Theranostics Market surpasses its value with its rising Prevalence in clinical Diagnostics

 

Theranostics 

The term "theranostics" combines the concepts "therapeutics" and "diagnostics." The term "theranostics" refers to the use of one radioactive medicine to identify (diagnose) and another radioactive drug to give therapy to treat the primary tumour as well as any metastatic tumours. Nanomedicine is the medicinal application of nanotechnology, and it is made possible by a wide range of medical and scientific approaches. The employment of nanoparticles in theranostics is one such method. The ultimate goal of merging nanomedicine and theranostics is to enhance illness and patient-specific outcomes by a significant margin. Nanoparticles have many benefits that make them ideal for use in theranostic medicine, such as their ability to target specific organs or tissues and their ability to be altered with multifunctionality.

Over the projected period, the global theranostics market is expected to rise significantly in North America. Global theranostics market growth is likely to be supported by the presence of major manufacturers, collaborations, robust research and development activities, and rising acceptance of companion diagnostics over the forecast period. In 2017, Biocartis Group NV and Amgen, Inc. teamed up to create a companion diagnostic test for Vectibix (panitumumab), an Amgen medication. Genome Canada, for example, initiated a national effort for clinical precision health implementation in June 2018, which will have an impact on global theranostics market growth over the projection period.

Over the forecast period, increasing laboratory usage of companion diagnostic tests is expected to fuel global theranostics market growth. In July 2018, the Diagnostic Laboratories of the BloodCenter of Wisconsin began offering the Abbott RealTime IDH1 assay for patients with acute myeloid leukaemia (AML). In 2017, Cancer Genetics, Inc. began offering Thermo Fisher Scientific's Oncomine Dx Target, the first Next-Generation Sequencing (NGS)-based Companion Diagnostic (CDx) test, which was approved by the FDA. In June 2018, Laboratory Corporation of America Holdings partnered with OmniSeq to launch OmniSeq Advance for tumour malignancies.

In May 2018, Pierre Fabre and Roche extended their collaboration on the development of a robust prototype immunohistochemistry assay as a possible companion diagnostic test for W0101 (the medication candidate they are developing together). In 2016, Abbott Laboratories, Inc. worked with Celgene Corporation and Agios Pharmaceuticals to develop diagnostic tests that identify particular genetic alterations linked to acute myeloid leukaemia (AML) on Abbott's m2000 RealTime system. Over the projected period, these factors are expected to boost the worldwide theranostics market's growth. However, improperly defined regulations for these tests coupled with inadequate reimbursement facilities are expected to hamper growth of the global theranostics market over the forecast period.

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