The market for theranostics, which combines therapy and diagnostics, is rapidly growing and is projected to reach $4.3 billion by 2028, up from $2.1 billion in 2023, with a CAGR of 15.5%. This surge is driven by the demand for precision medicine, which customizes treatment based on individual genetic profiles, leading to better treatment results and decreased side effects.

Theranostics plays a crucial role in precision medicine by providing targeted therapies based on specific biomarkers, resulting in higher success rates in cancer treatment. Companies such as Advanced Accelerator Applications, Bayer AG, and GE Healthcare are leading the way in Theranostics market, continuously innovating and expanding the theranostic landscape. These efforts, along with the increasing use of AI in diagnostics, are setting new standards in cancer care, making theranostics an essential aspect of modern medicine. The field of medical imaging and theranostics is experiencing significant advancements through strategic collaborations and technological innovations, with the goal of improving cancer treatment and patient care worldwide.

In March 2024, Radiopharm Theranostics made a breakthrough with its terbium-based treatments, demonstrating their potential in treating prostate cancer compared to lutetium-based therapies. A study involving patients with metastatic castrate-resistant cancer showed that terbium has unique radiation characteristics, delivering a dose to tumor lesions 2.4 times higher than lutetium, indicating its ability to effectively kill cancer cells. This discovery positions terbium, specifically the Tb-161 isotope, as a promising candidate for treating advanced cancers, including prostate cancer and osteosarcoma.

In June 2023, GE HealthCare, St. Joseph’s Health Care London, and the Lawson Health Research Institute collaborated to establish Canada's first Center of Excellence for Molecular Imaging and Theranostics (MIT). This center aims to develop best practices for MIT by combining medical imaging and radiotracers to diagnose and treat cancer and other diseases without harming healthy tissues. It also serves as a training hub for clinicians in advanced imaging technologies and explores potential applications for PET/CT in treating various cancers and diseases.

In December 2023, The University of New Mexico Comprehensive Cancer Center expanded its facilities to accommodate advanced radiation treatment machines, theranostic treatment rooms, and cellular therapies. This expansion, initially approved for $28 million in 2018, now costs $61 million due to construction cost increases and will increase the center's ability to provide unique treatments, such as allogeneic stem cell transplantation and chimeric antigen receptor therapy (CAR T), which are not available elsewhere in the state.

In September 2023, GE HealthCare launched the Theranostics Pathway Manager Tile on its Command Center Software Platform. This application simplifies the coordination of the theranostics care pathway and the identification and tracking of potential theranostics candidates, tasks that are currently manual and inefficient. The aim of this innovation is to reduce the time spent on administrative tasks, allowing for more efficient patient care. These initiatives represent significant progress in the field of medical imaging and theranostics, offering hope for more effective and personalized cancer treatment. Through collaboration, innovation, and the integration of advanced technologies, these efforts strive to transform patient care and improve outcomes for individuals with cancer and other serious medical conditions.