Theranostics Market: By Product (Diagnostic Imaging, Radiopharmaceuticals, In-vitro diagnostics (IVD)/biomarkers, Screening, and Software and services), By Application (Prostate Cancer, Bone Metastasis, Others), By End User (Hospitals and Cancer Care Centers, Theranostics Centers, and Research and Academic Centers), and Geography

Theranostics Market size was valued at USD 2,300 million in 2023 and is poised grow at a CAGR of 16.2% from 2024 to 2030. The theranostics market is undergoing a period of remarkable expansion, driven by a confluence of powerful trends that are transforming healthcare. This sector, which merges diagnostics and therapeutics, offers a more personalized approach to patient care, enabling early disease detection, targeted treatments, and improved treatment outcomes. In addition, the traditional one-size-fits-all approach to medicine is increasingly giving way to personalized medicine. This shift is driven by the growing understanding of individual genetic variations and their influence on disease development and response to treatment. Theranostics play a pivotal role in personalized medicine by enabling the selection of therapies tailored to a patient's specific genetic makeup and disease profile. This targeted approach can enhance treatment efficacy and minimize side effects.

Moreover, the global prevalence of chronic diseases like cancer, cardiovascular diseases, and neurological disorders is on the rise. This surge is attributed to factors like aging populations, unhealthy lifestyles, and environmental pollution. Theranostics also offer significant advantages for managing chronic diseases. They enable early detection through improved diagnostic tools and allow for targeted therapeutic interventions that can potentially slow disease progression and improve patient outcomes. Furthermore, as healthcare spending rises globally, there's a growing focus on value-based medicine, which emphasizes cost-effectiveness and improved patient outcomes. Theranostics can contribute to value-based medicine by enabling early disease detection, targeted therapies, and potentially reducing the need for expensive treatments for advanced-stage diseases. This aligns with the goals of healthcare payers and providers. However, the successful implementation of theranostic procedures requires a skilled workforce, including medical professionals trained in interpreting theranostic imaging data and administering theranostic agents. Currently, there may be a shortage of qualified professionals with the necessary expertise to handle theranostic procedures effectively. This can limit the accessibility of theranostics in certain regions.

Theranostics Market Key Developments:

• In 2023, GE HealthCare and Mayo Clinic announced a strategic healthcare collaboration to innovate medical imaging and theranostics, involving scientists, clinicians, and technology developers from both entities. The collaboration aims to enhance clinicians' diagnostic and treatment capabilities while personalizing patient experiences through the translation of novel technologies into clinical practice.