Theranostics Global Market Report 2024

The theranostics market has grown rapidly in recent years. It will grow from $98.91 billion in 2023 to $110.41 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth observed in the historical period can be attributed to progress in molecular imaging, the transition towards value-based healthcare, and integration within the field of oncology.

The theranostics market is expected to see rapid growth in the next few years. It will grow to $164.38 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The anticipated growth in the forecast period can be attributed to the increase in precision medicine initiatives, the broadening of applications beyond oncology, the aging population and prevalence of chronic diseases, advancements in biomarker discovery, and government support and funding. Major trends expected in the forecast period include regulatory backing, the prominence of companion diagnostics, a heightened focus on cancer theranostics, increased patient engagement and awareness, and technological convergence.

The anticipated growth of the theranostics market is expected to be driven by the increasing prevalence of cancer. Cancer, characterized by uncontrolled cell growth affecting various organs, remains a significant source of morbidity and mortality globally. Theranostics, integrating therapeutics and diagnostics, holds substantial promise in cancer and chronic disease management. This approach facilitates personalized and targeted treatments by combining diagnostic and therapeutic capabilities, fostering innovation in the healthcare sector. Consequently, the rise in the number of cancer patients is poised to contribute to the expansion of the theranostics market. For instance, as of January 2022, the National Cancer Institute (NCI) reported that approximately 5.4% of the U.S. population, equivalent to 18.1 million individuals, are cancer survivors. Furthermore, there were 623,405 people living with metastatic breast, prostate, lung, colorectal, or bladder cancer, or metastatic melanoma in 2022, with projections indicating an increase to 693,452 by 2025. Thus, the increasing prevalence of cancer is a key driver for the theranostics market.

The expected growth of the theranostics market is also anticipated to be fueled by the growing investment in research and development. Research and development (R&D) constitute a series of activities conducted by individuals, universities, corporations, and governments to discover new knowledge, create new products or processes, or enhance existing ones. In the realm of theranostics, R&D efforts aim to deliver both imaging and therapeutic agents specifically to diseased tissues, minimizing side effects and maximizing therapeutic efficacy. For instance, in April 2023, the National Cancer Institute (NCI) allocated $437,000 in funds to explore the function of enolase in theranostics, a burgeoning field that synergizes therapy and imaging to molecularly target and eliminate cancer cells while preserving healthy tissue. Thus, the increasing investment in research and development serves as a driving force for the theranostics market.

The trend of integrating imaging and treatment technologies is gaining traction in the theranostics market. Major companies in this sector are incorporating multiple imaging and treatment technologies to offer more accurate and personalized medical treatments, enhance patient care, and maintain a competitive position in the market. An illustration of this trend is the introduction of StarGuide by GE Healthcare Technologies Inc., a US-based medical technology company, in March 2021. StarGuide, the latest SPECT/CT technology, employs advanced Cadmium Zinc Telluride (CZT) technology, enabling healthcare providers to gain deeper insights into patient conditions across various care areas. Equipped with digital focus detectors and 360-degree imaging, StarGuide is anticipated to advance precision health and augment theranostic capabilities in nuclear medicine.

Major companies in the theranostics market are concentrating on the development of innovative products, including molecular targeted radiopharmaceuticals (MTRP), to gain a competitive advantage. Molecular targeted radiopharmaceuticals are radioactive drugs used for diagnosing and treating diseases, particularly cancer. An example is the launch of 177Lu(n.c.a.)-PSMA-Therapy by Applied Molecular Therapeutics, a US-based biopharmaceutical company, in February 2022. This MTRP specifically targets the PSMA (prostate-specific membrane antigen) protein on the surface of prostate cancer cells, delivering a high radiation dose directly to the tumor while minimizing damage to healthy tissue. The radioactive 177Lu emitted by the therapy kills the cancer cells after binding to the PSMA protein.

In March 2023, Radiopharm Theranostics, an Australia-based biotechnology company specializing in radiopharmaceutical products, acquired Pharma15 Corporation for $4 million. This strategic acquisition positions Radiopharm to explore next-generation radiopharmaceuticals' potential for treating prostate cancer, surpassing PSMA-based therapies, and advancing innovative solutions for patients. Pharma15 Corporation, a US-based pharmaceutical company, specializes in developing radio-immuno-theranostic platforms and pharmaceutical products.

Major companies operating in the theranostics market report are Abbott Laboratories, Agilent Technologies Inc., AmeriPath Inc., Beckman Coulter Inc., Thermo Fisher Scientific Inc., Astellas Pharma, Helmholtz Centre for Infection Research, Radiopharm Theranostics Ltd., Alpha- Theranostics, UNIVERZITET U NOVOM SADU, Cardio-Theranostics LLC, Curium, SoFi Technologies Inc., Theradiag, Cell Theranostics, F. Hoffmann-La Roche AG, GE HealthCare Technologies Inc., Qiagen NV, Foundation Medicine Inc., Leica Biosystems Nussloch GmBH, Pfizer Inc., Siemens Healthineers, Advanced Accelerator Applications, AstraZeneca plc, Bayer AG, Bio-Rad Laboratories, The Bristol-Myers Squibb Company, Danaher Corporation, MilliporeSigma, Illumina Inc., Merck KGaA, Roche Diagnostics Corporation, PerkinElmer Inc.

North America was the largest region in the global theranostics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the theranostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the theranostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Various types of theranostics are categorized by disease type, encompassing neurological disorders, cardiovascular diseases, immunological disorders, oncology diseases, and others. Neurological disorders comprise a spectrum of conditions affecting the brain, spinal cord, and nerves, leading to diverse symptoms and impairments. Theranostics plays a crucial role in ensuring precise diagnosis, monitoring disease progression, and guiding personalized treatment strategies for these disorders. The technologies employed for theranostics encompass polymerase chain reaction, immunohistochemistry, in-situ hybridization, sequencing, and others. These technologies find application across different end-users, including hospitals and clinics, diagnostic laboratories, and others.

The theranostics market research report provides theranostics market statistics, including the theranostics industry's global market size, regional shares, competitors with a theranostics market share, detailed theranostics market segments, market trends and opportunities, and any further data you may need to thrive in the theranostics industry. This theranostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The theranostics market consists of revenues earned by entities by providing genetic testing, targeted therapy services, contract development and manufacturing services. The market value includes the value of related goods sold by the service provider or included within the service offering. The theranostics market also includes of sales of companion diagnostics, nanomedicine and 2D nano-theranostics materials. Values in this market are ""factory gate"" values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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