Theranostics Market Insights and Emerging Trends by 2024

Posted by Pooja Mahajan on June 10th, 2019

Global Theranostics Market: Overview

Theranostics is considered as a fusion of diagnostics and drug therapy. It helps in optimizing safety, effective results, and streamlining of overall drug development. The combination of advanced diagnostic tests and effective medical drugs has been given several names, such as pharmacodiagnostics, integrated medicine, Dx/Rx partnering, and companion diagnostics. Research activities in this field are contributing extensively towards the growth of the market, as this is considered as a highly emerging field and is projected to generate strong growth opportunities from regulatory bodies and the healthcare industry. This market is expected to focus on developing specific analysis in order to predict the use of the most effective drug for patients.

The research report on global theranostics market offers a thorough overview, emphasizing on the promising growth opportunities and challenges in the market. The research study, with the help of analytical tools, helps in determining the latest trends and key growth prospects that are estimated to encourage the growth of the global theranostics market in the forecast period. In addition to this, the product segmentation, key applications, geographical segmentation, technological advancements, and the competitive landscape of the global market have been discussed at length in the scope of the research study.

Global Theranostics Market: Drivers and Restraints

As this field is considered to hold immense growth potential, the global theranostics market is projected to register a progressive growth rate in the next few years. The improved co-operation between diagnostics companies and drug manufacturers is one of the important reasons estimated to fuel the growth of the global theranostics market in the near future. In addition, the effective communication with physicians in order to understand theranostics penetration in the market is likely to result in commercialization in the global market.

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On the other hand, the regulatory timelines and cost of theranostics products are some of the primary factors anticipated to restrict the growth of the global market in the forecast period. Nonetheless, the leading companies emphasizing on the theranostics with licensed drugs are projected to play a crucial role in reaching out to a large number of pharmaceutical companies. In addition, the increasing number of strategic collaborations and partnership are projected to accelerate the growth of the overall market in the coming years.

Global Theranostics Market: Region-wise Outlook

The global theranostics market can be categorized in terms of geography into North America, Asia Pacific, Europe, and the Rest of the World. Among these regions, North America is expected to lead the global theranostics market and account for a key share throughout the forecast period. The rising incidence of serious medical conditions, such as neurological disorders and cancer and the rising awareness among patients regarding the benefits of these treatments are expected to encourage the growth of the theranostics market in North America. In addition, the availability of advanced healthcare infrastructure in the U.S. is expected to contribute extensively towards the development of the overall market.

Furthermore, Europe is expected to follow North America and grow at a substantial pace throughout the forecast period. The high awareness among consumers and health providers concerning the theranostics devices is one of the important factors projected to fuel the growth of this region in the coming years. The rising focus of key players on the expansion of product portfolio and the research and development activities are projected to supplement the growth of emerging nations across the globe.

Key Players Mentioned in the Research Report are:

Some of the prominent players operating in the global theranostics market are National Health Service, European Medicines Evaluation Agency, Pfizer, Myriad Genetics, National Genetics Institute, Monogram Bioscience, Enterix, Food and Drug Administration, Abbott Laboratories, ViroMed Laboratories, Dickinson & Company, Center for Disease Control and Prevention, Becton, Vermillion Diagnostics, Genetics & Public Policy Center, Litholink Corporation, World Health Organization, Roche, 23andMe, Prometheus, Cellestis, Oxford Immunotec, US LABS, Laboratory Corporation of America, Home Access Health, and EntroGen.