According to FutureWise analysis the market for theranostics in 2023 is US$ 0.87 billion, and is expected to reach US$ 1.87 billion by 2031 at a CAGR of 10.00%.
Theranostics is a new field of medicine that uses targeted therapies to conduct specific targeted tests. Various types of cancer are diagnosed using these tests. The key concern in therapeutics is to provide patient-centered care utilizing a more personalised and precise approach. To form a single agent, diagnostic and therapeutic applications are combined. A key benefit of the system is its ability to improve drug delivery, diagnosis, and treatment response monitoring. Theranostics is expected to grow substantially in the near future due to the growing incidence of cancer and the need for combination therapies to treat cancer. Mayo Clinic's new Florida facility has been approved by the FDA. A positron emission tomography (PET) radiochemistry service will be provided at the facility. A variety of tests will be conducted at the facility, including FDA-approved radiotracers and new research. Additionally, the facility will conduct various theranostics to aid patients with metastatic neuroendocrine tumours. Japan's largest radiopharmaceutical company, Nihon Medi-Physis, announced an investment of JPY3.3 billion for a new theranostics research facility. A key objective of the program is to accelerate the establishment of theranostics or diagnostics. Common molecules will be used in combination with image/therapy regimes in the NMP center.
The center promises to provide cancer patients with advanced drug delivery systems using antibodies or peptides. As cancer incidence continues to rise and side effects from procedures like chemotherapy continue to challenge clinicians, theranostics will experience robust growth in the next few years. The post-cancer treatment industry also offers lucrative growth prospects, because patients take a significant amount of time to recover and resume normal routines. Due to the growing number of brain, kidney, liver, and breast cancers, there are several opportunities for players in the theranostics market. Theranostics market growth will also be driven by growing research and development and FDA approvals. Growth will be hindered by the high cost of therapies and the fact that they are still experimental. Furthermore, healthcare costs and lack of awareness about post-cancer treatments are expected to remain challenges in regions such as North America. In spite of this, there are still opportunities for players in the theranostics market to capitalize on rising awareness.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Theranostics Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Theranostics Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.