single-photon emission computed tomography (SPECT), and magnetic resonance imaging (MRI) have been refined to provide high-resolution images of cellular and molecular processes.
• Further, progress in genomics, proteomics, and metabolomics has facilitated the discovery and validation of disease-specific biomarkers, such as cancer biomarkers, cardiac biomarkers. These biomarkers play a crucial role in early disease detection, patient stratification, and monitoring therapeutic efficacy.
• Moreover, novel radiopharmaceuticals for targeted radionuclide therapy offer expanded treatment options for cancer and other diseases. These therapeutic agents deliver radiation selectively to tumor cells, sparing healthy tissue and minimizing side effects, thus enhancing treatment efficacy.
• Thus, such aforementioned factors are expected to boost the market growth.

Theranostics Market Analysis

Learn more about the key segments shaping this market

 Download Free Sample

Based on product, the theranostics industry are classified into diagnostic imaging, radiopharmaceuticals, IVD/biomarkers screening, and software and services. The diagnostic imaging segment held a market size of USD 743 million in 2023.

• Diagnostic imaging techniques such as MRI Systems, PET, and CT scanner can detect diseases at early stages when treatment is most effective. This early detection can lead to better outcomes and improved patient survival rates.
• Further, imaging modalities provide detailed information about the size, location, and characteristics of tumors or other abnormalities.
• Moreover, imaging techniques allow clinicians to monitor the response to therapy and assess treatment efficacy. Changes in tumor size, metabolic activity, or blood flow observed on follow-up imaging scans can indicate whether the treatment is working or if adjustments are needed, thereby fostering the segmental growth.

Learn more about the key segments shaping this market

 Download Free Sample

Based on applications, the theranostics market is bifurcated into prostate cancer, bone metastasis, neuroendocrine tumors , lymphoma, cardiovascular diseases, and other applications. The prostate cancer segment is estimated to account for a market size of USD 1.7 billion by 2032.

• Diagnostic imaging techniques such as multiparametric magnetic resonance imaging (mpMRI) and positron emission tomography (PET) scans allow for early detection of prostate cancer lesions, even at low prostate-specific antigen (PSA) levels. This early detection enables timely intervention, leading to improved treatment outcomes.
• Furthermore, imaging modalities such as mpMRI and PSMA-PET provide accurate localization of prostate cancer lesions within the prostate gland and surrounding tissues.
• Moreover, theranostic imaging techniques allow for patient stratification based on the extent and aggressiveness of prostate cancer. This stratification helps identify candidates for active surveillance, focal therapy, or more aggressive treatment options such as surgery or radiation therapy, thereby augmenting the segmental growth of the market.

Based on end-use, the theranostics market is categorized into hospitals, diagnostics centers, specialty clinics, and other end-users. The hospitals segment accounted for around USD 926.2 million revenue size in 2023.

• Hospitals provide a full spectrum of medical services, including diagnostic imaging, laboratory testing, and therapeutic interventions, making them well-equipped to offer integrated theranostic solutions to patients.
• Further, hospitals often have access to state-of-the-art diagnostic imaging equipment, such as PET/CT scanners, MRI machines, and gamma cameras, which are essential for performing theranostic procedures and accurately assessing disease status.
• Thus, hospitals typically have multidisciplinary teams of healthcare professionals, including radiologists, oncologists, nuclear medicine specialists, and surgeons, who collaborate to develop personalized theranostic treatment plans for patients with complex diseases such as cancer, thereby contributing to the growth of the market.

Looking for region specific data?

 Download Free Sample

North America theranostics market accounted for USD 877.3 million revenue in 2023 and is predicted to witness substantial market growth over the analysis timeline.

• The region has advanced technological landscapes that foster the development of innovative theranostics, enabling the integration of cutting-edge diagnostic and therapeutic modalities to address complex medical challenges with precision and effectiveness.
• Growing prevalence of targeted diseases such as cancer, cardiovascular diseases, autoimmune diseases. For instance, according to the Centers for Disease Control and Prevention (CDC) in 2020, reported that there were around 1,603,840 new cancer cases and 602,347 people were died from cancer in U.S.
• Further, North America boasts a highly developed healthcare infrastructure, with state-of-the-art medical facilities, cutting-edge technology, and a robust regulatory framework. This enables the seamless integration of diagnostic and therapeutic services, fostering the growth of the market.

Theranostics Market Share

The theranostics industry is competitive in nature, with several large multinationals and small and mid-sized companies competing in the industry. The development and launch of novel advanced devices based on different technologies is among a key market strategy. Some of the leading industry players have a notable presence in the market.

Theranostics Market Companies

Some of the eminent market participants operating in the theranostics industry include

• Bayer AG      
• Beckman Coulter, Inc.        
• Cardinal Health, Inc.
• Canon Medical Systems Corporation         
• Curium         
• F. Hoffmann La Roche Ltd.  
• GE HealthCare Technologies Inc.   
• Koninklijke Philips N.V.       
• Lantheus Holdings, Inc.      
• Siemens Healthnieers AG    
• Thermo Fisher Scientific Inc.               

Theranostics Industry News

• In September 2023, GE Healthcare and Mayo Clinic formed a strategic collaboration focusing on research and product development in medical imaging and theranostics. This collaboration benefited both companies by leveraging Mayo Clinic's clinical expertise and GE Healthcare's technological capabilities to drive innovation in medical imaging and theranostics.
• In November 2023, Bayer and the Broad Institute of MIT and Harvard extended their research partnership, focusing on cancer target identification and innovative oncology therapies. This collaboration benefited Bayer by leveraging the expertise of the Broad Institute and advancing its pipeline of oncology medicines.

The theranostics market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments

Click here to Buy Section of this Report

Market, By Product

• Diagnostic imaging
  • MRI    
  • PET imaging
  • Nuclear imaging      
  • CT scan
  • Molecular imaging
  • Other diagnostic imaging   
• Radiopharmaceuticals
  • Lutetium-177          
  • Samarium-153                   
  • Radium-223            
  • Iodine-131              
  • Yttrium-90              
  • Gallium-68              
  • Fluorine-18             
  • Other radiopharmaceuticals                     
• IVD/Biomarker screeening                                
  • Polymerase chain reaction (PCR)                       
  • Next-generation sequencing (NGS)                             
  • Fluorescence in-situ hybridization (FISH)                     
• Software and services                             

Market, By Application

• Prostate cancer                                      
• Bone metastasis                                     
• Neuroendocrine tumors                                     
• Lymphoma                                   
• Cardiovascular diseases                                    
• Other applications

Market, By End-use

• Hospitals       
• Diagnostics centers 
• Specialty clinics       
• Other end-users

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of Latin America
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa