Theranostics is the merger of drug therapy with diagnostics to improve the efficacy, safety of drug development to speed up the creation of more effective and less expensive medicine. It is the combination of medical drugs with diagnostic tests and is also known as integrated medicine, pharmacodiagnostics, companion diagnostics, and Dx/Rx partnering. According to the WHO, cancer has become a key concern for the healthcare sector, and developing an effective medicine with minimal side effects has become a pressing requirement, necessitating close collaboration between drug developers and diagnostic companies. Theranostics is a new field that is attracting a lot of attention from regulatory authorities and the healthcare industry.
COVID-19 Impact analysis
COVID-19 has caused supply chain and demand-side disruptions in the healthcare industry. Theranostics aids in the reduction of virulence in infected individuals. Nuclear medicine, based on the notion of theranostics, is used to target the virus. Because theranostics are typically used in oncology and other tumor-related conditions, the demand for theranostics has slowed as a result of the public's fear of hospital visits caused by the outbreak. However, once the pandemic was under control and the virus became a lifestyle changer, medical specialists studied the virus's existence in the body and attempted to treat it with Theranostics. Even in the U.S., the former presidents asked to check theranostics treatment for COVID-19 infected patients. Thus, the need for theranostics to reduce viral load in COVID-19-infected individuals has increased.
Top Impacting Factors
- Rise in incidences of cancer and other chronic illness and surge in investments in biological research propel the growth of the global theranostics market.
- The surge in R&D and the approvals for producing products from the FDA also foster the theranostics market growth.
- Reduced time for medical trials is the other key driver boosting the global theranostics market monitored by the pharmaceutical sector.
- Rise in the prevalence to have effective treatment procedures at any cost is solely to contribute toward the growth opportunities for the global theranostics market.
- Furthermore, surge in awareness of manufacturing quality drugs with advanced technology is likely to outshine the growth of the market. People's interest in early diagnosis boost the growth of the theranostics market.
- 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.
Market Trends
New product launches to flourish the market
In September 2019, The FDA has approved Mayo Clinic’s new facility in Florida. The facility aims to provide positron emission tomography radiochemistry. The facility plans on conducting various tests include FDA-approved radiotracers and new research. The facility will also conduct various theranostics which are expected to aid help patients with metastatic neuroendocrine tumours. Currently, the facility offers a multispecialty approach which will provide the therapy to over a hundred patients in 2019. The therapy received FDA approval in 2018 and promises a boon for patients with metastatic prostate cancer.
In June 2020, Nihon Medi-Physis or NMP, the largest radiopharmaceutical company in Japan announced an investment JPY3.3Billion for a new research facility catering to theranostics. The program is expected to accelerate processes to establish theranostics*1 or diagnostics. The NMP center promises to utilize a combination of image/therapy regimes using common molecules. Using antibodies or Peptide, the center promises to advance drug delivery system for cancer patients.
Key Benefits of the Report
- This study presents the analytical depiction of the Theranostics along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Theranostics market share.
- The current market is quantitatively analyzed to highlight the Theranostics market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Theranostics market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Theranostics Report
- Who are the leading market players active in the Theranostics market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What is "Theranostics"?
- What is "Theranostics" Market prediction in the future?
- Who are the leading global players in the "Theranostics" Market?
- What are the current trends and predicted trends?
- What are the key benefits of the "Theranostics" Market report?
theranostics Market Report Highlights
| Aspects | Details |
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 Key Market Players | Koninklijke Philips N.V., Beckman Coulter, Inc., CANON MEDICAL SYSTEMS CORPORATION, LANTHEUS HOLDINGS, INC., F. Hoffmann La Roche Ltd., Bayer AG, Cardinal Health, Inc., Thermo Fisher Scientific Inc., Curium, Siemens Healthnieers AG, GE HealthCare Technologies Inc. |
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