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(Medical-NewsWire.com, April 18, 2018 ) Theranostics can be termed as a fusion between drug therapeutics and diagnostics to optimize the drug effectiveness, safety and streamline drug development. It is a combination of medical drugs and diagnostics and also referred as pharmacodiagnostics, companion diagnostics and Dx/Rx partnering.
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Primary factors accounted for driving the market are increasing financial support for research and development for drug synthesis, to tackle new and fatal diseases, improving co-operation between diagnostic companies and drug manufacturers as well as increasing applications in disease treatment. Conversely, regulatory timelines and expensive prices of theranostic products are the factors hindering the growth of market.
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The North America market for Theranostics is segmented based on Disease Type. Based on Disease Type it is divided into Neurological Disorders, Cancers, Cardiovascular Diseases and Others. Based on geographical analysis, the market is divided into regions of United States of America and Canada. USA holds the major share in the market due to presence of market leaders as well as a developed healthcare and pharmaceutical infrastructure. USA is also the fastest growing region due to increasing expenditure on health care, product innovation and increasing disposable income. Based on Disease Type, Neurological disorders are the holding the major share in the market due to prevalence of diseases like Parkinson’s Disease, Alzheimer’s Disease and other prevalent diseases, meanwhile cancer diseases and cardiovascular disorders are expected to grow the fastest due to increasing risk rate and prevalence of these diseases and increasing research expenditure by pharmaceutical companies..
Some of the key players dominating this market include Abbott Laboratories, AmeriPath, Dickinson and Company, BIOTEC Laboratories, Dade Behring, Dianon Systems, Dynacare Laboratories, Enterix, Focus Diagnostics, Pfizer and Beckman Coulter.
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