Theranostics Market Size, Share, Industry, Forecast and outlook (2024-2031)

Theranostics Market is segmented By Application(Oncology, Neurological Disorder, Cardiovascular Disease and Others), By Radioisotopes(Technetium-99, Gallium-68, Lutetium (Lu) 177, Iodine-131, Zirconium-89 , Y-90 and Others), By End User(Hospitals, Cancer Research Institutes, Diagnostic Centers and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Theranostics Market Size

The global theranostics market reached USD 1.8 billion in 2022 and is expected to witness lucrative growth by reaching up to USD 4.2 billion by 2031. The global theranostics market is expected to exhibit a CAGR of 11.3% during the forecast period (2024-2031). Theranostics, a portmanteau of therapy and diagnostics, refers to an emerging field in medicine that combines diagnostics and targeted therapy.

It involves the development and application of integrated diagnostic tests and therapeutic interventions to provide personalized and precise treatment for individual patients.

The primary goal of theranostics is to optimize patient care by tailoring treatments based on the specific characteristics of a patient's disease. It enables physicians to identify the molecular and genetic makeup of a disease at an individual level, allowing them to make informed decisions regarding the most effective treatment options.

Theranostics has shown promising results in various medical fields, including oncology, neurology, cardiology, and infectious diseases. By combining diagnostics and therapy, theranostics holds the potential to revolutionize patient care by enabling personalized treatment approaches, improving treatment outcomes, and minimizing adverse effects.

Furthermore, with the growing incidence of cardiovascular, and oncology diseases continuous research activities in theranostics are projected to propel the growth of the overall market at a high pace.

Theranostics Market Summary

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Theranostics Market Dynamics

Advancements in Theranostics Revolutionizing Personalized Medicine and Healthcare Systems is Expected to Drive Global Theranostics Market Growth

According to Radioligand Therapy, published on March 31, 2022, World Theranostics Day is an annual event held on March 31 to celebrate the advancements in theranostics, a field that combines diagnostics and targeted therapy. The day commemorates the first radioiodine treatment administered at Massachusetts General Hospital in 1941. Theranostics continues to evolve and holds great promise for supporting individuals with cancer and other complex conditions, as well as healthcare systems. 

In the face of overburdened health systems, theranostics offers personalized medicine that can help avoid costly and inappropriate treatments and diagnostic methods. It enables tailored care, resulting in fewer unnecessary invasive procedures, improved disease monitoring, and reduced healthcare costs. 

Nanotechnology is playing a crucial role in enhancing theranostics. Nanoparticles, small particles with various structures, are utilized to improve diagnosis through enhanced imaging and drug delivery with reduced invasiveness and toxicity. This is particularly significant in cancer care, where less invasive and more effective treatments are sought. Integrating theranostics into existing health systems is cost-effective since many imaging techniques like ultrasound and magnetic resonance imaging (MRI) are already in place. 

Theranostics has the potential to revolutionize preventive, predictive, and personalized medicine, leading to improved patient outcomes. However, there are challenges to overcome, such as the industrial scale-up of theranostics production. While the importance of theranostics has been recognized for decades, progress has been slow. With the rapid growth of nanotechnology, it is crucial to effectively integrate theranostics into health systems, ensuring its widespread adoption and benefits. 

Increasing Collaborations among Market Participants to Enhance Patient Care in Theranostics is Expected to Drive Global Theranostics Market Growth

On June 20, 2023, GE HealthCare is collaborating with St. Joseph's Health Care London and the Lawson Health Research Institute to establish a Theranostics Center of Excellence. The center aims to support research, clinical collaboration, and educational programs in the field of theranostics, which combines diagnoses and targeted treatments to optimize disease diagnosis and treatment monitoring. 

The partnership is driven by the growing demand for theranostics infrastructure and best practices following the authorization of new theranostics-related drugs and therapies by Health Canada and the U.S. Food and Drug Administration. The center's goal is to establish clinical best practices in theranostics that can be replicated by healthcare institutions globally to enhance patient care.

Furthermore, theranostics involves the integration of molecular imaging technologies and advanced digital solutions to provide personalized therapy for individual patients. The collaboration between GE HealthCare, St. Joseph's, and Lawson aims to expand production and access to radioisotopes, advance technologies to improve image quality and care coordination, and educate healthcare practitioners and government bodies to support the adoption and advancement of theranostics. 

Also, the ultimate objective is to treat the right patients with the right treatments, at the right time, and drive improved patient outcomes. Theranostics has demonstrated success in prostate cancer and has potential applications in various clinical indications, but its broader implementation depends on drug development and regulatory clearance. Thus, owing to the above factors, the market is expected to drive over the forecast period.

Limitations of Current Cancer Theranostics are Expected to Hamper Global Theranostics Market Growth

Cancer has remained an unattainable mystery for researchers for many years due to its complex causes. Nonetheless, significant advancements in innovative therapies and diagnostic methods have propelled the field of cancer treatment and diagnosis forward in recent decades. 

Despite these notable achievements, the increasing demands for effective treatment and accurate diagnosis remain unfulfilled, and a substantial time lag exists between the two. In light of these limitations associated with separate approaches to therapy and diagnosis, there is an urgent call for additional research to explore fresh avenues for both treatment and diagnosis strategies. Thus, owing to the above factors, the market is expected to hamper the market over the forecast period.

Theranostics Market Segment Analysis

The global theranostics market is segmented based on application, radioisotopes, end user, and region.

The Technetium-99m Radioisotopes Segment Accounted for Approximately 21.7% of the Theranostics Market Share 

The widespread use of Technetium-99m (Tc-99m) radiopharmaceuticals can be attributed to the availability and affordability of 99Mo/99mTc generators, as well as the range of kits used to formulate these products. Approximately 25 million procedures are performed annually using Tc-99m radiopharmaceuticals, and this number is projected to grow by around 15% each year.  

Tc-99m radiopharmaceuticals find application in various diagnostic procedures. They are utilized for tasks such as thyroid uptake studies using pertechnetate and imaging of neuroendocrine tumors using Tc-99m-octreotide derivatives. 

The versatility of Tc-99m arises from its ability to exist in multiple oxidation states, allowing for the production of diverse complexes with specific characteristics. This flexibility is a significant advantage in the development of radiopharmaceuticals using Tc-99m. Numerous Tc-99m complexes are available for diagnostic procedures, with over thirty of them being used in clinical studies.

Over the forecast period, the use of 99mTc radiopharmaceuticals for imaging various organs and areas, including the kidneys, liver, hepatobiliary system, bones, and heart, is expected to increase.  In the 1990s, new labeling techniques utilizing compounds like HYNIC and carbonyl were developed, enabling the creation of novel tracers for oncology, cardiology, and neurology. Some of these radiopharmaceuticals are particularly favored due to their cost-effectiveness and widespread accessibility.

Furthermore, the increasing prevalence of chronic diseases, growing clinical trials for Technetium-99, commercially available and FDA-approved, and increasing advancements in detector technologies and reconstruction algorithms are the factors expected to drive the market over the forecast period.

For instance, on May 13, 2022, Lantheus Holdings, Inc., an established leader, and fully integrated provider committed to innovative imaging diagnostics, targeted therapeutics and artificial intelligence solutions to Find, Fight and Follow serious medical conditions, today announced the first patient has been dosed in a Phase 2 trial evaluating NM-01, its proprietary technetium 99m SPECT imaging agent used to assess PD-L1 expression in cancer cells, for its potential to identify patients who will respond to checkpoint inhibitor therapies.

The PELICAN trial (NCT04992715) is an open-label, single-arm trial in non-small cell lung cancer (NSCLC) patients. The primary endpoint is the assessment of PD-L1 expression in primary tumor and metastatic lesions by NM-01 compared to immunohistochemistry. 

Other objectives will look at quantifying intra- and inter-tumoral heterogeneity of PD-L1 expression by NM-01, as well as establishing a correlation with other diagnostic procedures. The trial is being conducted by Lantheus’ partner NanoMab Technology Limited (NanoMab) at King’s College London. Lantheus licensed NM-01 from NanoMab in 2019. Thus, owing to the above factors, the market is expected to hold the largest market share over the forecast period.

Source: DataM Intelligence Analysis (2023)

Theranostics Market Geographical Share

North America Accounted for Approximately 43.9% of the Market Share in 2022, Owing to the Increasing Product Launches, Collaboration, and Increasing Prevalence of Chronic Diseases

On September 13, 2022, the University of Texas MD Anderson Cancer Center and Radiopharm Theranostics Limited launched Radiopharm Ventures, LLC, a joint venture company created to develop novel radiopharmaceutical therapeutic products for cancer.

Radiopharm Ventures brings together MD Anderson's innovative and proprietary technologies in antigen discovery and molecular imaging with Radiopharm's expertise in developing radiopharmaceutical products. The joint venture will focus initially on developing at least four therapeutic products based on MD Anderson's intellectual property.

Furthermore, On May 15, 2023, NUCLIDIUM and PharmaLogic entered into a strategic collaboration agreement for the manufacturing and clinical supply of ⁶¹Cu-based theranostics in the United States. This collaboration aims to accelerate the development of NUCLIDIUM's theranostic pipeline and ensure a sustainable supply of ⁶¹Cu for clinical trials and future commercial products in the US.

⁶¹Cu is a newly developed diagnostic radioisotope that offers unique properties for safe, cost-effective, and improved diagnostics, particularly in cancer staging and treatment decision-making. NUCLIDIUM has developed its proprietary manufacturing process for enhanced production of ⁶¹Cu.

NUCLIDIUM's theranostic approach combines copper radiometals with highly specific cancer-targeting molecules, offering new diagnostic and therapeutic options for patients with various solid tumors. Under the collaboration, NUCLIDIUM will provide scientific expertise, proprietary technology, and raw materials to PharmaLogic for the manufacturing of high-quality ⁶¹Cu radionuclides and radiopharmaceuticals.

PharmaLogic will utilize its production facilities across the US, starting with its location in Los Angeles, California, to manufacture these products. It is anticipated that the first batch will be produced in 2023. Thus, owing to the above factors, the North American region is expected to hold the largest market share over the forecast period.

Source: DataM Intelligence Analysis (2023)

Theranostics Market Key Players

The major global players in the market include GE Healthcare, Jubilant Pharmova Limited (Jubilant Pharma Limited), Theragnostics Ltd., NuView Life Sciences, Lantheus Holdings, Inc., CapVest Limited (Curium Pharma), Clarity Pharmaceuticals, Cardinal Health, LLC, Advanced Accelerator Applications, and ITM Isotopen Technologien München AG among others.

COVID-19 Impact on Theranostics Market

Russia Ukraine Conflict Analysis

The Russian-Ukraine war has had an impact on various aspects of the global geopolitical landscape, including potential implications for the theranostics market. In the face of political instability, research and development collaborations between institutions in Russia, Ukraine, and other countries faced challenges. Disruptions in scientific collaborations slowed down the progress of theranostic research and hinder the development of new technologies and treatments.

The ongoing conflict placed additional strain on the healthcare systems in both Russia and Ukraine. As resources are redirected towards addressing immediate healthcare needs arising from the conflict, investments, and priorities for theranostics research, infrastructure, and implementation are affected. Therefore, taking into account the factors mentioned earlier, it can be stated that the theranostics market experienced a moderate impact as a result of the war.

Key Developments

• On February 22, 2022, Theragnostics announced that NephroScan, its radiodiagnostic imaging drug used as an aid for the evaluation of renal parenchymal disorders in adult and pediatric patients, including term neonates, has received Marketing Approval from the US Food and Drug Administration (“FDA”).
• On February 10, 2022, Theragnostics, which is developing radiopharmaceuticals for the imaging and treatment of cancer, announced that its novel I-123 PARPi (THG-009) therapeutic agent had been awarded an Innovation Passport by the UK Medicines and Healthcare Products Regulatory Agency (MHRA) for the treatment of primary and recurrent Glioblastoma Multiforme (GBM). This is provided under the MHRA’s Innovative Licensing and Access Pathway (ILAP), which was launched in January 2021 to accelerate the UK's development and access to innovative medicines.
• On June 10, 2022, GE Healthcare takes pride in offering advanced molecular imaging solutions that enhance access to precision health and theranostics, aiming to improve patient outcomes in various areas of care, including prostate cancer, which is the most common cancer among men and the third most common overall. While many medical therapies are typically developed considering the average patient, theranostics revolutionizes the approach by combining diagnosis and treatment into a single application. This integration allows for a more focused and personalized therapy than ever before, catering to individual patients' specific needs.

Why Purchase the Report?

• To visualize the global theranostics market segmentation based on application, radioisotopes, end-user, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of theranostics market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global theranostics market report would provide approximately 61 tables, 63 figures, and 195 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies