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Theranostics Market 2021 Applications, SWOT Analysis, Remarkable Growth and Competitive Landscape by 2030 | Says Kenneth Research

In a recent published report, Kenneth Research has updated the market report for Theranostics Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

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.

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.

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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.

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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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Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.

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Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.

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