Key Playersof the prominent players in the global theranostics market are 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.
Market Highlights
The global theranostics
market size accounted for USD 7,968.4 million in 2018 and is projected to grow
at a CAGR of 11.4% over the forecast period. Theranostics is a new field of
medicine which combines therapeutics, nanoscience, and diagnostics based on
specific targeted diagnostic tests. Theranostics is also called as
theragnostics or companion diagnostics (CDx), or pharmacodiagnostics or
personalized medical care, or personalized therapy, or personalized medicine
technology.
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Theranostics is a proposed
diagnostic methodology for personalizing therapeutic intervention and the
integration of imaging and therapy in a single system, enabling simultaneous
therapy and follow-up of the treatment. Some of the market growth factors are
increasing development of novel companion diagnostic tests, emerging use of
theranostics, increasing partnerships and collaborations by major market
players to develop innovative companion diagnostics, and rising burden of
chronic diseases. In contrast, lack of proper defined regulations for
theranostics tests and inadequate reimbursement facilities in most of the
countries are anticipated to impede the market growth during the forecast
period.
Molecular theranostics is
a major field which includes small biochemical moieties and biomacromolecules.
Theranostics is important for personalized as well as precision medicine that
provides therapeutic outcome so that a physician can make a decision pertaining
to the course of treatment for the patient.
Segmentation
The global
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.
On the basis of
technology, the market has been divided into polymerase chain reaction (PCR),
immunohistochemistry (IHC), in situ hybridization (ISH), sequencing, and
others. The sequencing segment is likely to register comparatively higher CAGR
over the forecast period due to the increasing number of proof-of-concept case
studies and research related to sequencing, particularly next-generation sequencing
(NGS) technology.
Based on end user, the
market has been classified into hospitals and clinics, diagnostic laboratories,
and others.
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Regional Analysis
The global theranostics
market has been categorized on the basis of region into the Americas, Europe,
Asia-Pacific, and the Middle East & Africa. On a regional basis, the
Americas would command the market throughout the forecast period attributed to
the domicile of major market participants, increasing research and development
activities, and growing adoption of theranostics in the US and Canada. For
instance, in June 2018, Genome Canada launched a national initiative for
clinical implementation of precision health that would ultimately impact the
market growth in the near future.
Europe would follow
Americas in terms of value over the forecast period due to flourishing
pharmaceutical and medical device companies, increasing partnerships and
collaborations between life science companies and medical diagnostics
companies, and growing personalized medicine sector. Personalized medicine (PM)
is an emerging approach to prevention, diagnosis, treatment, and care which is
assisting in addressing the challenge of the aging of the population, rising
prevalence of chronic diseases, and increasing healthcare costs.
The market in Asia-Pacific
would register the fastest market growth over next seven years owing to booming
medical tourism, swiftly developing healthcare infrastructure, and growing
awareness in the developing countries, namely, India, China, Singapore, and
Australia.
The Middle East &
Africa has the least share of the global theranostics market. In addition, the
major market share of the region would be held by the Middle Eastern region due
to developing healthcare system and medical infrastructure in the Arab
countries.
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