Global Europe Theranostics Market to Witness Huge Growth by Key Players:GE Healthcare, F. Hoffmann La Roche, Owlstone Medical, Agilent Technologies, Qiagen NV, Foundation Medicine, Leica Biosystems Nussloch GmBH, Abbott Laboratories, Beckman Coulter.
Hyderabad, Telengana -- (SBWIRE) -- 02/08/2023 -- Overview
The Europe theranostics market size was valued at US$ 501.86 million in 2022 and is estimated to reach US$ 1,104.22 million by 2030, growing at a CAGR of 10.6% during the forecast period (2023-2030).
Theranostics involves a combination of targeted diagnostic tests with targeted therapy. Theranostics include using a specific diagnostic test, which shows a distinct molecular target on a tumor or any other disease-causing agent. The technique holds the potential to identify specific mutations with the help of therapeutic agents, thus optimizing drug effectiveness and safety. Theranostics is also referred to as companion diagnostics, Dx/Rx partnering, or pharmacodiagnostics.
The major factors driving the Europe theranostics market are the increasing research & development, rising novel companion diagnostic product launches and market expansion is projected through partnerships and collaborations between key players to develop novel companion diagnostics.
Partnerships and collaborations between key players to develop novel companion diagnostics is expected to drive the market's growth.
Market expansion is projected through partnerships and collaborations between key players to develop novel companion diagnostics. For instance, in October 2022, The European Association of Nuclear Medicine (EANM) Annual Congress will be placed in Barcelona from October 15–19, 2022. Telix Pharmaceuticals Limited announces its attendance. This year's EANM is being hosted in person for the first time since 2019, and Telix is happy to have such a significant presence there. The company-sponsored event offers information on developments in genitourinary oncology patient care, surgery, and imaging. The depth of the business' innovative theranostic pipeline demonstrates its dedication to and advancements in nuclear medicine for various reasons.
And in November 2022– MGI, a company committed to advancing life science, has launched a brand-new Customer Experience Center (CEC) in Berlin, Germany. The CEC is located at the Illumina Inc. GmbH (ALACRiS) facility. Illumina Inc. combines distinctive clinical solutions in precision oncology with MGI's strong technological platforms to provide value for its regional clients and partners. MGI's technology will also complement ALACRiS's comprehensive molecular tumor analysis (CMTA), providing benchmark data and an end-to-end procedure for usage in clinical and research contexts.
High costs associated with theranostics products are expected to hamper the market growth.
However, the stringent regulations and high cost of theranostics products are the major factors restricting the growth of the global theranostics market. Nanomedicine products are expensive and need more research and development than traditional treatments such as chemotherapy.
The epidemic has benefited world operations, financial expectations, and crisis response plans. The COVID-19 outbreak has badly damaged the healthcare sector. Since numerous research and clinical trials were launched in full swing due to the growing number of COVID cases, the theranostics market has seen enormous revenues due to COVID. Due to the widespread usage of nanomedicine, significant key companies employ companion medicines to treat various ailments. Medical experts researched the virus' presence in the body and tried to treat it with theranostics, but once the pandemic was under control and the virus changed people's lives, it was no longer a pandemic. Over Europe, several initiatives, partnerships, and acquisitions are taking place, supporting the market's expansion.
The oncology diseases segment is expected to grow at the fastest CAGR during the forecast period (2023-2030)
The market share for disease segment is anticipated to be high. The market is driven by the rising cancer incidence in the segment. For instance, the Joint Research Centre (JRC) of the European Commission and the International Agency for Research on Cancer recently published updated estimates of the burden of cancer in each of the 27 member states of the European Union (EU) (IARC). There are projected to be 1.3 million cancer-related deaths and 2.7 million new cancer cases worldwide in 2020 (excluding non-melanoma skin cancers). Female breast cancer continues to be the most frequently diagnosed in EU-27 countries.
The JRC, IARC, and European Network of Cancer Registries worked productively to produce the 2020 incidence and mortality projections (ENCR). The estimations rely on data from population-based cancer registries accessible throughout Europe. The JRC European Cancer Information System (ECIS) web application now has access to them. Later in 2020, IARC will publish a new set of GLOBOCAN 2020 estimates for 185 countries on the Global Cancer Observatory. These estimates will be included in that collection.
Germany holds the largest market share in the Europe Theranostics market.
Germany dominates the Europe theranostics market primarily due to its large population, excellent medical infrastructure, and high-income levels. Germany dominates the theranostics market because of its excellent medical facilities, which are also credited with the rising number of cancer patients in the country. Germany has a sizable budget for scientific research, which has led to ongoing advancements in diagnostic techniques and increased the efficiency, accessibility, and precision of cancer diagnosis. German doctors can develop new techniques and cancer-treatment medications because of investments in scientific research. At every level, cancer care in Germany corresponds fully with global standards and recommendations. The nation had the highest cancer patient survival rate in the previous five years. One Nobel laureate German doctor succeeded in creating a vaccine to prevent cervical cancer.
The German stationary healthcare system provides the full spectrum of medical treatments, up to the highest quality of care, with more than 30 university hospitals, about 1,000 public and nonprofits hospitals, and close to 600 hospitals owned by commercial enterprises. Germany's internationally recognized Medical Excellence comprises physicians with exceptional credentials, highly skilled nursing personnel, first-rate diagnostic facilities, and first-rate healthcare infrastructure. Germany has become a prominent destination for medical tourists over the past few years since this expertise is also becoming more and more accessible to patients from overseas.
The theranostics market is moderately competitive with local and Europe companies' presence. GE Healthcare, F. Hoffmann La Roche, Owlstone Medical, Agilent Technologies, Qiagen NV, Foundation Medicine, Leica Biosystems Nussloch GmBH, Abbott Laboratories, Beckman Coulter. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the market's growth. For instance, in December 14, 2021, GE Healthcare and Minerva Imaging have formed a strategic agreement in order to hasten the commercialization of customized radionuclide therapy (Theranostics). As part of radionuclide therapy, a form of precision medicine, a radioactive substance is injected into the bloodstream to specifically target and irradiate cancer cells.
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