The Global Theranostics Market size is expected to reach $5.4 billion by 2030, rising at a market growth of 15.2% CAGR during the forecast period.
North America boasts a well-developed healthcare infrastructure with modern hospitals, diagnostic centers, and research institutions with state-of-the-art medical technologies. Therefore, the North America region captured $782.9 million revenue in the market in 2022. The availability of advanced diagnostic imaging modalities, molecular diagnostic laboratories, and therapeutic facilities enables the adoption and integration of theranostic approaches into clinical practice.
Targeted therapies align with the principles of precision medicine, which emphasize the customization of healthcare interventions based on individual patient characteristics, including genetic makeup, biomarker expression profiles, and disease phenotypes. Targeting specific molecular alterations or disease pathways, targeted therapies offer personalized treatment strategies tailored to individual patient’s unique genetic and molecular profiles. Therefore, innovation in targeted therapies is propelling the growth of the market.
Additionally, radiopharmaceuticals possess dual capabilities for diagnostic imaging and targeted therapy, making them ideal candidates for theranostic applications. Radiopharmaceuticals can be labeled with radioactive isotopes that emit gamma rays for diagnostic imaging (e.g., positron emission tomography or single-photon emission computed tomography) and beta particles for therapeutic purposes (e.g., radioimmunotherapy or targeted radionuclide therapy). Hence, rapid growth in radiopharmaceuticals is driving the growth of the market.
However, theranostic approaches often involve integrating sophisticated technologies, including molecular diagnostics, imaging modalities, targeted therapies, and drug delivery systems. Developing and implementing these technologies require specialized expertise in multiple disciplines, such as biology, chemistry, physics, and engineering. Hence, technical complexity hampers the growth of the market.
During the initial stages of the pandemic, healthcare resources and priorities shifted towards managing and controlling the spread of COVID-19. This diversion of resources and focus away from non-urgent medical procedures, including diagnostic imaging and personalized medicine initiatives, temporarily slowed the adoption and implementation of theranostic technologies in clinical practice. Also, the COVID-19 pandemic disrupted global supply chains, affecting the availability and distribution of theranostic products, components, and raw materials. Therefore, the COVID-19 pandemic had a negative impact on the market.
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Restraints 
Opportunities 
Challenges Based on end user, the market is categorized into hospitals & cancer care centers, theranostics centers, and research & academic centers. In 2022, the hospitals & cancer care centers segment registered 50.3% revenue share in the market. Hospitals and cancer care centers serve as hubs for comprehensive healthcare services, offering various diagnostic, therapeutic, and supportive care options for patients with complex medical conditions like cancer.
Based on product, the market is divided into diagnostic imaging, radiopharmaceuticals, IVD/biomarker screening, and software & services. In 2022, the diagnostic imaging segment garnered 30.5% revenue share in the market. Diagnostic imaging provides valuable treatment planning and guidance information by visualizing disease extent, localization, and staging.
On the basis of application, the market is segmented into prostate cancer, bone metastasis, other cancers, and others. The prostate cancer segment recorded 38.1% revenue share in the market in 2022. Prostate cancer exhibits significant heterogeneity in terms of disease aggressiveness, treatment response, and patient outcomes. Theranostic approaches allow for personalizing treatment strategies based on individual patient characteristics and tumor biology.
Free Valuable Insights: Global Theranostics Market size to reach USD 5.4 Billion by 2030
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region generated 23.0% revenue share in the market. The Asia Pacific region is experiencing a rising burden of chronic diseases, including cancer, cardiovascular diseases, and metabolic disorders, due to aging populations, urbanization, and changing lifestyles.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 1.8 Billion |
| Market size forecast in 2030 | USD 5.4 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 15.2% from 2023 to 2030 |
| Number of Pages | 239 |
| Number of Tables | 370 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product, Application, End User, Region |
| Country scope |
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| Companies Included | Bayer AG, GE HealthCare Technologies, Inc., Siemens Healthineers AG (Siemens AG), Cardinal Health, Inc., Canon, Inc., Clarity Pharmaceuticals Ltd, Koninklijke Philips N.V., Thermo Fisher Scientific, Inc., Telix Pharmaceuticals Limited, ABX advanced biochemical compounds GmbH |
By End User
By Product
By Application
By Geography
This Market size is expected to reach $5.4 billion by 2030.
Ongoing innovation in targeted therapies are driving the Market in coming years, however, Multifaceted technical challenges in theranostics restraints the growth of the Market.
Bayer AG, GE HealthCare Technologies, Inc., Siemens Healthineers AG (Siemens AG), Cardinal Health, Inc., Canon, Inc., Clarity Pharmaceuticals Ltd, Koninklijke Philips N.V., Thermo Fisher Scientific, Inc., Telix Pharmaceuticals Limited, ABX advanced biochemical compounds GmbH
The expected CAGR of this Market is 15.2% from 2023 to 2030.
The Radiopharmaceuticals segment is registering maximum revenue in the Market by Product in 2022; there by, achieving a market value of $2.4 billion by 2030.
The North America region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $2.3 billion by 2030.
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