Kenneth Research, in its repository of market research reports, has recently added a report on Theranostics Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Theranostics Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Theranostics Market products.
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Global theranostics market is expected to register a healthy CAGR over the forecast period. The theranostics market size accounted for USD 7,968.4 million in 2018 and is projected to grow at a CAGR of 11.4% during the forecast period. Theranostics is referred to as the combination of therapeutics, nanoscience, and diagnostics that provides a transition from conventional medicine to a contemporary personalized and precision medicine approach. Theranostics is also called as theragnostics or companion diagnostics (CDx), or pharmacodiagnostics or personalized medical care, or personalized therapy, or personalized medicine technology. It is a new field of medicine which combines specific targeted therapy based on specific targeted diagnostic tests.
Factors responsible for the growth of the market are globally increasing the development of novel companion diagnostic tests, mounting adoption of companion diagnostic tests by end users, increasing collaborations and partnerships by prominent market participants to develop innovative companion diagnostics, and rising burden of chronic diseases. For instance, according to the World Health Organization (WHO), in 2001, chronic diseases contributed approximately 60% of the 56.5 million total reported deaths in the world and around 46% of the global burden of disease; these diseases are forecasted to account for about three-quarters of all deaths worldwide by the end of 2020. On the contrary, the lack of properly defined regulations for theranostics tests and inadequate reimbursement facilities in most of the economies are anticipated to limit the global theranostics market size during the forecast period from 2019 to 2025.
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. The oncology segment dominated the market in 2018 and expected to retain its dominance over the forecast period due to increasing adoption of theranostics in cancer disease to eliminate multi-step procedures, reduce delays in treatment and improves patient care.
On the basis of technology, the market has been divided into polymerase chain reaction (PCR), immunohistochemistry (IHC), in situ hybridization (ISH), sequencing, and others.Based on end user, the market has been classified into hospitals and clinics, diagnostic laboratories, and others.
The global theranostics market has been segmented on the basis of region into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The theranostics market in the Americas has further been segmented into North America and Latin America, with the North American market divided into the US and Canada.
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The European theranostics market has been segmented into Western Europe and Eastern Europe. Western Europe, theranostics market, has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The theranostics market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The theranostics market in the Middle East & Africa has been segmented into the Middle East and Africa.
Key Players
Thermo Fisher Scientific Inc.
Beckman Coulter, Inc.
Hoffmann-La Roche Ltd
Focus Diagnostics
Illumina, Inc.
Agilent Technologies, Inc.
QIAGEN
Abbott Laboratories
Myriad Genetics, Inc.
Foundation Medicine, Inc.
AmeriPath, Inc.
Regional Market Summary
Global Theranostics Market Share (%), by Region, 2018
Source: White Papers, Company Presentations, Annual Reports, and MRFR Analysis
Geographically, the Americas held substantial market share in 2018 attributed to the presence of key market players, rising prevalence of chronic diseases, strong research and development activities, and increasing adoption of companion diagnostics in the US and Canada. The presence of market players, namely, Thermo Fisher Scientific Inc., Beckman Coulter, Inc., Abbott Laboratories, and Agilent Technologies, Inc. facilitates early market initiation of products and prompt products supply to the customers, thereby supporting to its dominance.
Europe would be the second largest value contributor in the global market due to proliferating pharmaceutical and medical device companies, increasing partnerships and collaborations between life science companies and medical diagnostics companies, and growing focus of major market players on the expansion of product portfolio. For instance, in June 2018, Laboratory Corporation of America Holdings and Unilabs (a Swiss provider of clinical laboratory testing and medical diagnostic imaging services) strategically collaborated to provide expanded global development and delivery of companion diagnostics.
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Increasing awareness regarding companion diagnostics, rising collaborations between medical diagnostic companies, growing elderly population coupled with surging prevalence of serious health illnesses are expected to contribute to the lucrative market growth of Asia-Pacific. In August 2018, QIAGEN N.V. collaborated with SRL, Inc., a Japan-based clinical lab testing company, to introduce new companion diagnostics simultaneous with new drug approvals.
The theranostics market in the Middle East & Africa would witness the modest market growth rate from 2018 to 2025. The Middle East would spearhead the market attributed to growth in the healthcare sector along with developing healthcare infrastructure in the Gulf Cooperation Council (GCC) region.
Global Theranostics Market, by Therapeutic Area
Oncology
Breast Cancer
Colorectal Cancer
Lung Cancer
Cervical Cancer
Others
Cardiovascular Diseases
Neurological Disorders
Immunological Disorders
Others
Global Theranostics Market, by Technology
Polymerase Chain Reaction (PCR)
Immunohistochemistry (IHC)
In Situ Hybridization (ISH)
Sequencing
Others
Global Theranostics Market, by End User
Hospitals and Clinics
Diagnostic Laboratories
Others
Global Theranostics Market, by Region
Americas
North America
US
Canada
Latin America
Europe
Western Europe
Germany
France
Italy
Spain
UK
Rest of Western Europe
Eastern Europe
Asia-Pacific
Japan
China
India
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa
Middle East
Africa
Intended Audience
Medical diagnostic manufacturers
Medical diagnostic suppliers
Venture capitalists
Medical devices companies
Research and academic institutes
Healthcare facilities
Association and government bodies
Market research and consulting service providers
Corporate entities
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