Global Theranostics Market Assessment, By Product [Radiopharmaceuticals, Diagnostic Imaging, Software and Services], By Application [Oncology, Cardiovascular Diseases, Neurological Disorders, Immunological Disorders, Other Applications], By Technology [Polymerase Chain Reaction (PCR), Immunohistochemistry (IHC), In Situ Hybridization (ISH), Next-Generation Sequencing (NGS)], By End-user [Hospitals, Cancer Care Centers, Diagnostic Laboratories, Research and Academic Centers], By Region, Opportunities and Forecast, 2018-2032F

Global Theranostics is projected to witness a CAGR of 14.20% during the forecast period 2025-2032, growing from USD 2.31 billion in 2024 to USD 6.68 billion in 2032. The theranostics market is poised for a revolutionary boom, led by increasing incidence of chronic conditions, especially cancer, increasing investments, and growing demand for targeted medicine. Advances in diagnostics and therapeutics also add to the precision of treatment, while a strong healthcare infrastructure and policy support drive innovation and availability in this fast-emerging sector.

Increased investments and financing in theranostics, particularly in university hospitals, are driving market growth by allowing innovative advancements in personalized medicine. These funds are spurring the creation of new diagnostic technologies and targeted therapeutic agents, as well as promoting translational research. Financial support also helps in public-private partnerships, accelerates approval from regulatory bodies, and increases access to theranostic solutions. In September 2024, the Theranostics Trial Center at Karolinska Institutet was granted USD 1.4 million by Vinnova, the Swedish government agency for innovation. the research institute aims to revolutionize cancer treatment in Sweden with image-guided diagnostics and radiolabeled targeted drugs, emphasizing theranostics market growth opportunities. The increasing investment demonstrates the global move towards precision healthcare, providing huge opportunities for market growth and better patient treatment outcomes.

The growing need for personalized therapies is one of the main factors driving the growth of the theranostics market, which is supported by the introduction of new theranostic products. In October 2024, Mediso Kft. introduced the AnyScan TRIO SPECT/CT, TheraMAX at the EANM meeting. It is intended for theranostic imaging purposes and was initially installed at University Hospital Regensburg, Germany. This release improves diagnostic confidence, like PET/CT, indicating substantial theranostics market growth by expanding nuclear medicine departments' imaging capabilities. This trend toward precision medicine is further supported by enhanced regulatory environments and increased partnerships between pharmaceutical firms and research organizations, making theranostics an essential strategy in personalized medicine and creating greater market opportunities.

Growing Government Initiatives and Investments Boost Market Demand

Government organizations are substantially elevating their investments in cancer care programs, fueling theranostics market demand. These investments will enhance healthcare infrastructure, develop comprehensive cancer centers, and improve access to high-tech diagnostic and treatment facilities, particularly in low, and middle-income nations. Governments in developed countries are also investing in improving cancer care.

In January 2025, Governor Kathy Hochul made a USD 188 million investment in seven hospitals throughout New York, United States. This is under the Healthcare Safety Net Transformation Program and involves the development of a cancer care center at Jamaica Hospital, as well as an upgrade of the emergency department at St. Barnabas Hospital. Moreover, other initiatives, such as the Rashtriya Arogya Nidhi in India aim to support poor cancer patients through financial aid, enabling them to receive specialist treatment. Intensified efforts are also being made globally to incorporate innovative solutions into national health systems, encouraging the adoption of personalized medicine strategies such as theranostics, which enable tailor-made treatments. All these advanced technologies are thereby changing cancer management practices globally.

Regulatory Support and Approvals Support Market Expansion

Increasing regulatory approvals of theranostic agents tremendously supports market expansion through increased awareness and acceptance of clinical applications. The FDA has created expedited procedures such as Breakthrough Therapy Designation and Fast Track Designation that speed up the review and approval process of emerging therapies for devastating diseases. This promotes quicker entry into the market and stimulates research and development investments. For example, new FDA approvals of innovative radiopharmaceuticals have broadened therapeutic opportunities, making targeted therapies with enhanced patient benefits possible.

 In July 2024, the FDA approved Radiopharm Theranostics Limited's IND application for F18-Pivalate (RAD 101), a novel imaging agent, which is under investigation in clinical trials. RAD 101 aims to detect and characterize brain metastases. Moreover, the simplified approval processes and favorable regulatory support allow innovative theranostic solutions to be introduced to routine care more quickly. As such, these regulatory aids are essential to foster the growth of the theranostics market, allowing healthcare providers to deliver customized treatment choices corresponding to the increased focus on precision medicine.

Hospital End-user Segment to Dominate the Market

The hospitals segment will lead the theranostics market because of its advanced infrastructure, large patient flow, and adoption of precision medicine. Hospitals, especially multispecialty and tertiary care hospitals, utilize theranostics for customized oncology, cardiology, and neurology treatment, providing better diagnostic and therapeutic options. One of the trends is the partnership between university hospitals and major industry players, which supports research and clinical trials. These collaborations allow for state-of-the-art developments in radiopharmaceuticals, biomarkers, and imaging agents.

In June 2024, University Hospitals Cleveland and Siemens Healthineers extended their partnership to advance oncology, cardiovascular, and neurovascular treatment in Ohio, United States. They are targeting the development of Alzheimer's care and applying theranostics to treat late-stage cancers. This partnership with Case Western Reserve University is to create new magnetic resonance technologies, which will accelerate the growth of the theranostics market. University hospitals play a vital role in validating novel theranostics strategies, seeking funding, and bringing research into clinical practice. This collaboration substantially contributes to patient benefits by speeding the implementation of innovative therapies. These efforts highlight the increasing role of academic-commercial partnerships in developing theranostics as a foundation for personalized medicine.

North America Region Holds Major Market Share

North America dominates the theranostic market with a significant market share due to its strong healthcare infrastructure, high cancer incidents, and large-scale research activities. There is the presence of many key players in the region that dominate the market, driving innovation in radiopharmaceuticals, imaging agents, and targeted therapies. Increasing incidences of cancer, especially in the U.S. and Canada, increase demand for sophisticated diagnostic and therapeutic measures. North America is also a leader in research and development, with several clinical trials focusing on oncology, neurology, and cardiology. Governments and private entities are augmenting funding to support advancements in medical oncology at a faster pace, changing treatments and enhancing outcomes.

For instance, in January 2025, First Ascent Biomedical Inc. received an investment of USD 6 million from Vidal Duart Enterprises, Inc., co-invested by Techstars. This funding will further leverage their personalized cancer treatment for cancer patients, providing hope beyond conventional treatments and consolidating North America's strong lead in the expanding theranostics market. There is also higher awareness in the region of personalized medicine, which enables quicker acceptance of theranostic solutions. These combined factors further the position of North America as a leader in the world's theranostics market.

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Future Market Scenario (2025 – 2032F)

The theranostics market growth is driven by technological innovation, combining diagnostic and therapeutic functions for precision medicine. Developments in nanotechnology, radiopharmaceuticals, and artificial intelligence-powered imaging are transforming disease treatment, especially in oncology, cardiology, and neurology. Rising investments in personalized medicine, cancer incidence, and academia-industry partnerships offer huge growth opportunities. Increasing healthcare infrastructure in developing countries further propels global adoption of theranostics, improving patient outcomes.

Several initiatives drive theranostics solution adoption. In November 2024, Thera4Care launched an initiative to position Europe as the leader in theranostics. By coordinating academic centers, healthcare professionals, SMEs, and industry, they seek to enhance radiotheranostics manufacturing and supply and create in-vitro cancer models. This multidisciplinary collaboration boosts healthcare preparedness and hints at substantial expansion prospects in the growing theranostics sector.

Technological innovations in theranostics are transforming precision medicine, fueling market expansion. The integration of theranostics with AI represents a revolutionary change, allowing radiologists to interpret medical images with unprecedented precision. AI augments diagnosis, streamlines treatment, and customized therapies, opening the potential for swift breakthroughs in cancer therapy and beyond. This convergence simplifies workflows, enhances patient care, and makes theranostics a foundation for future healthcare innovation, realizing vast market potential.

Report Scope

“Theranostics Market Assessment, Opportunities and Forecast, 2018-2032F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global theranostics market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecasts between 2025 and 2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.

Report Attribute	Details
Base Year of the Analysis	2024
Historical Period	2018-2023
Forecast Period	2025-2032
Projected Growth Rate	CAGR of 14.20% between 2025 and 2032
Revenue Forecast in 2032	USD 6.68 billion
Segments Covered	Product, Application, Technology, End-user
Regions Covered	North America, Europe, South America, Asia-Pacific, Middle East and Africa
Key Companies Profile	Siemens Healthineers AG, Cardinal Health, GE HealthCare Technologies Inc., Telix Pharmaceuticals Limited, Jubilant Pharmova Limited (Jubilant Radiopharma), RADIOPHARM THERANOSTICS LIMITED, Lantheus Holdings, Inc., Curium Pharma, Cardio Theranostics, Ariceum Therapeutics GmbH
Customization Scope	15% free report customization with purchase
Pricing and Purchase Options	Avail the customized purchase options to fulfill your precise research needs
Delivery Format	PDF and Excel through email (subject to the license purchased)

In the report, the global theranostics market has been segmented into the following categories: 

• By Product
  • Radiopharmaceuticals
  • Diagnostic Imaging
    • Positron Emission Tomography (PET)
    • Single Photon Emission Computed Tomography (SPECT)
    • Others
  • Software and Services
• By Application
  • Oncology
    • Breast Cancer
    • Lung Cancer
    • Colorectal Cancer
    • Prostate Cancer
    • Cervical Cancer
  • Cardiovascular Diseases
  • Neurological Disorders
  • Immunological Disorders
  • Other Applications
• By Technology
  • Polymerase Chain Reaction (PCR)
  • Immunohistochemistry (IHC)
  • In Situ Hybridization (ISH)
  • Next-Generation Sequencing (NGS)
• By End-user
  • Hospitals
  • Cancer Care Centers
  • Diagnostic Laboratories
  • Research and Academic Centers
• By Region
  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East and Africa

Key Players Landscape and Outlook

Key players in the theranostics industry are increasingly partnering with hospitals to perform clinical trials, emphasizing research and innovation. Such collaborations accelerate the growth of new theranostic solutions and allow for strategic mergers and acquisitions. Through these collaborations, companies seek to speed up the release and distribution of sophisticated diagnostic and therapeutic products, ultimately enhancing patient outcomes.

In October 2024, GE HealthCare and University Medicine Essen collaboratively opened a Theranostics Centre of Excellence in Germany with the aim of precision cancer care and widening access to more personalized therapies. The center will incorporate cutting-edge technologies and solutions, supporting GE HealthCare's market leadership with greater radioisotope production, more accurate diagnoses, and enhanced care coordination.

In September 2024, Telix Pharmaceuticals Limited bought RLS Radiopharmacies Inc. for USD 250 million. The acquisition, expanding Telix's U.S. network and supply chain strength, will increase major isotope production and provide a consistent supply of PET, SPECT, and therapeutic radiopharmaceuticals. The acquisition increases Telix's market reach and dramatically enhances its ability to address future demand, expanding its market base.

Key Players Operating in the Global Theranostics Market are:

• Siemens Healthineers AG
• Cardinal Health Inc.
• GE HealthCare Technologies Inc. 
• Telix Pharmaceuticals Limited
• Jubilant Pharmova Limited (Jubilant Radiopharma)
• Radiopharm Theranostics Limited
• Lantheus Holdings, Inc.
• Curium Pharma UK Ltd.
• Cardio Theranostics LLC
• Ariceum Therapeutics GmbH 

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