Theranostics Market is Expected to Gain Popularity Across the Globe by 2027
The Theranostics Market analysis report speaks about the growth rate till 2027 manufacturing process, Growth, key factors driving this market with sales, revenue, and price analysis of lead manufacturers, distributors, traders and dealers of Theranostics.
Targeted diagnostic tests and targeted therapy are combined in theranostics. Companion diagnostics, integrated medicine, Dx/Rx partnership, and pharmacodiagnostics are other terms for it. The incorporation of theranostics into a patient’s treatment plan might result in customized therapy, which could enhance medical results even further.
Theranostics is the application of a specific diagnostic test that identifies a specific molecular target on a tumor or other disease-causing entity. The pathophysiology of each illness comprises particular biological pathways that can be addressed with diagnostic testing. Diagnostic pictures of a given molecule then reveal the existence of certain mutations or receptors, which may subsequently be targeted with therapeutic drugs. This method reduces trial and error and can be utilized to provide patient-specific therapy at the appropriate moment. The use of accurate dosage calibration and a carefully focused strategy in the treatment of chronic illnesses such as cancer might be extremely beneficial.
Neuroendocrine tumors can be identified utilizing Ga-68 DOTATOC and PET-CT to determine the extent of the illness (a radioactive positron emitter). Ga-68 is administered into the vein and binds to the somatostatin receptor (SSTR2) on the tumor cell membrane, indicating the presence of a tumor on a PET scan. Moreover, a therapeutic drug can be used to substitute Ga-68 in order to target the tumor.
The global theranostics market growth is projected to be boosted by the development of innovative companion diagnostic tests to be utilized with existing treatment options during the forecast period. Major companies are working to bring new companion diagnostic tests to the market. In 2017, Illumina, Inc. launched a new, FDA-approved enhanced RAS panel for identifying patients who are eligible for Vectibix therapy for metastatic colorectal cancer.
During the forecast period, increasing laboratory use of companion diagnostic tests is estimated to fuel global theranostics market growth. In July 2018, the Diagnostic Laboratories of the BloodCenter of Wisconsin began providing the Abbott RealTime IDH1 test for patients with acute myeloid leukemia (AML). In 2017, Cancer Genetics, Inc. began selling Thermo Fisher Scientific’s Oncomine Dx Target, the first Next-Generation Sequencing (NGS)-based Companion Diagnostic (CDx) test, which was authorized by the FDA. In June 2018, Laboratory Corporation of America Holdings partnered with OmniSeq to offer OmniSeq Advance for tumor malignancies.
During the forecast period, agreements and alliances between major manufacturers to create novel companion diagnostics are projected to fuel global theranostics market growth. In January 2018, Foundation Medicine, Inc. and Pfizer, Inc. announced a collaboration for the research, government subsidies, and marketing of companion diagnostics (CDx). In June 2018, Qiagen, Inc. and Freenome collaborated to expedite the development and marketing of Next-Generation Sequencing (NGS) diagnostics for cancer therapy precision medicine.
In May 2018, Pierre Fabre and Roche renewed their partnership on the implementation of effective prototype immunohistochemistry assay as a possible companion diagnostic test for W0101 (the medication candidate they are developing together). In 2016, Abbott Laboratories, Inc., Celgene Corporation, and Agios Pharmaceuticals partnered to develop diagnostic tests using Abbott’s m2000 RealTime system that identify specific genetic abnormalities linked to acute myeloid leukaemia (AML). During the forecast period, these aspects are projected to boost the global theranostics market’s growth.
The global theranostics market is projected to be hampered by poorly defined laws for these tests, as well as insufficient compensation facilities during the forecast period.
During the forecast period, the global theranostics market is anticipated to develop significantly in North America. Global theranostics market growth is projected to be supported by the presence of major manufacturers, partnerships, robust research and development efforts, and growing usage of companion diagnostics during the forecast period. In 2017, Biocartis Group NV and Amgen, Inc. teamed together to create a companion diagnostic test for Vectibix (panitumumab), an Amgen medication. Genome Canada established a national program for medical accuracy health implementation in June 2018, which will have an influence on global theranostics market growth throughout the forecast period.
Due to multinational organizations’ partnerships in the area and increased awareness of companion diagnostics, the Asia Pacific theranostics market is anticipated to expand significantly during the forecast period. In August 2018, Qiagen partnered with SRL, Inc., a clinical lab testing firm located in Japan, to introduce new companion diagnostics in conjunction with new medication clearances.
THERADIAG, a business specializing in in-vitro diagnostics and theranostics, partnered with Biogaran in 2018 to offer Lisa Tracker kits for Biogaran biosimilar monitoring.
Major Key Players Include In Theranostics Market: 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.
Novartis AG and Endocyte, a biopharmaceutical company located in the U.S. that manufactures tailored medicines for cancer therapy, signed a deal in 2018.
The Phase 1 study for AlphaMedixTM in patients with somatostatin receptor positive neuroendocrine tumors in the U.S. was announced in 2018 by RadioMedix Inc. and AREVA Med LLC. AlphaMedixTM is made up of a somatostatin (SST) analogue that has been radiolabeled with the isotope 212Pb, which is utilized in Targeted Alpha-emitter Therapy (TAT).
Avant Diagnostics and Amarantus Diagnostics signed an agreement in 2016 to purchase theranostics health, a supplier of protein analysis services.
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Main points in Theranostics Market Report Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Theranostics Market Size Analysis from 2021 to 2027
11.6 COVID-19 Outbreak: Theranostics Industry Impact
Chapter 2 Global Theranostics Competition by Types, Applications, and Top Regions and Countries
2.1 Global Theranostics (Volume and Value) by Type
2.3 Global Theranostics (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Theranostics Sales, Consumption, Export, Import by Regions (2016-2021)
Chapter 5 North America Theranostics Market Analysis
Chapter 6 East Asia Theranostics Market Analysis
Chapter 7 Europe Theranostics Market Analysis
Chapter 8 South Asia Theranostics Market Analysis
Chapter 9 Southeast Asia Theranostics Market Analysis
Chapter 10 Middle East Theranostics Market Analysis
Chapter 11 Africa Theranostics Market Analysis
Chapter 12 Oceania Theranostics Market Analysis
Chapter 13 South America Theranostics Market Analysis
Chapter 14 Company Profiles and Key Figures in Theranostics Business
Chapter 15 Global Theranostics Market Forecast (2021-2027)
Chapter 16 Conclusions
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