The global theranostics market is anticipated to witness significant development within the forecast period from 2016 to 2024. Basically, theranostics is a combination of drug therapy and diagnostics. It improves safety, streamlines the entire drug development process, and betters results. This combination has resulted in various names for the process, for example integrated medicine, pharmacodiagnotics, companion diagnostics, and Dx/Rx partnering. Research and development activities carried out by several key players are emerging as the major factor propelling the demand for global theranostics market in coming years. Transparency Market Research has recently published a report titled, “Theranostics Market – Global Industry Size, Market Share, Trends, Analysis and Forecasts 2016–2024.”
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As this field is considered to hold immense growth potential, the global theranostics market is anticipated to account for tremendous development in the following couple of years. The enhanced co-activity between diagnostics organizations and drug producers is one of the major reasons that will bring about development of the global theranostics market in future. Furthermore, the improved communication with doctors keeping in mind the end goal to comprehend theranostics penetration in the market is foreseen to bring about commercialization in the global market.
On the flipside, the government regulations and cost of theranostics products are among major obstructions expected to limit the development of the global market in the forecast period. In any case, the key organizations emphasizing on the theranostics with licensed medications are anticipated to hold a crucial role in approaching large number of pharmaceutical organizations. Moreover, the rise in number of collaborations among organization are anticipated to quicken the development of the market in the coming years.
The global theranostics market is segmented based on geography into Asia Pacific, North America, Europe, and the Rest of the World. Among these, North America is prognosticated to lead the global theranostics market and record a key share within the forecast period. The rising rate of chronic medical conditions, for example, neurological illness and tumors and the rising awareness among patients with respect to the advantages of these medications are expected to empower the development of the theranostics market in North America. Moreover, the accessibility of advanced healthcare framework in the U.S. is anticipated to contribute broadly towards the advancement of the global market.
Some of the major players in the global theranostics market are European Medicines Evaluation Agency, National Health Service, Pfizer, National Genetics Institute, Myriad Genetics, Monogram Bioscience, Food and Drug Administration, Enterix, Abbott Laboratories, Dickinson and Company, ViroMed Laboratories, Center for Disease Control and Prevention, Vermillion Diagnostics, Becton, Genetics and Public Policy Center, World Health Organization, Litholink Corporation, Roche, Prometheus, 23andMe, Cellestis, US LABS, Oxford Immunotec, Laboratory Corporation of America, EntroGen, and Home Access Health.