Theranostics, also called companion diagnostics, integrated medicine, Dx/Rx partnering, and pharmacodiagnostics, is the integration of targeted diagnostic tests with targeted therapy. By incorporating theranostics into the patient care plan for specific diseases that have both diagnostic tests and corresponding therapy available, personalized therapy can be achieved, potentially leading to better medical outcomes.
Theranostics involves utilizing specialized diagnostic tests that reveal a specific molecular target on a tumor or other disease-causing agent. By focusing on the distinct biological pathways that underlie each disease, these diagnostic tests can help identify specific mutations or receptors (in the case of cancer) that can be targeted with appropriate therapeutic agents. By adopting this approach, healthcare providers can avoid the need for trial-and-error treatment and instead offer personalized treatment options tailored to each patient’s specific needs. This precision-based approach can prove especially valuable in managing chronic diseases like cancer, as it allows for more accurate dose calibration and a more targeted therapeutic strategy.
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Some of the key players profiled in the study are:
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.
The titled segments and sub-section of the market are illuminated below:
Based on the type of therapeutic area
- Oncology
- Colorectal Cancer
- Breast Cancer
- Cervical Cancer
- Lung Cancer
- Others
- Immunological Diseases
- Cardiovascular Disorders
- Neurological Disorders
Based on the type of technology
- In Situ Hybridization
- Polymerase Chain Reaction (PCR)
- Sequencing
- Immunohistochemistry
- Others
Based on the type of end user
- Diagnostic Laboratories
- Hospitals
- Others
Theranostics involves utilizing specialized diagnostic tests that reveal a specific molecular target on a tumor or other disease-causing agent. By focusing on the distinct biological pathways that underlie each disease, these diagnostic tests can help identify specific mutations or receptors (in the case of cancer) that can be targeted with appropriate therapeutic agents. By adopting this approach, healthcare providers can avoid the need for trial-and-error treatment and instead offer personalized treatment options tailored to each patient’s specific needs. This precision-based approach can prove especially valuable in managing chronic diseases like cancer, as it allows for more accurate dose calibration and a more targeted therapeutic strategy.
To illustrate, PET-CT (Positron Emission Tomography – Computer Tomography) utilizing Ga-68 DOTATOC (a radioactive positron emitter) can be used to diagnose neuroendocrine tumors and evaluate the extent of the disease. Ga-68 aims at the somatostatin receptor (SSTR2) on the surface of the tumor cell and is introduced through a vein. It then travels and attaches to the SSTR2, revealing the existence of the tumor on the PET scan. Additionally, Ga-68 can be substituted with a therapeutic agent that targets the tumor.
Market Drivers:
The growth of the global theranostics market is anticipated to be enhanced during the estimated duration by the creation of new companion diagnostic tests that can be utilized alongside existing treatment options. Prominent producers are currently focused on releasing new companion diagnostic tests onto the market. As an illustration, Illumina, Inc. declared the release of the extended RAS panel, which was sanctioned by the U.S. Food & Drug Administration (FDA) in 2017. This panel assists in identifying patients who are eligible for treatment of metastatic colorectal cancer with Vectibix (panitumumab).
The anticipated growth of the global theranostics market is expected to be bolstered by the increasing adoption of companion diagnostic tests by laboratories during the forecast period. In July 2018, BloodCenter of Wisconsin’s Diagnostic Laboratories began providing the Abbott Real Time IDH1 assay to patients with acute myeloid leukemia (AML). Cancer Genetics, Inc. also began offering the FDA-approved companion diagnostic Thermo Fisher Scientific’s Oncomine Dx Target in 2017, which was the first Next-Generation Sequencing (NGS)-based Companion Diagnostic (CDx) test. Furthermore, Laboratory Corporation of America Holdings partnered with OmniSeq to introduce OmniSeq Advance for tumor cancers in June 2018.
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During the projected duration, the growth of the global theranostics market is anticipated to be propelled by the efforts of leading manufacturers to create innovative companion diagnostics through partnerships and collaborations. An example of this is the collaboration between Foundation Medicine, Inc. and Pfizer, Inc., which was established in January 2018 for the purpose of developing, supporting regulatory compliance, and commercializing companion diagnostics (CDx). Another illustration is the collaboration between Qiagen, Inc., and Freenome in June 2018 to expedite the development and commercialization of Next-Generation Sequencing (NGS) tests with the goal of enabling precision medicine in cancer treatment.
In order to establish a future companion diagnostic test for their jointly developed drug candidate W0101, Pierre Fabre and Roche have been collaborating on the development of a sturdy prototype immunohistochemistry assay since May 2018. Similarly, in 2016, Abbott Laboratories, Inc. joined forces with Celgene Corporation and Agios Pharmaceuticals to create diagnostic tests on Abbott’s m2000 Real Time system that can identify specific genomic mutations linked to acute myeloid leukemia (AML). These developments are anticipated to drive growth in the global theranostics market throughout the estimated duration.
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Table of Contents with Major Points:
1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2023-2030 (USD Billion)
1.2.1. Theranostics Market, by Region, 2023-2030 (USD Billion)
1.2.2. Theranostics Market, by Type, 2023-2030 (USD Billion)
1.2.3. Theranostics Market, by Application, 2023-2030 (USD Billion)
1.2.4. Theranostics Market, by Verticles, 2023-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
2. Global Theranostics Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
3. Global Theranostics Market Dynamics
3.1. Theranostics Market Impact Analysis (2023-2030)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
4. Global Theranostics Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2023-2030)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
5. Global Theranostics Market, by Type
5.1. Market Snapshot
5.2. Global Theranostics Market by Type, Performance – Potential Analysis
5.3. Global Theranostics Market Estimates & Forecasts by Type 2023-2030 (USD Billion)
5.4. Theranostics Market, Sub Segment Analysis
6. Global Theranostics Market, by Application
6.1. Market Snapshot
6.2. Global Theranostics Market by Application, Performance – Potential Analysis
6.3. Global Theranostics Market Estimates & Forecasts by Application 2023-2030 (USD Billion)
6.4. Theranostics Market, Sub Segment Analysis
6.4.1. Others
7. Global Theranostics Market, by Verticles
7.1. Market Snapshot
7.2. Global Theranostics Market by Verticles, Performance – Potential Analysis
7.3. Global Theranostics Market Estimates & Forecasts by Verticles 2023-2030 (USD Billion)
7.4. Theranostics Market, Sub Segment Analysis
8. Global Theranostics Market, Regional Analysis
8.1. Theranostics Market, Regional Market Snapshot
8.2. North America Theranostics Market
8.3. Europe Theranostics Market Snapshot
8.4. Asia-Pacific Theranostics Market Snapshot
8.5. Latin America Theranostics Market Snapshot
8.6. Rest of The World Theranostics Market
9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Company Profiles
9.2.1. Keyplayer1
9.2.1.1. Key InDurationation
9.2.1.2. Overview
9.2.1.3. Financial (Subject to Data Availability)
9.2.1.4. Product Summary
9.2.1.5. Recent Developments
10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
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