Theranostics Market Report 2025

The theranostics market size has grown rapidly in recent years. It will grow from $111.1 billion in 2024 to $123.33 billion in 2025 at a compound annual growth rate (CAGR) of 11%. The growth in the historic period can be attributed to advancements in molecular imaging, shift to value-based healthcare, integration in oncology.

The theranostics market size is expected to see rapid growth in the next few years. It will grow to $185.73 billion in 2029 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to rise in precision medicine initiatives, expanding applications beyond oncology, population aging and chronic diseases, advancements in biomarker discovery, government support and funding. Major trends in the forecast period include regulatory support, rise of companion diagnostics, increased focus on cancer theranostics, patient engagement and awareness, 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.

Major companies in the theranostics market are concentrating on developing advanced solutions, such as theranostics clinical trials, to enhance personalized medicine and improve patient outcomes by integrating diagnostics and therapeutics into a unified treatment approach. Theranostics clinical trials are research studies designed to assess the combined use of diagnostic tests and targeted therapies, tailoring treatment strategies to individual patients. These trials focus on evaluating the effectiveness of specific treatments based on patient-specific biomarkers, thereby advancing personalized medicine. For example, in May 2024, BAMF Health, a cancer treatment center based in the U.S., launched the COMBAT Trial, formally titled “A Phase I/II Theranostic Study of 64Cu-SAR-BBN and 67Cu-SAR-BBN for Identification and Treatment of GRPR-expressing Metastatic Castrate Resistant Prostate Cancer in Patients Who Are Ineligible for Therapy With 177Lu-PSMA-617” (NCT05633160). This trial features a rapid activation process facilitated by BAMF Health's BAMF RapAct program, allowing it to launch in just seven weeks. It also emphasizes the use of innovative radiopharmaceuticals targeting the Gastrin-Releasing Peptide receptor (GRPR), with the goal of improving treatment options for patients with limited therapeutic alternatives.

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 include 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 2024. 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.

Theranostics is a medical discipline that integrates therapeutics and diagnostics into a unified approach. It entails the development and application of diagnostic tests that not only identify diseases or conditions but also furnish information for guiding personalized therapeutic interventions.

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 is one of a series of new reports that 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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