Theranostics (a combination of therapeutics and diagnostics) is a new field of medicine that relies on targeted therapies to conduct specific tests. This includes a combination of targeted diagnostic tests with targeted therapies. Implementation of theranostics in patient care plan may turn into personalized therapy, which could further improve medical outcomes. It is widely used for various forms of cancers. Moreover, it is known to improve diagnosis, drug delivery, and treatment response monitoring. Theranostics offers a transition from traditional medicine to a modern personalized and precision medicine approach.
The increasing prevalence or incidence of cancer worldwide and the increasing need for theranostics is expected to drive the theranostics market growth. The global cancer burden is estimated to have risen to 18.1 million new cases in 2018. Cancer is the second leading cause of death worldwide, with an estimated 9.6 million deaths in 2018, according to the World Health Organization (WHO). Liver, stomach, colorectal, prostate, and lung cancer are the most common types of cancer in men, while thyroid, cervical, lung, colorectal, and breast cancer are the most common among women. A precisely targeted approach and accurate dose calibration can highly be useful in the management of chronic diseases such as cancer.
Moreover, the development of novel diagnostic tests coupled with available treatment options is expected to aid the theranostics market growth. For example, in September 2019, Mayo Clinic received the U.S. Food and Drug Administration (FDA) approval to use a positron emission tomography radiochemistry facility in Florida. Moreover, in 2017, Illumina launched an FDA approved sequencing cancer companion diagnostic test kit that helps identify patients with colorectal cancer. Furthermore, the rising adoption of companion diagnostic tests is also expected to augment the theranostics market. For instance, in July 2018, BloodCenter of Wisconsin started offering Abbott RealTime IDH1 assay that identifies specific gene mutations in patients with acute myeloid leukemia (AML).
In terms of geography, the theranostics market is divided into six regions, such as North America, Europe, Asia Pacific, South America, the Middle East, and Africa. North America and the Asia Pacific are expected to witness robust growth in the market due to the increasing awareness about companion diagnostic tests, increasing adoption of these tests, development activities, and collaborations by leading manufacturers in these regions. For instance, in August 2018, Qiagen collaborated with SRL to initiate new companion diagnostics with new drug approvals. Moreover, Novartis collaborated with the U.S.-based Biopharmaceutical Company, Endocyte, which develops targeted therapeutics for cancer treatment.
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