Global Theranostics Market: An Overview
Theranostics is a new field of medicine which relies on targeted therapies to conduct specific targeted tests. These tests are mainly used for various forms of cancers. The key concern in the therapeutics involve patient centric care with the help of more personalised and precise approach. The technique relies on the use of diagnostic and therapeutic applications to form a single agent. The system is known to improve drug delivery, diagnosis, and treatment response monitoring which are key benefits for end-users. The growing incidences of cancers, and increasing need for a combination of therapies for cancers are expected to drive considerable growth for the theranostics market in the near future.
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Theranostics Market: Notable Developments
The FDA has approved Mayo Clinic’s new facility in Florida. The facility aims to provide positron emission tomography radiochemistry. The facility plans on conducting various tests include FDA-approved radiotracers and new research. The facility will also conduct various theranostics which are expected to aid help patients with metastatic neuroendocrine tumours. Currently, the facility offers a multispecialty approach which will provide the therapy to over a hundred patients in 2019. The therapy received FDA approval in 2018 and promises a boon for patients with metastatic prostate cancer.
Nihon Medi-Physis or NMP, the largest radiopharmaceutical company in Japan announced an investment JPY3.3Billion for a new research facility catering to theranostics. The program is expected to accelerate processes to establish theranostics*1 or diagnostics. The NMP center promises to utilize a combination of image/therapy regimes using common molecules. Using antibodies or Peptide, the center promises to advance drug delivery system for cancer patients.
Theranostics Market: Drivers and Restraints
The theranostics market is expected to drive robust growth as cancer incidences continue to rise and side-effects of procedures like chemotherapy continue to prove challenging for clinicians. Moreover, post-cancer treatment also promises lucrative growth as recovery is often slow and takes considerable time away from patients to get back to normal routines. The growth of various cancers like brain, kidney, liver, breast among others promises several opportunities for players in the theranostics market. Additionally, growing research and development and promising approvals in the FDA pipeline are also expected to remain key drivers of growth in the theranostics market.
High costs of therapy and their still experimental nature are expected to remain major barriers to growth. Additionally, in regions like North America, healthcare costs and lack of awareness about post-cancer treatments are expected to remain challenges. However, rising awareness are expected to create new opportunities for players in the theranostics market.
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Theranostics Market: Geographical Analysis
Theranostics market in North America region is expected to register notable growth in the near future. The rising cases of cancers, growing awareness, and expanding care options are expected to remain main drivers of growth in the theranostics market. The theranostics market in Asia Pacific is also expected to witness considerable growth as rising disposable income, large population, and increasing access to healthcare are expected to drive considerable growth in the near future. Rising elderly population, technologically advanced healthcare systems, and options like universal care are expected to drive significant growth in Europe region as well.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.