Theranostics Market

Theranostics Market Overview

The global theranostics market, valued at USD 2.33 billion in 2024, is projected to reach USD 2.67 billion in 2025 and USD 8.26 billion by 2035, representing a CAGR of 11.9% during the forecast period.

Theranostics industry is recently gaining traction driven by the growing adoption of targeted therapies to treat wide range of disease indication. It refers to the combination of diagnostic imaging technologies and radioactive medicine / targeted therapies. This combinational approach allows healthcare practitioners to identify biomarkers, diagnose and treat diseases with higher precision while minimizing the risk of side effects.

As per the American Cancer Society cancer statistics published in 2025, over 2 million new cancer cases will be diagnosed in the United States this year and over 6,18,000 people will die with the disease. In addition to cancer, growing prevalence of chronic conditions has necessitated the demand for modern treatment approach to treat patients with different forms of cancer. Owing to growing concern, theranostics has given a new dimension to treat patients with a combination of radiopharmaceuticals.

It is important to highlight here that in October 2024, Curicum entered into a partnership with PDRadiopharma (a subsidiary of PpetiDrream) to advance the regulatory filing, clinical development and commercialization of the investigational PSMA-targeting theranostics 177Lu-PSMA-I&T and 64Cu-PSMA-I&T in Japan.

Similarly, several industrial players are taking strategic initiatives to increase their research on theranostics beyond cancer treatment. Driven by the increasing initiatives and rising awareness among healthcare experts, we believe theranostics industry will remain progressive during the forecast period.

Theranostics Market Segmentation Insights

The market report provides comprehensive information on theranostics companies who are currently active across various segments of the industry as mentioned in the table below.

Theranostics Market: Report Attributes / Market Segmentation

Key Report Attributes	Details
Historical Trend	Since 2020
Forecast Period	Till 2035
Market Size 2025	USD 2.67 Billion
Market Size 2035	USD 8.26 Billion
CAGR (Till 2035)	11.9%
Type of Product	Diagnostic Imaging (MRI, PET Imaging, Nuclear Imaging, CT scan, Molecular Imaging and Other Diagnostic Imaging) Radiopharmaceuticals (Lutetium-177, Samarium-153, Radium-223, Iodine-131, Yttrium-90, Gallium-68, Fluorine-18 and Other Radiopharmaceuticals) IVD / Biomarker Screening (Polymerase Chain Reaction, Next-Generation Sequencing and Fluorescence In-Situ Hybridization) Software and Services
Application Area	Prostate Cancer Bone Metastasis Neuroendocrine Tumors Lymphoma Cardiovascular Diseases Other Applications
End User	Hospitals Diagnostics Centers Specialty Clinics Other End Users
Geographical Regions	North America (US, Canada, Mexico) Europe (France, Germany, Italy, Spain, UK and Rest of Europe) Asia-Pacific (China, India, Japan, South Korea, and Rest of Asia-Pacific) Middle East and North Africa (Egypt, Saudi Arabia and United Arab Emirates) Latin America (Argentina and Brazil)
Key Companies Profiled	Agilent Technologies AmeriPath Abbott Laboratories Leica Biosystems Beckman Coulter Foundation Medicine Focus Diagnostics GE Healthcare Illumina Myriad Genetics Novartis Nussloch Pfizer Qiagen Roche Thermo Fisher Scientific (A complete list of companies captured is available in the report)
PowerPoint Presentation (Complimentary)	Available
Customization Scope	15% Free Customization
Excel Data Packs (Complimentary)	Available

One of the key objectives of the theranostics market report was to estimate the current size, opportunity, and the market growth potential, over the forecast period, till 2035. We have provided informed estimates on the likely evolution of the market for the forecast period.

The global theranostics market analysis report also features the likely distribution of the current and forecasted opportunity within the market across various segments, such as type of product (diagnostic imaging (MRI, PET imaging, nuclear imaging, CT scan, molecular imaging and other diagnostic imaging), radiopharmaceuticals (lutetium-177, samarium-153, radium-223, iodine-131, yttrium-90, gallium-68, fluorine-18 and other radiopharmaceuticals), IVD / biomarker screening (polymerase chain reaction, next-generation sequencing and fluorescence in-situ hybridization), and software and services), Application Area (prostate cancer, bone metastasis, neuroendocrine tumors, lymphoma, cardiovascular diseases and other applications), end user (hospitals, diagnostics centers, specialty clinics and other end users), geographical regions (North America, Europe, Asia-Pacific, Middle East and North Africa, and Latin America) and leading players.

In order to account for future uncertainties associated with some of the key parameters and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base, and optimistic scenarios, representing different tracks of industry’s evolution.

All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. The financial figures mentioned in this market report are in USD, unless otherwise specified.

Theranostics Market Share

Market Share by Type of Product

Based on the type of product, the global market is distributed into diagnostic imaging (MRI, PET imaging, nuclear imaging, CT scan, molecular imaging and other diagnostic imaging), radiopharmaceuticals (lutetium-177, samarium-153, radium-223, iodine-131, yttrium-90, gallium-68, fluorine-18 and other radiopharmaceuticals), IVD / biomarker screening (polymerase chain reaction, next generation sequencing and fluorescence in-situ hybridization), and software and services.

According to theranostics market analysis, presently diagnostics imaging segment occupies 34% of the overall revenue share. This dominance is primarily due to the fact that diagnostic imaging technologies such as PET imaging, MRI, nuclear imaging, molecular imaging and CT scan play a pivotal role in early diagnosis of disease. Owing to the extensive usage of diagnostic medical imaging, this segment is likely to remain dominant and is expected to grow at a higher CAGR during the forecast period.

Market Share by Application Area

This segment highlights the distribution of global market across different application areas, such as prostate cancer, bone metastasis, neuroendocrine tumors, lymphoma, cardiovascular diseases and other applications. According to our market study, currently prostate cancer segment accounts for the highest theranostics market share (30%). This is likely to be the result of increasing prevalence of prostate cancer across the globe and the availability of well-established diagnostics and treatment pathways such as PSA (prostate-specific antigen) screening tests and biopsies. Additionally, there are several targeted theranostics agents, such as PSMA (prostate-specific membrane antigens)-targeting radiopharmaceuticals. These agents selective bind to the prostate cancerous cells, allowing more accurate imaging and targeted therapy.

However, the neuroendocrine tumors segment also holds a substantial share of the market and is expected to grow at a higher CAGR during the forecast period. This is potentially due to the increasing incidence of neuroendocrine incidence and expanding usage of peptide receptor radionucleotide therapy, a theranostics approach for targeting neuroendocrine tumors.

Market Share by End User

This segment highlights the distribution of global market across different end users, such as hospitals, diagnostics centers, specialty clinics and other end users. Currently, hospitals account for the largest share (42%) of the theranostics industry. This is potentially due to the advanced medical services, such as laboratory testing diagnostic imaging and therapeutic interventions to provide integrate theranostics solutions to treat broad range of diseases.

Additionally, hospitals also provide cutting-edge diagnostic imaging technologies / equipment, such as MRI machines and PET / CT scans that are necessary for accurate diagnosis and theranostics procedures. Driven by the widespread availability of modern medical infrastructure, this segment is likely to remain dominant, expecting to grow at a higher CAGR during the forecast period.

Market Share by Geographical Region

The global theranostics market size is distributed to across different geographical regions, such as North America, Europe, Asia-Pacific, Middle East and North Africa, and Latin America. According to our market analysis, North America currently dominates the market with a share of 40%. This dominance is likely to be the result of the high prevalence of cancer in this region and increasing expenditure on state-of-the-art medical diagnostics technologies and targeted therapies.

However, in Asia-Pacific, the market for theranostics is likely to grow at a higher CAGR during the forecast period. This is likely to be the result of growing incidence of chronic conditions, such as cardiovascular diseases and diabetes. Driven by the growing demand for advanced therapeutic solutions, such as diagnostics, therapeutics and theranostics purposes, the market holds to show lucrative growth potential in this region.

Theranostics Market Dynamic Insights

The “Theranostics Market: Industry Trends and Global Forecasts, till 2035” market report features an extensive study of the current market landscape, market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics, and future opportunities for theranostics companies. The market research report lays emphasis on the theranostics that are being developed. Key takeaways of the market report are briefly discussed below.

Theranostics Market Competitive Landscape

Currently, the theranostics companies market landscape is immensely competitive, featuring a wide array of small, mid-sized and large companies. In order to leverage competitive edge, these industrial players are emphasizing on the development of advanced theranostics and diagnostics solutions.

Notably, several market players are entering into strategic partnerships and collaborations to strengthen their product portfolio, accelerate clinical studies and development of advanced theranostics solutions. For instance, in October 2024, GE HealthCare is publicizing its leading role in an around USD 27.8 million initiative to expand the usage of theranostics. This project draws together 29 partners from leading European academic and clinical sites, patient advocacy groups and businesses. The aim of breakthrough approach is to expand the theranostics delivery that integrate targeted therapeutics and imaging diagnostics for tailored treatment to treat patients with late-stage prostate and neuroendocrine cancers.

As more market leaders continue to accelerate their efforts in this field, we believe that the market will remain competitive during the projected period.

Theranostics Market Drivers: Rising Prevalence of Chronic Diseases and Acceptance of Companion Diagnostics (CDx)

The global market for theranostics is driven by the rising prevalence of chronic diseases and growing acceptance of companion diagnostics (CDx). It is important to highlight here that chronic diseases and neurological conditions have necessitated the demand for modern treatment modalities that aid in early disease diagnostics and enable the treatment of personalized treatment strategies.

Theranostics in this instance emerged as a potential solution as it combines diagnostic imaging and potential to treat a broad range of disease indications. This approach involves the use of radioactive compounds to treat tumors at targeted sites. Additionally, the growing acceptance of companion diagnostics to optimize the treatment selection, predicting treatment response and side effects of treatment in patients has significantly raised the adoption of theranostics which is expected to be a key driver for the market.

Market Challenges: High Cost, Short Half-Life of Radiopharmaceuticals and Regulatory Hurdles

Some of the potential challenges that may impede theranostics market growth includes high cost associated with the treatment and regulatory challenges. It is worth mentioning here that theranostics involves advanced technologies and tailored treatments which enhance the overall cost of treatment, thereby limiting its adoption by low to middle income patients.

Additionally, the stringent guidelines associated with the approval of theoretical techniques may create significant challenges for the market players. Furthermore, the short half-life of radiopharmaceuticals may require rapid high dosage for effective treatment and radioactive waste generated during treatment also creates challenges in waste management.

Market Trends: Personalized Medicine and Emerging Technologies in Theranostics Research and Development

The market is witnessing an upward trajectory owing to the growing adoption of personalized medicine. Some other notable trends include increasing advancements in diagnostic imaging techniques such as, SPECT-CT, PET-MRI and multimodal imaging to offer detailed diagnosis and monitoring of treatment.

Additionally, the growing focus on specific cancer targets, such as prostate-specific membrane antigen and increasing application beyond cancer treatment are the key theranostics market growth factors. It is important to highlight here that the industrial players are focusing on nanomedicine integration with theranostics for targeted treatments to enhance treatment outcomes. These key trends collectively offer enormous opportunities to industrial players to drive innovations in this field.

Theranostics Market Size Analysis: Partnerships and Collaborations Drives Innovation

Currently, the global market for theranostics is estimated to be valued at USD 2.67 billion and is expected to reach USD 8.26 billion by 2035. Driven by the growing shift towards a personalized treatment approach, the market is expected to grow at a CAGR of 11.9% during the forecast period.

In order to drive innovation in this field, several industrial players are taking collaborative initiatives. For instance, in October 2024, University Medical center Groningen and SHINE Europe announced a grant of EUR 10.5 million from the Dutch government. The grant has been provided to advance the Terbium for life project (a strategic initiative to enhance Europe’s cancer treatment capacity and increase supply chain of Terbium isotopes for cancer theranostics). As more market players continue to explore theranostics for a wide range of medical applications, we believe that market will remain competitive throughout the projected period.

Leading Companies in Theranostics Market

Examples of key theranostics companies engaged in this domain (which have also been captured in this report) include Agilent Technologies, AmeriPath, Abbott Laboratories, Beckman Coulter, Foundation Medicine, Focus Diagnostics, GE Healthcare, Illumina, Leica Biosystems, Myriad Genetics, Nussloch, Pfizer, Qiagen, Roche and Thermo Fisher Scientific. This market report includes an easily searchable excel database of all the companies focusing on the development of theranostics.

Theranostics Market Report Coverage

The market report presents an in-depth analysis, highlighting the capabilities of various companies engaged in this domain across different segments. Amongst other elements, the market report includes:

• A preface providing an introduction to the full report, Theranostics Market, 2020-2024 (Historical Trends), and Future Forecast till 2035 (Forecasted Estimates).
• An outline of the systematic research methodology adopted to conduct the study on the theranostics industry, providing insights on the various assumptions, methodologies, and quality control measures employed to ensure the accuracy and reliability of our findings.
• An overview of economic factors that impact the overall theranostics market, including historical trends, currency fluctuation, foreign exchange impact, recession, and inflation measurement.
• An executive summary of the insights captured during our research. It offers a high-level view of the current state of the theranostics indusrty and its evolution in the mid-and long-term.
• A detailed assessment of the theranostics companies landscape is based on several relevant parameters, including years of experience, company size, headquarters location, and ownership structure.
• Elaborated profiles of prominent players engaged in offering theranostics products, featuring information on their year of establishment, location of headquarters, company size, company mission, company footprint, management team, contact details, financial information, operating business segments, theranostics product portfolio, recent developments, and an informed future outlook.
• A discussion on affiliated trends, key drivers, and challenges under a SWOT framework, which is likely to impact the industry's evolution, along with a Harvey ball analysis, highlighting the relative effect of each SWOT parameter on the overall theranostics industry.
• A market impact analysis features a discussion on the factors that can impact the theranostics market growth.
• A detailed estimate of the current market size and the future growth potential of the theranostics industry over the next decade. Based on multiple parameters, we have provided an informed estimate of the market's evolution during the forecast period till 2035. The report also features the likely distribution of the current and forecasted opportunities within the theranostics industry. Further, in order to account for future uncertainties and to add robustness to our model, we have provided three forecast scenarios, namely conservative, base, and optimistic scenarios, representing different tracks of the industry’s growth.
• Detailed projections of the current and future theranostics market across various types of product, including diagnostic imaging (MRI, PET imaging, nuclear imaging, CT scan, molecular imaging and other diagnostic imaging), radiopharmaceuticals (lutetium-177, samarium-153, radium-223, iodine-131, yttrium-90, gallium-68, fluorine-18 and other radiopharmaceuticals), IVD / biomarker screening (polymerase chain reaction, next-generation sequencing and fluorescence in-situ hybridization), and software and services.
• Detailed projections of the current and future market for theranostics across various application areas, including prostate cancer, bone metastasis, neuroendocrine tumors, lymphoma, cardiovascular diseases and other applications.
• Detailed projections of the current and future opportunities for theranostics companies across various types of end users, including hospitals, diagnostics centers, specialty clinics and other end users.
• Detailed projections of the current and future market for theranostics across various key geographical regions, such as North America (US, Canada and Mexico), Europe (France, Germany, Italy, Spain, UK and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and Rest of the Asia-Pacific), Middle East and North Africa (Egypt, Saudi Arabia and UAE), and Latin America (Argentina and Brazil).

Recent Developments in Theranostics Market

Several recent developments have taken place in the field of theranostics. We have outlined some of these recent initiatives below.

• In December 2024, Radiopharm Theranostics and Lantheus have partnered to advance radiopharmaceutical clinical development in Australia, with Radiopharm leading clinical efforts. The collaboration will focus on a Phase 1 imaging trial targeting multiple solid tumors, highlighting the use of theranostics through innovative radiopharmaceutical products for diagnostic and therapeutic applications.
• In November 2024, the International Atomic Energy Agency in a collaboration with Japanese experts, carried first training on theranostics techniques for healthcare professionals from 15 Asian countries.
• In June 2024, Prof. Rodney Hicks, an Australian nuclear pioneer launches a new theranostics center in Melbourne. He is aiming to enhance patient experience with Siemens Healthineers Biograph Vision Quadra™ PET / CT scanner. However, Prof. Rodney Hicks also aim to advance early clinical research within radiopharmaceuticals and help to enhance the spectrum of theranostics for cancer treatment.
• In May 2024, Osaka University’s research team will start an investigator-initiated clinical trial for refractory prostate cancer patients. The clinical trial has been initiated after the successful development of the latest alpha-ray therapeutic agent ((AT-211) PSMA-5) and after its confirmation of efficacy in animal models.