May 25, 2021 (Market Insight Reports) -- Theranostics Market, by Therapeutic Area (Oncology (Breast Cancer, Lung Cancer, Colorectal Cancer, Cervical Cancer, and Others), Cardiovascular Diseases, Neurological Disorders, Immunological Disorders, and Others), by Technology (Polymerase Chain Reaction (PCR), Immunohistochemistry, In Situ Hybridization, Sequencing, and Others), by End Users (Hospitals, Diagnostic Laboratories, and Others), by Region (North America, Europe, Latin America, Asia Pacific, Middle East, and Africa) – Size, Share, Outlook, and Opportunity Analysis, 2018 - 2026
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Theranostics is an advanced field of medicine that involves a combination of targeted diagnostic tests with targeted therapy. It is also known as companion diagnostics, integrated medicine, Dx/Rx partnering, and pharmacodiagnostics. The theranostic utilizes nanoscience to unite diagnostic and therapeutic application in order to create a single agent, for diagnosis, drug delivery, and monitoring treatment response. Moreover, this technique utilizes specific biological pathways in the human body for obtaining diagnostic images and also deliver a therapeutic dose.
Theranostics include the use of specific diagnostic tests, which shows a particular molecular target on a tumor or any other disease-causing agent. Any disease pathophysiology involves specific biological pathways, which are targeted with the help of diagnostic tests. Diagnostic images of the particular molecule then identifies the presence of the specific mutation or receptors (in case of cancer), which can be targeted with the help of therapeutic agents. This approach avoids trial and error treatment and could be used to offer patient-specific treatment at the right time. Accurate dose calibration and precisely targeted approach could highly be useful in the management of chronic diseases such as cancer.
For instance, neuroendocrine tumors can be diagnosed to assess the extent of disease via PET-CT (Positron Emission Tomography - Computer Tomography) using Ga-68 DOTATOC (a radioactive positron emitter). Ga-68 targets somatostatin receptor (SSTR2) on the tumor cell membrane, and is injected through vein, which travels and binds to the SSTR2 indication the presence of a tumor on PET scan. Furthermore, Ga-68 can be replaced by a therapeutic agent to target the tumor.
Global Theranostics Market Drivers:-
Rising production of novel companion diagnostic tests to be used with existing treatment option is projected to boost the market growth. Moreover, leading manufacturers are engaged in the introduction of novel companion diagnostic tests in the market. For instance, Illumina, Inc. announced the launch of the U.S. Food & Drug Administration (FDA) approved extended RAS panel for identification of patients eligible for treatment of metastatic colorectal cancer with Vectibix (panitumumab) in 2017.
Growing adoption of companion diagnostic tests by laboratories is further projected to foster global theranostics market growth over the forecast period. BloodCenter of Wisconsin’s Diagnostic Laboratories started offering Abbott RealTime IDH1 assay for patients with acute myeloid leukemia (AML) in July 2018. Moreover, Cancer Genetics, Inc. started offering FDA approved companion diagnostic Thermo Fisher Scientific’s Oncomine Dx Target – the first Next-Generation Sequencing (NGS)-based Companion Diagnostic (CDx) test in 2017. Laboratory Corporation of America Holdings launched OmniSeq Advance in partnership with OmniSeq for tumor cancers in June 2018.
The rising number of partnerships and collaborations by leading players to produce innovative companion diagnostics is expected to foster global theranostics market growth over the forecast period. For instance, Foundation Medicine, Inc. and Pfizer, Inc. entered into a partnership for development, regulatory support, and commercialization of companion diagnostics (CDx) in January 2018. Moreover, Qiagen, Inc. and Freenome partnered in June 2018, to accelerate the development and commercialization of Next-Generation Sequencing (NGS) tests to enable precision medicine in cancer treatment.
Pierre Fabre and Roche have been working on the development of a robust prototype immunohistochemistry assay as a future companion diagnostic test for W0101 (the drug candidate which they are developing together) and extended this collaboration in May 2018. Abbott Laboratories, Inc. collaborated with Celgene Corporation, and Agios Pharmaceuticals, to develop diagnostic tests on Abbott's m2000 RealTime system that identifies certain genomic mutations associated with acute myeloid leukemia (AML) in 2016. These factors are expected to support global theranostics market growth over the forecast period.
On the other side, improperly defined rules and regulations for these tests along with inadequate reimbursement facilities are projected to hamper the market growth of the theranostics market over the forecast timeframe.
Global Theranostics Market Regional Insights:-
North America is projected to witness significant growth in the global theranostics market over the forecast period owing to the presence of leading manufacturers, collaborations, robust research, and development activities, and rising adoption of companion diagnostics is expected to support global theranostics market growth over the forecast period. Biocartis Group NV and Amgen, Inc. partnered to develop companion diagnostic test for
Amgen’s drug Vectibix (panitumumab) in 2017. For instance, Genome Canada launched a national initiative for clinical implementation of precision health in June 2018, which would ultimately impact global theranostics market growth over the forecast period.
Asia Pacific theranostics market is projected to witness significant growth over the forecast period, and this can be attributed to the rising number of collaborations in the region by global organizations and growing awareness regarding companion diagnostics. For instance, Qiagen collaborated with a Japan-based clinical lab testing company, SRL, Inc. for the introduction of new companion diagnostics with new drug approvals in August 2018.
Key players of Global Theranostics Market:-
Key players operating in the global theranostics market include Thermo Fisher Scientific, Inc., Beckman Coulter, Inc., Focus Diagnostics, AmeriPath, Inc., Illumina, Inc., F.Hoffmann LA-Roche Ltd., Qiagen NV, Myriad Genetics, Inc., Agilent Technologies, Abbott Laboratories, Foundation Medicine, Inc., and Oxford Cancer Biomarkers, Ltd.
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Global Theranostics Market Taxonomy:-
Global theranostics market is segmented based on therapeutic area, technology, end-users, and region
By Therapeutic Area-
�?� Breast Cancer
�?� Lung Cancer
�?� Colorectal Cancer
�?� Cervical Cancer
? Cardiovascular Diseases
? Neurological Disorders
? Immunological Disorders
? Polymerase Chain Reaction (PCR)
? In Situ Hybridization
By End User:
? Diagnostic Laboratories
? North America
? Latin America
? Asia Pacific
? Middle East
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