Strategic Analysis of the European Markets for Theranostics

This Frost & Sullivan research service titled Strategic Analysis of the European Markets for Theranostics provides a strategic analysis of the theranostics market in Europe. This research service focuses on the current scenario in the market, its dynamics and the regulatory scenario. It also includes competitive analysis and strategic recommendations for current industry challenges. In this research, Frost & Sullivan's expert analysts thoroughly examine the key applications of theranostics in the following disease areas: cancer, cardiovascular diseases and neuro disorders.

Market Overview

Theranostics Ushers in Personalised Medicine in Europe - A Milestone in the Drug Therapy Process

Theranostics, an emerging field in clinical diagnostics, focuses on developing specific analysis to predict the most suitable drug for a patient as well as assesses the efficacy of the drug. It uses molecular assays to determine the optimum dose of drugs for a patient, ushering in personalised medicine. Although significant awareness has been created about personalised medicine, its full potential is yet to be tapped. Factors such as cost and regulatory timelines are the key hurdles that need to be addressed at the moment. "The emergence of personalised medicine with the help of theranostics is a milestone in the drug therapy process," says the analyst of this research. "Its targeted approach enables the prescription of only those drugs that are linked to a specific biomarker assay, thereby benefiting the physicians, patients, insurance, and regulatory agencies." The availability of advanced technology to support research projects has resulted in novel therapeutics. As more biomarkers are discovered and their importance known, the need for specific theranostic assays is likely to increase.

However, the high cost associated with genetic testing for the identification of biomarkers poses a challenge to the success of theranostics. The uncertainty associated with the clinical utility of biomarkers discovered will negatively impact the return-on-investment (ROI). "Theranostics is a well understood science, yet pharmaceutical companies have been late adopters," says the analyst. "It is rare to see large pharma and diagnostic companies branding themselves as theranostic companies."

Improved cooperation between drug and diagnostic companies will enhance the success of theranostics. The commercialisation of theranostics will be possible by effective communication with the physicians to understand its penetration in the market. "Companies focusing on theranostics with already licensed drugs can play a key role in reaching out to larger pharmaceutical companies," concludes the analyst. "Pharmaceutical companies should be aware of the importance of linking diagnostics to its drug development process."