ID: MRFR/HC/6585-HCR | February 2021 | Region: Global | 90 pages
The theranostics market size accounted for USD 7,968.4 million in 2018 and is projected to grow at a CAGR of 11.4% during the forecast period (2019-2025). Theranostics is referred to as the combination of therapeutics, nanoscience, and diagnostics that provides a transition from conventional medicine to a contemporary personalized and precision medicine approach. Theranostics is also called as theragnostics or companion diagnostics (CDx), or pharmacodiagnostics or personalized medical care, or personalized therapy, or personalized medicine technology.
It is a new field of medicine which combines specific targeted therapy based on specific targeted diagnostic tests. Factors responsible for the growth of the market are globally increasing the development of novel companion diagnostic tests, mounting adoption of companion diagnostic tests by end users, increasing collaborations and partnerships by prominent market participants to develop innovative companion diagnostics, and rising burden of chronic diseases. For instance, according to the World Health Organization (WHO), in 2001, chronic diseases contributed approximately 60% of the 56.5 million total reported deaths in the world and around 46% of the global burden of disease; these diseases are forecasted to account for about three-quarters of all deaths worldwide by the end of 2020. On the contrary, the lack of properly defined regulations for theranostics tests and inadequate reimbursement facilities in most of the economies are anticipated to limit the theranostics market size during the forecast period from 2019 to 2025.
Theranostics Market Segmentation
The theranostics market has been segmented into the therapeutic area, technology, end user, and region.
By therapeutic area, the market has been segmented into oncology, cardiovascular diseases, neurological disorders, immunological disorders, and others. The oncology segment is further categorized into breast cancer, colorectal cancer, lung cancer, cervical cancer, and others. The oncology segment dominated the market in 2018 and expected to retain its dominance over the forecast period due to increasing adoption of theranostics in cancer disease to eliminate multi-step procedures, reduce delays in treatment and improves patient care.
On the basis of technology, the market has been divided into polymerase chain reaction (PCR), immunohistochemistry (IHC), in situ hybridization (ISH), sequencing, and others.
Based on end user, the market has been classified into hospitals and clinics, diagnostic laboratories, and others.
The theranostics market has been segmented on the basis of region into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The market in the Americas has further been segmented into North America and Latin America, with the North American market divided into the US and Canada.
The European theranostics market has been segmented into Western Europe and Eastern Europe. Western Europe, market, has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The theranostics market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The market in the Middle East & Africa has been segmented into the Middle East and Africa.
Theranostics Market Key Players
Regional Market Summary
Theranostics Market Share (%), by Region, 2018
Source: White Papers, Company Presentations, Annual Reports, and MRFR Analysis
Geographically, the Americas held substantial market share in 2018 attributed to the presence of key market players, rising prevalence of chronic diseases, strong research and development activities, and increasing adoption of companion diagnostics in the US and Canada. The presence of market players, namely, Thermo Fisher Scientific Inc., Beckman Coulter, Inc., Abbott Laboratories, and Agilent Technologies, Inc. facilitates early market initiation of products and prompt products supply to the customers, thereby supporting to its dominance.
Europe would be the second largest value contributor in the global market due to proliferating pharmaceutical and medical device companies, increasing partnerships and collaborations between life science companies and medical diagnostics companies, and growing focus of major market players on the expansion of product portfolio. For instance, in June 2018, Laboratory Corporation of America Holdings and Unilabs (a Swiss provider of clinical laboratory testing and medical diagnostic imaging services) strategically collaborated to provide expanded global development and delivery of companion diagnostics.
Increasing awareness regarding companion diagnostics, rising collaborations between medical diagnostic companies, growing elderly population coupled with surging prevalence of serious health illnesses are expected to contribute to the lucrative market growth of Asia-Pacific. In August 2018, QIAGEN N.V. collaborated with SRL, Inc., a Japan-based clinical lab testing company, to introduce new companion diagnostics simultaneous with new drug approvals.
The theranostics market in the Middle East & Africa would witness the modest market growth rate from 2018 to 2025. The Middle East would spearhead the market attributed to growth in the healthcare sector along with developing healthcare infrastructure in the Gulf Cooperation Council (GCC) region.
by Therapeutic Area
by End User
|Market Size||7,968.4 Million (2025)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Therapeutic Area, Technology, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, Beckman Coulter, Inc., Focus Diagnostics, Abbott Laboratories, Illumina, Inc., Agilent Technologies, Inc., QIAGEN, Myriad Genetics, Inc., Foundation Medicine, Inc., and AmeriPath, Inc.|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Theranostics is a combination of nanoscience, diagnostics, and therapeutics that delivers personalized medication.
Theranostics Market was valued at close to USD 8 billion in 2018.
Theranostics Market is expected to exhibit a strong 11.4% CAGR over the forecast period from 2019 to 2025.
The growing demand for personalized medicine and the increasing technological development in nanoscience are the major drivers for the global theranostics market.
The Americas and Europe dominate the global theranostics market.
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.