Use of diagnostic experiment is the other major driver for the Theranostics Market

Improved cooperation between diagnostic and drug companies, reduced costs, and required time for clinical trials by the pharmaceutical company are the major drivers of the theranostics market. Moreover, public-private partnerships between companies such as Amsterdam Castle and NyIncare are encouraging the research in theranostics devices and are expected to further propel the growth of the theranostics market. Theranostics, association of diagnostics along with drug therapy in order to streamline the development of drug, is an emerging field, which is generating a strong interest from regulatory bodies and healthcare industries. It is estimated that there are over 100,000 deaths occurring in the U.S. every year due to side-effects of the prescribed medicines. The associated costs resulted in approximately USD 83 billion every year, therefore increasing the demand for employing theranostics technology before approval, just after the medicine is launched in the market. The restricted use of diagnostic experiment is the other major driver for the theranostics market.

The segmentation of the theranostics market on the basis of application includes neuro disorders, cancers, and cardiovascular diseases. According to reports submitted by the World Health Organization, about 10 million new cases of cancer are diagnosed every year worldwide and therefore, is one of the most important health concerns. Therapeutic techniques with minimal side-effects and improved diagnostic are majorly required to treat cancer. It is identified that theranostics imaging helps in killing cells of prostate cancer without causing any harm to healthy cells. In the present scenario, there are studies and inventions taking place in cancer with the help of theranostics devices. This is due to the fact that they detect the cancer causing cells specifically by the use of gadolinium-loaded-nanoparticles (GdNPs). Database of comprehensive medicine chemistry has about 7,000 drugs of which only five percent is used to treat CNS diseases and only one percent amongst those drugs is active in the brain for treatment. The neuro disorder theranostics market is expected to experience a rapid growth during the forecast period. This is attributed to technological advancements such as trans-nasal brain drug delivery, Blood–Brain Barrier (BBB) disruption, transcranial brain drug delivery, and small molecule lipidization. With the advancement in nano-therapy and nano-imaging, there are new techniques being developed that convert non-brain-penetrating drug to a molecule that easily crosses BBB in significant amounts. In most of the cases, external defibrillator are used to diagnose abnormal heart rhythm, cardiac arrhythmia, and in hand deliver electrical energy to restore the beats and are beneficial in emergency to save the life of patient by preventing the collapse due to sudden cardiac arrest.

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The segmentation of the theranostics market on the basis of geography is North- America, Europe, Asia-Pacific, Latin America, and MEA. North America is one of the largest regional segments of the theranostics market followed by Europe. Theranostics is widely accepted in areas of North America due to the presence of medical conditions such cancer, neurological disorders, and physician awareness regarding treatment benefits. According to news reports, the theranostics market in the U.S. and Europe is estimated to experience a growth of approximately 240 percent and will also rise in the impending year. It is found that on an average a drug requires approximately 12 years before its arrival in the market and out of those drugs, almost 70 percent of the drugs are unable to recoup the amount of development and research. European market acquires the maximum share in the theranostics market devices as theranostics are mostly accessed by the people and there is need of further spreading of awareness regarding theranostics devices in the U.S. market. Despite the existence of maximum number of cardio-vascular disorders, still research is being conducted in the field of anticoagulant warfarin therapy.

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