Theranostics Market Trends Estimates High Demand by 2026

Theranostics involves combination of targeted diagnostic tests with targeted therapy. It is also known as companion diagnostics, integrated medicine, Dx/Rx partnering, and pharmacodiagnostics. Implementation of theranostics into the patient care plan (in case of selected diseases for which diagnostic tests are available along with respective therapy) may turn into personalized therapy, which could further improve medical outcomes.

Theranostics include use of specific diagnostic test, 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 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 management of chronic diseases such as cancer.

Global Theranostics Market Drivers:-

Development of novel companion diagnostic tests to be used with available treatment options is expected to boost the global theranostics market growth over the forecast period. Leading manufacturers are engaged in introduction of novel companion diagnostic tests in market. For instance, Illumina, Inc. announced 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.

Increasing adoption of companion diagnostic tests by laboratories is further expected 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.

Global Theranostics Market Regional Insights:-

North America is expected to witness significant growth in the global theranostics market over the forecast period. Presence of leading manufacturers, collaborations, robust research, and development activities, and increasing 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 expected to witness significant growth over the forecast period, owing to collaborations in the region by global organizations and increasing awareness regarding companion diagnostics. For instance, Qiagen collaborated with Japan based clinical lab testing company, SRL, Inc. for introduction of new companion diagnostics with new drug approvals in August 2018.

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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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