Theranostics Market in terms of revenue was estimated to be worth $2.1 billion in 2023 and is poised to reach $4.3 billion by 2028, growing at a CAGR of 15.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. The major factors driving the growth of this market include rising number of cancer cases and increasing use of radiophamrceuticals for neurological applications. Therastostics find growth opportunities in emerging countries due to rising incidence of targeted diseases and increasing number of hospitals.
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Radiopharmaceuticals segment to register significant growth rate over the forecast period of 2023-2028.
Based on the product, the global theranostics market is segmented into diagnostic imaging, radiopharmaceuticals, IVD/Biomarker screening, and software and services. The radiopharmaceuticals segment is anticipated to register the highest growth rate over the forecast period and also accounted for the highest share of the theranostics market in 2022.
Prostate cancer application segment accounted for the largest share of the theransotics market, by application in 2022.
Based on application, the theranostics market is segmented into prostate cancer, bone metastasis, other cancer, and other applications. The prostate cancer segment accounted for the largest share of the market in 2022 and is also expected to grow at the highest CAGR during the forecast period.
Factors such as the increasing awareness on the benefits of radiopharmaceuticals and rising adoption of theranostics treatment in end user facilities drive the growth of the market.
The hospitals and cancer care segment accounted for the largest share of the theranositcs market, by end user, in 2022
Based on end user, the global theranositcs market is segmented into hospitals and cancer centers, theranostics centers, and research and academic centers. The hospitals and cancer care centers segment accounted for the largest share of the market in 2022. Consistent rise in the number of hospitals and rising old-age population are driving the growth of this segment.
The Asia Pacific market to register the highest growth in the market during the forecast period
The Asia Pacific theranositcs market is anticipated to register the highest growth from 2023 to 2028. The key players of theranostics market are focusing on expanding their footprint in the APAC region. This region is witnessing a significant rise in the adoption of the treatment by different end user facilities in the region. Improvements in healthcare systems and rising healthcare expenditure are offering significant growth opportunities for the key players.
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A breakdown of the primary participants referred to for this report is provided below:
Key Market Players of Theranostics Industry:
As of 2022, prominent players in the theranostics market are Advanced Accelerator Applications (France), Bayer AG (Germany), and GE Healthcare (US) among others.
Advanced Accelerator Applications (France):
Advanced accelerator applications hold a leading position in theranostics market. The company plans to collaborate with research and academic universities to promote the utilization of Pluvicto and Lutathera. The company also focuses on establishing new production sites to increase the sales of its products. Currently, it has a total of 29 sites in 12 countries, including 19 production facilities in 8 countries (in Europe and the US) that are involved in the manufacturing of radioligand therapies and precision imaging radioligands. The geographic presence of the company and its strong distribution channel contribute to a significant percentage of the revenue reported by the company.
Bayer AG (Germany)
Bayer entered the nuclear medicine market in May 2013 with the launch of its blockbuster product Xofigo in the US. It markets diagnostic imaging equipment, together with the necessary contrast agents and prescription products—especially for cardiology and women’s healthcare—and specialty therapeutics in the areas of oncology, hematology, and ophthalmology. It operates in more than 100 countries worldwide across North America, Europe, the Asia Pacific, the Middle East & Africa, and Latin America through its subsidiaries and affiliates to help the company and its subsidiaries capture a larger market share. The increasing number of treatments and diagnostic tests performed resulted in a significant increase in volumes.
GE Healthcare (US):
GE Healthcare is one of the leading players in the theranostics market due to its broad product offerings GE Healthcare manufactures products with medical diagnostic technologies, digital solutions, and pharmaceutical diagnostic products for the healthcare sector. The adoption of new technology standards and investments in R&D have made GE Healthcare one of the leading firms in the theranostics market. Collaborations with other companies have also helped the firm establish its presence. The company’s comprehensive product portfolio and strong geographical presence with an established distribution channel have helped it gain a competitive edge in the market. It consistently focuses on R&D to deliver novel products.
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