It uses molecular assays to determine the optimum dose of drugs for a patient, paving the way for 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.
New analysis from Frost & Sullivan (drugdiscovery.frost.com), Strategic Analysis of the European Markets for Theranostics, finds that theranostics plays a crucial role in every step of drug development process, primarily in the form of biomarker discovery, target selection and validation of biomarkers. The key applications of theranostics are covered in the following disease areas: cancer, cardiovascular diseases and neuro disorders.
"The emergence of personalised medicine with the help of theranostics is a milestone in the drug therapy process," says Frost & Sullivan Research Analyst Gayathry Ramachandran. "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 Ramachandran. "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 Ramachandran. "Pharmaceutical companies should be aware of the importance of linking diagnostics to its drug development process."
If you are interested in more information on Frost & Sullivan's research on the European Markets for Theranostics, send an email to Katja Feick, Corporate Communications, at katja.feick[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country.
Strategic Analysis of the European Markets for Theranostics is part of the Drug Discovery & Clinical Diagnostics Growth Partnership Services programme, which also includes research in the following markets: Western European IVD Markets, European Diabetes Diagnostics Market, European Immuno Diagnostics Market, and European Cancer IVD Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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Strategic Analysis of the European Markets for Theranostics / M3C3