The global theranostics market is projected to show steady growth during the forecast period.
Theranostics is the amalgamation of therapeutics and diagnostics that utilizes a radioactive drug to diagnose another radioactive drug to administer therapy for the primary tumor as well as any metastatic tumors. The benefits of theranostics are that it provides health care professionals with a comprehensive understanding of the characteristics and extent of cancer within the body, allowing for more precise targeting of the disease and minimizing the potential harm to surrounding tissues and organs. Additionally, this method enhances the monitoring and assessment of treatment effectiveness. Technological advancements in the field of oncology, increased cancer cases, and encouraging outcomes in radiopharmaceuticals are driving the global theranostics market growth.
Market Drivers
Photonic PCR expedites the analysis of DNA, which has the potential to facilitate on-site testing. The accelerated diagnostic process plays a crucial role in informing theranostic decisions by swiftly identifying the specific target for personalized treatment. Photonic PCR offers a multitude of possibilities for improving efficiency in different medical fields. The progress made in the last decade has been extraordinary, resulting in the development of a highly efficient and versatile laboratory technique for PCR. The unique physical and chemical properties of nanomaterials in photonic PCR hold great potential for producing exceptional outcomes in the field of diagnostics. Photonic PCR utilizing nanomaterials is an auspicious technology that holds the potential to enhance PCR efficiency substantially. The advancement results in expedited and more accessible diagnostics, potentially making them more affordable in diverse medical domains.
The increase in cancer cases is fueling a rise in the development of treatments, and as the demand for treatment grows, pharmaceutical firms are dedicating significant resources to the development of novel medications. This not only provides patients with a wider range of choices but also pushes the limits of cancer therapy, potentially paving the way for more efficient treatments in the years to come. According to a World Health Organization published article, in 2022, approximately 20 million new cases of cancer and 9.7 million deaths were reported. It was estimated that 53.5 million individuals were still alive five years after being diagnosed with cancer. Statistics show that about 1 in 5 individuals will develop cancer during their lifetime, with roughly 1 in 9 men and 1 in 12 women succumbing to the disease. Lung cancer stood as the prevailing cancer globally, with 2.5 million fresh instances representing 12.4% of the overall new cases. Female breast cancer accounted for 2.3 million cases (11.6%), followed by colorectal cancer with 1.9 million cases (9.6%). Prostate cancer held 1.5 million cases (7.3%), and stomach cancer rounded off the list with 970,000 cases (4.9%).
Radiotheranostics integrates radiotherapy with molecular imaging, enabling physicians to precisely aim radiation at tumors and monitor their reaction to therapy. This tailored medical strategy has the potential to enhance treatment effectiveness, minimize adverse effects, and individualize patient care. According to the American Cancer Society's January 2023 article “A Cancer Journal for a Clinicians”, it states that the captivating realm of radio theranostics and its capacity to transform cancer therapy has marked new growth prospects. Radio theranostics is an innovative technology that tackles therapeutic heterogeneity and considers tumor molecular target evolution, ultimately enhancing patient outcomes in metastatic cancer. The article highlights radio theranostics as a potential breakthrough in personalized cancer therapy, providing optimism for enhanced patient results while minimizing adverse effects.
North America is anticipated to grow.
North America is anticipated to account for a significant share of the global theranostics market due to investment in the field of oncology. According to the White House factsheet report in March 2023, the FY 2024 Budget proposed by the President includes targeted funding for the Cancer Moonshot initiative, aligning with the President's Unity Agenda. This aims to introduce innovative approaches to cancer prevention, detection, and treatment. The Department of Health and Human Services (HHS) has allocated $1.7 billion to provide funding for specific Cancer Moonshot initiatives at various institutions. These include the National Cancer Institute (NCI), Centers for Disease Control and Prevention (CDC), Food and Drug Administration (FDA), Health Resources and Services Administration (HRSA), and Indian Health Service (IHS).
Market Restraints
The utilization of theranostics frequently necessitates specific apparatus and skilled staff, which might not be easily accessible in every healthcare facility, especially in regions with limited resources.
Obtaining regulatory approval for theranostic agents requires thorough testing and safety evaluations, which often results in a time-consuming and costly procedure.
Key Developments
Company Products:
Segmentation