Theranostics Market worth $4.3 billion by 2028 , growing at a CAGR of 15.5%

(IT-NEWSWIRE.COM, July 29, 2024 ) The report "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", 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. The major factors driving the growth of this market include rising number of cancer cases and increasing use of radiophamrceuticals for neurological applications. Therastostics find growth opportunities in emerging countries due to rising incidence of targeted diseases and increasing number of hospitals.

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Radiopharmaceuticals segment to register significant growth rate over the forecast period of 2023-2028.

Based on the product, the global theranostics market is segmented into diagnostic imaging, radiopharmaceuticals, IVD/Biomarker screening, and software and services. The radiopharmaceuticals segment is anticipated to register the highest growth rate over the forecast period and also accounted for the highest share of the theranostics market in 2022.

Prostate cancer application segment accounted for the largest share of the theransotics market, by application in 2022.

Based on application, the theranostics market is segmented into prostate cancer, bone metastasis, other cancer, and other applications. The prostate cancer segment accounted for the largest share of the market in 2022 and is also expected to grow at the highest CAGR during the forecast period.

Factors such as the increasing awareness on the benefits of radiopharmaceuticals and rising adoption of theranostics treatment in end user facilities drive the growth of the market.

The hospitals and cancer care segment accounted for the largest share of the theranositcs market, by end user, in 2022

Based on end user, the global theranositcs market is segmented into hospitals and cancer centers, theranostics centers, and research and academic centers. The hospitals and cancer care centers segment accounted for the largest share of the market in 2022. Consistent rise in the number of hospitals and rising old-age population are driving the growth of this segment.

The Asia Pacific market to register the highest growth in the market during the forecast period

The Asia Pacific theranositcs market is anticipated to register the highest growth from 2023 to 2028. The key players of theranostics market are focusing on expanding their footprint in the APAC region. This region is witnessing a significant rise in the adoption of the treatment by different end user facilities in the region. Improvements in healthcare systems and rising healthcare expenditure are offering significant growth opportunities for the key players.

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As of 2022, prominent players in the theranostics market are Advanced Accelerator Applications (France), Bayer AG (Germany), and GE Healthcare (US) among others.

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Theranostics Market worth $4.3 billion by 2028 , growing at a CAGR of 15.5%