Chicago, Feb. 20, 2024 (GLOBE NEWSWIRE) -- 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 latest report published by MarketsandMarkets™. Market growth is attributed to the rising use of rising focus on precision medicine and increasing use of theranstics treatment for oncology applications.
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Theranostics Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $2.1 billion |
| Estimated Value by 2028 | $4.3 billion |
| Growth Rate | Poised to grow at a CAGR of 15.5% |
| Market Size Available for | 2021–2028 |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, End user, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Rest of the World |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Growth opportunities in emerging countries |
| Key Market Driver | Rising focus on precision medicine to propel the market |
Based on the product, the theranostics market is segmented into diagnostic imaging, radiopharmaceuticals, IVD/Biomarker screening, and software and services. The radiopharmaceuticals segment held the largest share of the theranostics market by product in 2022. The large share of this segment can be attributed to the rising use of radiopharmaceuticals and increasing awareness regarding early and accurate diagnosis.
Based on application, the theranostics market is segmented into prostate cancer, bone metastasis, other cancer, and other applications. Growth in this segment can be attributed to the rising incidence of prostate cancer and rising use of theranositcs for oncology applications. Over the last few years, the focus on targeted therapies is consistently rising. Recent approvals, rising investments, funds in this segment in the last few years are anticipated to drive the market growth.
Based on end user, the theranostics market is segmented into hospitals and cancer care centers, theranostics centers, and research and academic centers. Growth in this segment can be attributed to the increasing number of theranostics centers and rising adoption of therapy at the hospitals. Rising geriatric population and growing emphasis on maintaining health and well-being are anticipated to drive the market growth.
Based on region, North America accounts for the highest share of the theranostics market. This is due to strategic initiatives by the market players in the region, growing number of concerns regarding chronic diseases and rising initiatives by the government and private sector. The North America region has a higher adoption rate of the therapy as compared to other countries, which is a major factor responsible for the large share of the North America theranostics market. The rising incidence of cancer and rising focus of initiaties in the region are the other major factors responsible for the growth of the market.
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Theranostics market major players covered in the report, such as:
- Advanced Accelerator Applications (France)
- Bayer AG (Germany)
- GE Healthcare (US)
- Siemens Healthineers (Germany)
- and Cardinal Health (US)
- and Among Others
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This report has segmented the global theranostics market based on product, application, end user, and region.
Global Theransotics Market, by Product
- Diagnostic Imaging
- Radiopharmaceuticals
- IVD/Biomarker Screening
- Software and Services
Global Theranostics Market, by Application
- Prostate Cancer
- Bone Metastasis
- Other Cancers
- Other Applications
Global Theranostics Market, by End User
- Hospitals and Cancer Care Centers
- Theranostics Centers
- Research and Academic Centers
Theranostics Market, by Region
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Rest of Asia Pacific
- Rest of the World
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Key Market Stakeholders:
- Senior Management
- End Users
- R&D Department
- Finance/Procurement Department
Report Objectives:
- To define, describe, and forecast the size of theranostics market based on product, application, end user, and region
- To provide detailed information regarding the major factors influencing the growth potential of the global theranostics market (drivers, restraints, opportunities, challenges, and trends)
- To analyze the micro markets with respect to individual growth trends, prospects, and contributions to the global theranostics market.
- To analyze key growth opportunities in the global theranostics market for key stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of market segments and/or subsegments with respect to three major regions, namely, North America (US and Canada), Europe (Germany, France, the UK, and the RoE), Asia Pacific (Japan, China, India, and the RoAPAC), and Rest of the World (Latin America and Middle East and Africa).
- To profile the key players in the theranostics market and comprehensively analyze their market shares and core competencies.
- To track and analyze the competitive developments undertaken in the global theranostics market, such as product launches; agreements; expansions; and mergers & acquisitions.
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Research Insights: https://www.marketsandmarkets.com/ResearchInsight/theranostics-market.asp
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