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The global theranostics market is projected to reach USD 4.3 billion by 2028 from USD 2.1 billion in 2023, at a CAGR of 15.5% from 2023 to 2028. The rising prevalence of targeted diseases and increasing number of theranositcs center to fuel the market growth.

The theranostics market is moderately competitive, with established companies and upcoming competitors for the same market share. As of 2022, the key players operating in the global theranostics market are Advanced Accelerator Applications (France), Bayer AG (Germany), GE Healthcare (US), among others.

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These competitors have utilized various strategies to increase their market share in the global theranostics market, including acquisitions, agreements, partnerships, and product releases. In 2022, a higher share of the theranostics market was held by Advanced Accelerator Applications (France), Bayer AG (Germany), GE Healthcare (US).

Advanced Accelerator Applications (France):

Advanced accelerator applications hold a leading position in theranostics market. The company plans to collaborate with research and academic universities to promote the utilization of Pluvicto and Lutathera. The company also focuses on establishing new production sites to increase the sales of its products. Currently, it has a total of 29 sites in 12 countries, including 19 production facilities in 8 countries (in Europe and the US) that are involved in the manufacturing of radioligand therapies and precision imaging radioligands. The geographic presence of the company and its strong distribution channel contribute to a significant percentage of the revenue reported by the company.

Bayer AG (Germany)

Bayer entered the nuclear medicine market in May 2013 with the launch of its blockbuster product Xofigo in the US. It markets diagnostic imaging equipment, together with the necessary contrast agents and prescription products—especially for cardiology and women’s healthcare—and specialty therapeutics in the areas of oncology, hematology, and ophthalmology. It operates in more than 100 countries worldwide across North America, Europe, the Asia Pacific, the Middle East & Africa, and Latin America through its subsidiaries and affiliates to help the company and its subsidiaries capture a larger market share. The increasing number of treatments and diagnostic tests performed resulted in a significant increase in volumes.

GE Healthcare (US):

GE Healthcare is one of the leading players in the theranostics market due to its broad product offerings GE Healthcare manufactures products with medical diagnostic technologies, digital solutions, and pharmaceutical diagnostic products for the healthcare sector. The adoption of new technology standards and investments in R&D have made GE Healthcare one of the leading firms in the theranostics market. Collaborations with other companies have also helped the firm establish its presence. The company’s comprehensive product portfolio and strong geographical presence with an established distribution channel have helped it gain a competitive edge in the market. It consistently focuses on R&D to deliver novel products.

Related Reports:

Theranostics Market by Product (Diagnostic imaging (PET, CT, MRI), Radiopharmaceuticals (Lu-177, Sm-153, Ra-223, I-131), Biomarker screening, Software), Application (Prostate Cancer, Bone metastasis), & Stakeholder Expectations - Global Forecast to 2028

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