The global Therapeutic Drug Monitoring Market size is expected to value at USD 3.37 billion by 2024. The market is subject to witness a substantial growth due to the introduction of the Point-of-Care (PoC) devices in the market and development of the personalized predictive and preventive medicine. Factors responsible for the robust growth of therapeutic drug monitoring (TDM) market, in the recent years, include deriving personalized or tailor-made treatment plans for patients and increasing adoption of the Point-of-Care (PoC) diagnostic devices to carry out quantitative measurements of the drug concentration. Advent of the precision medicine for the healthcare sectoris expected to drive the growth of the market.
However, lack of awareness among general population and inability of the Point-of-Care (PoC) to broaden its application base for patient monitoring are expected to restrain market growth to a certain extent. Yet, recent research & development activities in the therapeutic drug coupled with increase in funding for the development of novel drugs for patient monitoring are expected to gain traction in the near future.
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Globally, the therapeutic drug monitoring industry is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest in development of the advanced therapeutic drug monitoring solutions. The therapeutic drug monitoring is performed in clinics, hospitals and emergency units with the help of gathering critical patient information like age group, metabolism, and drug dosage history.
Therapeutic drug monitoring solutions involves the diagnosis of complex heath conditions such as toxicity level in the body, thus allowing determination of the optimal drug dose for a particular genetic profile of an individual. Moreover, the therapeutic drug monitoring (TDM) helps to identify major reasons for failed therapy outcomes in an accurate. This allows healthcare professionals to distinguish between the perplexing root causes, ineffective drug dosage, non-compliance of drug delivery system, and adverse effects caused by medications. These factors are anticipated to stimulate the growth of therapeutic drug monitoring industry over the forecast period.
Furthermore, recent R&D activities in regards to the development of innovative drug compositions in the pipeline by prominent industry players is considered as one of the major driving factors for market growth, in the last few years. Growing number of successful clinical trials is expected to expand consumer base for therapeutics drug monitoring industry with growing influence of drug portfolio. The therapeutic drug monitoring market is broadly categorized into six major types based on the types of technology such as immunoassays, proteomic technologies, thin-layered chromatography, spectrophotometry, polarimetry, and electrophoresis.
The immunoassay technology is considered as one of the fastest growing segment in the therapeutic drug monitoring industry with substantial revenue generation in the last couple of years. Growing popularity of the immunoassay segment is attributed to the easy availability of highly specific and reliable immunoassays, and increasing implementation of advanced clinical solutions. The proteomics segment has also witnessed massive growth, in the recent years, owing to its ability to incorporate a variety of bio specimens.
The therapeutic drug monitoring market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in medicine & pharmaceuticals and existence of well-established healthcare infrastructure in the region. Asia-Pacific region is predicted to hold major market share in the therapeutic drug monitoring with massive growth in forecast period.
Countries such as India, China, Malaysia and Japan are leading the Asia-Pacific market with favorable government laws & regulations, improved healthcare infrastructure, rising per capita income, higher approval rate of therapeutic drugs, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the therapeutic drug monitoring industry are Roche AG, Siemens Healthcare GmbH, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Beckman Coulter, Inc., Abbott Laboratories, Inc., Agilent Technologies, Inc., bioMérieux, Inc., Alere, Inc., and Probe Scientific Ltd.
Full Research Report On Global Therapeutic Drug Monitoring (TDM) Market Analysis available at: https://www.millioninsights.com/industry-reports/therapeutic-drug-monitoring-market
Therapeutic Drug Monitoring Market, Product Outlook, by Revenue (USD Million, 2013 – 2024)
Therapeutic Drug Monitoring Market, Technology Outlook, by Revenue (USD Million, 2013 – 2024)
• Proteomic technologies
Therapeutic Drug Monitoring Market Drug, Class Outlook, by Revenue (USD Million, 2013 – 2024)
• Psychoactive drugs
• Antiarrhythmic drugs
Therapeutic Drug Monitoring Market, End-use Outlook, by Revenue (USD Million, 2013 – 2024)
• Hospital labs
• Private labs
Therapeutic Drug Monitoring Market, Regional Outlook, by Revenue (USD Million, 2013 – 2024)
• North America
• Asia Pacific
• Latin America
• South Africa
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/biotechnology
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