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Theranostics Market Current Scenario with Future Aspect Analysis
According to the latest research by InsightAce Analytic, the Global Theranostics Market is valued at US$ 2.21 Bn in 2023, and it is expected to reach US$ 6.37 Bn by 2031, with a CAGR of 14.38% during the forecast period of 2024-2031.
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Theranostics represents an emerging field that bridges the gap between conventional medicine and modern personalized and precision medicine by integrating therapeutics, nanotechnology, and diagnostics. The application of theranostics in precision medicine has significantly enhanced cancer patient care. Physicians utilize specific biomarkers to assess treatment efficacy, which supports informed decision-making in medication selection and improves treatment success rates.
By aligning with precision medicine's goal of understanding the biological basis of diseases, theranostics offers advanced diagnostic tools to identify patients who would derive the greatest benefit from targeted therapies.
The market is expected to grow due to the rising incidence of cancer and the increasing focus on personalized treatment approaches. However, the expansion of the global theranostics industry may be hindered by challenges such as insufficient reimbursement policies and the lack of clearly defined regulations governing theranostics testing in several countries.
List of Prominent Players in the Theranostics Market:
• Advanced Accelerator Applications
• Bayer AG
• GE Healthcare
• Siemens healthiness Ag
• Cardinal Health
• Philips Healthcare
• Canon Inc
• Curium
• Lantheus
• Northstar Medical Radioisotopes
• Eckert & Ziegler
• Pharmacologic
• Eczacibasi -Monroe
• Acrotech Biopharma Inc.
• Others
Market Dynamics:
Drivers-
The increasing prevalence of cancer and chronic diseases, along with rising investments in biological research, is driving the demand for theranostics. The global theranostics market is poised for significant growth as the need for efficient and targeted treatment solutions continues to rise, regardless of cost considerations. Theranostics play a critical role in precision medicine by providing diagnostic tools that identify patients who would derive the greatest benefit from specific treatments. Consequently, the growing incidence of cancer and the demand for personalized therapies are expected to propel market expansion.
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Challenges:
Despite its growth potential, the theranostics market faces several challenges, including high costs, a shortage of skilled professionals, and a lack of standardized protocols, particularly in emerging markets affected by lockdowns and isolation measures. The substantial expenses associated with installing and maintaining advanced laboratory equipment, coupled with stringent government regulations for certifying new products, present significant barriers to market expansion.
Regional Trends:
North America is expected to dominate the theranostics market in terms of revenue and is projected to experience a high compound annual growth rate (CAGR) in the coming years. This growth is attributed to the rising incidence of cancer, increasing investments in theranostics, and the presence of specialized theranostics centers. Additionally, the rapidly growing elderly population in the region is further driving market expansion. Meanwhile, Europe holds a substantial market share, supported by the presence of major industry players and a well-established pharmaceutical and healthcare infrastructure.
Recent Developments:
• In January 2024, Cardinal Health updated its non-GAAP diluted EPS projection and announced new enterprise operating and segment reporting structures as part of its continuing business and portfolio assessment. These updates strengthen the company's momentum, commitment to creating wealth over the long term, and ongoing efforts to become more focused and efficient.
• In January 2024, Bayer is revamping the Executive Leadership Team of the Crop Science Division. With the new setup, the company can strive to be the leading voice in regenerative agriculture, which will profoundly impact farmers, customers, and the globe at large.
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Segmentation of Theranostics Market-
By Product
• Diagnostic Imaging
• Radiopharmaceuticals
• IVD/Biomarker Screening
• Software and Services
By Application
• Prostate Cancer
• Bone Metastasis
• Other Cancers
• Other Applications
By End User
• Hospitals and Cancer Care Centers
• Theranostics Centers
• Research and Academic Centers
By Region
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.JPG
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