Theranostics Market sees strong revenue expansion backed by increasing applications in prostate cancer and diagnostic imaging

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Theranostics Market -(Product (Diagnostic imaging, Radiopharmaceuticals, Biomarker screening and Software), Application (Prostate Cancer, Bone Metastasis, Other Cancers, Other Application), End-user (Hospitals & Cancer Care Centers, Theranostics Centers, and Research & Academic Centers)) Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

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 combines therapeutic and diagnostic capabilities, bridging the gap between conventional medical practices and contemporary approaches such as personalized and precision medicine. This integration, which leverages advancements in pharmaceuticals, nanotechnology, and diagnostics, has significantly enhanced cancer patient care. By identifying specific biomarkers, clinicians can evaluate treatment efficacy and make informed decisions regarding therapeutic strategies, thereby increasing the likelihood of successful outcomes. Theranostics supports the core principles of precision medicine by targeting the biological basis of disease and identifying patients who are most likely to benefit from particular treatments.

The market for theranostics is expected to grow in response to the rising global incidence of cancer and the increasing focus on individualized treatment approaches. However, the industry faces challenges that may hinder its expansion, including limited reimbursement frameworks and a lack of clearly defined regulatory guidelines in several countries. These factors pose significant barriers to the widespread adoption of theranostics technologies in clinical practice.

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 growth of the theranostics market is being driven by the increasing prevalence of cancer and chronic diseases, along with rising investments in biological and biomedical research. As the demand for effective and targeted treatment strategies continues to rise-regardless of cost considerations-the global theranostics industry is expected to witness substantial expansion. Theranostics plays a pivotal role in advancing precision medicine by focusing on the molecular and genetic basis of disease, enabling the identification of patients who are most likely to benefit from specific therapeutic interventions.

The growing need for personalized treatment solutions, particularly in oncology, is anticipated to be a key factor propelling market growth. In addition, heightened awareness surrounding the development of high-quality pharmaceuticals through advanced technologies is expected to contribute significantly to revenue generation. The increasing emphasis on early disease detection further supports the expansion of the theranostics sector, as early diagnosis is critical to improving clinical outcomes and optimizing treatment pathways.

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Challenges:
A primary challenge hindering the growth of the theranostics market is the high cost associated with the acquisition, installation, and maintenance of advanced laboratory equipment. Additionally, a shortage of skilled professionals and the absence of standardized protocols, particularly in emerging economies impacted by lockdowns and healthcare disruptions, further impede market development. Strict regulatory requirements for the approval and certification of new theranostic technologies also contribute to delays and increased costs. In many low- and middle-income countries, the high capital investment required for these systems places them beyond the financial reach of most healthcare facilities. As a result, institutions such as cancer care centers and smaller hospitals often refrain from adopting these technologies due to budgetary constraints and cost-effectiveness concerns.

Regional Trends:
North America is expected to command a significant share of the global theranostics market in terms of revenue and is projected to exhibit a strong compound annual growth rate (CAGR) in the coming years. This growth is primarily driven by the rising incidence of cancer, increased investments in precision medicine, and the establishment of specialized theranostics centers. Additionally, the region's rapidly aging population contributes to increased demand for targeted and effective treatment solutions. Europe also holds a substantial market share, supported by the presence of leading pharmaceutical companies, advanced healthcare infrastructure, and a well-developed regulatory framework that facilitates the integration of innovative theranostic technologies.

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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About Us:
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 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.

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This release was published on openPR.