Theranostics Market by Product (Diagnostic imaging (PET, CT, MRI), Radiopharmaceuticals (Lu-177, Sm-153, Ra-223, I-131), Biomarker screening, Software), Application (Prostate Cancer, Bone metastasis), & Stakeholder Expectations - Global Forecast to 2028

Theranostics Market by Product (Diagnostic imaging (PET, CT, MRI), Radiopharmaceuticals (Lu-177, Sm-153, Ra-223, I-131), Biomarker screening, Software), Application (Prostate Cancer, Bone metastasis), & Stakeholder Expectations - Global Forecast to 2028

The global theranostics market is projected to reach USD 4.3 billion by 2028 from USD 2.1 billion in 2023, at a CAGR of 15.5% from 2023 to 2028. Factors such as rising baby boomer population and advances in research and development of radiopharmceuticals are responsible for the increasing growth of this market. Increasing research and development activities, rising number of clinical trials, and government initiatives attributes to the growth of theranostics market.

“The radiopharmaceuticals segment held the largest share of the market in 2022.”

Based on product, the theranostics market is segmented into diagnostic imaging, radiopharmaceuticals, IVD/biomarker screening, and software and services. The radiopharmaceuticals segment held the largest market share in 2022. The large share of this segment can be attributed to the rising adoption of theranostics and increasing prevalence of chronic diseases such as cancer.

“The prostate cancer application segment is projected to register the highest CAGR of the theranostics market by application during the forecast period.”

Based on application, the theranostics market is segmented into prostate cancer, bone metastasis, other cancer, and other applications. The prostate cancer application segment is projected to register the highest CAGR of the theranostics market from 2023 to 2028. Factors such as rising number of cancer population and ongoing clinical trials to know the benefits of theranostics for other applications are driving the market growth.

“The market in the Asia Pacific region is expected to witness the highest growth during the forecast period.”

The theranostics market in the APAC region is expected to register the highest CAGR during the forecast period, primarily due to evolving healthcare infrastructure and increasing focus of major players in the region. The healthcare infrastructure in emerging economies, such as China and India is evolving at a rapid pace, leading to major investments by hospitals and other end users. These factors are anticipated to fuel the growth of theranostics market in this region.

A breakdown of the primary participants referred to for this report is provided below:

By Company Type: Tier 1–48%, Tier 2–36%, and Tier 3– 16%

By Designation: Director-level–14%, C-level–10%, and Others–76%

By Region: North America–40%, Europe–32%, Asia Pacific–20%, Rest of the World- 8%

The prominent players in the theranostics market Advanced Accelerator Applications (France), Bayer AG (Germany), GE Healthcare (US) among others.

Research Coverage

This report studies the theranostics market based on product, application, end user, and region. It also covers the factors affecting market growth, analyzes the various opportunities and challenges in the market, and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their growth trends and forecasts the revenue of the market segments with respect to three main regions (and the respective countries in these regions).

Reasons to Buy the Report

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall theranostics market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

This report provides insights on the following pointers:

Analysis of key drivers (growing geriatric population and rising prevalence of associated diseases, rising use of radiophamrceuticals, rising focus on precision medicine), restraints (short life of radiopharmceuticals, unfavourable reimbursement scenario), opportunities (growth opportunities in emerging countries, advances in research and development of radiopharmceuticals), and challenges (hospital budget cuts and high equipment costs) influencing the growth of the theranostics market

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the theranostics market

Market Development: Comprehensive information about lucrative markets–the report analyses the theranostics market across varied regions

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the theranostics market

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Advanced Accelerator Applications (France), Bayer AG (Germany), GE Healthcare (US).