North America Theranostics Market Size, Share & Trends Analysis Report By End User, By Product (Radiopharmaceuticals, Diagnostic Imaging, IVD/Biomarker Screening, and Software & Services), By Application, By Country and Growth Forecast, 2023 - 2030

North America Theranostics Market Size, Share & Trends Analysis Report By End User, By Product (Radiopharmaceuticals, Diagnostic Imaging, IVD/Biomarker Screening, and Software & Services), By Application, By Country and Growth Forecast, 2023 - 2030

The North America Theranostics Market would witness market growth of 14.6% CAGR during the forecast period (2023-2030).

The US market dominated the North America Theranostics Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,621.7 million by 2030. The Canada market is experiencing a CAGR of 17.1% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 16.1% during (2023 - 2030).

Theranostic, a portmanteau of “therapeutics” and “diagnostics,” represents a convergence of diagnostic imaging, molecular diagnostics, and targeted therapies, enabling personalized and precision medicine approaches tailored to individual patient characteristics. Diagnostic imaging modalities such as positron emission tomography (PET), single-photon emission computed tomography (SPECT), and magnetic resonance imaging (MRI) provide detailed anatomical and functional information, allowing for the visualization and characterization of disease processes.

Theranostic approaches are used for cancer diagnosis, staging, treatment selection, and monitoring. Diagnostic imaging modalities such as positron emission tomography (PET), single-photon emission computed tomography (SPECT), and magnetic resonance imaging (MRI) coupled with molecular imaging agents enable accurate localization and characterization of tumours. Molecular diagnostics, including next-generation sequencing (NGS) and polymerase chain reaction (PCR), identify genetic mutations, biomarkers, and molecular signatures associated with specific cancer types, guiding treatment decisions.

The prevalence of cancer in Canada underscores the importance of precision medicine approaches in cancer care. These allow personalized treatment strategies tailored to individual patients based on their tumor characteristics, genetic makeup, and treatment responses. According to the Canadian Cancer Society, researchers estimated that there were 239,100 new cancer cases and 86,700 cancer deaths in Canada in 2023. Hence, the high cancer incidence is propelling the region’s market growth.

Based on End User, the market is segmented into Hospitals & Cancer Care Centers, Theranostics Centers, and Research & Academic Centers. Based on Product, the market is segmented into Radiopharmaceuticals, Diagnostic Imaging, IVD/Biomarker Screening, and Software & Services. Based on Application, the market is segmented into Prostate Cancer, Bone Metastasis, Other Cancers, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.

List of Key Companies Profiled

• Bayer AG
• GE HealthCare Technologies, Inc.
• Siemens Healthineers AG (Siemens AG)
• Cardinal Health, Inc.
• Canon, Inc.
• Clarity Pharmaceuticals Ltd
• Koninklijke Philips N.V.
• Thermo Fisher Scientific, Inc.
• Telix Pharmaceuticals Limited
• ABX advanced biochemical compounds GmbH

North America Theranostics Market Report Segmentation

By End User

• Hospitals & Cancer Care Centers
• Theranostics Centers
• Research & Academic Centers

By Product

• Radiopharmaceuticals
• Diagnostic Imaging
• IVD/Biomarker Screening
• Software & Services

By Application

• Prostate Cancer
• Bone Metastasis
• Other Cancers
• Others

By Country

• US
• Canada
• Mexico
• Rest of North America