Theranostics Market Analysis

Theranostics Market Analysis

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.
   

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.
   

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.