Market Report Therapeutic Drug Monitoring Market to Grow at Steady CAGR until 2025
Increase in awareness and acceptance of personalised medicines is expected to drive the growth of the global therapeutic drug monitoring market, according to market research company Techsci Research.
According to Techsci Research, ‘Global Therapeutic Drug Monitoring Market by Technology (Immunoassays, Proteomic Technologies), by Drug Class (Antiarrhythmic Drugs, Immunosuppressants, Antiepileptic Drugs, Others), by Active Ingredient (Amikacin, Caffeine, Carbamazepine, Cyclosporine, Digitoxin, Digoxin, Disopyramide, Ethosuxamide, Gentamicin, Lidocaine, Lithium, Methotrexate, Napa, Phenobarbital, Quinidine, Sirolimus, Tacrolimus, Vancomycin, Others), by End-User (Hospitals, Diagnostic Centres, Others), by Product (Immunoassay Equipment, Reagents, Other Consumables), by Region, Forecast & Opportunities, 2025’, the global therapeutic drug monitoring market is expected to grow at a steady CAGR rate during the forecast period on account of growing demand for genetic testing.
It’s a practice of measuring drug amount in bloodstream to maintain its effective concentration. It is used to identify therapeutic failure, avoid toxicity and adverse drug reactions. The reasons for growth of therapeutic drug monitoring include growing demand for personalised medicines and advanced technologies. Therapeutic drug monitoring is generally used for anti-cancer drug, organ transplant procedures, and advanced treatment therapies such as gene testing and proteomics. Increasing microbial resistance is another factor which has stressed on the manufacturing of personalised medicine and therapeutic drug monitoring market. There has been advances in the field of biomedical technology such as nano biosensors. Advancement in tools like spectrometry, assay kits, alternative matrices are the main factors responsible for growth of therapeutic drug monitoring market.
The global therapeutic drug monitoring market is segmented based on technology, drug class, active ingredient, end user, product, company and region. Based on technology, immunoassays are expected to dominate the market in the forecast period as they are easy to perform and do not require specialised training. Based on drug class, Antiepileptic drugs led the market in 2019 as have high complexity and heterogeneity of epilepsy. Based on end user, hospitals segment is expected to dominate the market share in the forecast period. Hospitals have appropriate equipment and well skilled staff to derive meaningful interpretations from therapeutic drug monitoring (TDM) assays. Therefore, therapeutic drug monitoring products are increasingly deployed at hospitals.
Abbott Laboratories, F Hoffmann-La Roche, Danaher Corporation, Thermo Fisher Scientific, Siemens Healthinners, Buhlmann Laboratories, Biomerieux, Ark Diagnostics, SJK Global, Meridian Healthcare, Randox Laboratories, Sekisui Medical Co., North American Science Associates, Alfa Scientific Designs are some of the leading players operating in the global therapeutic drug monitoring market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.
“North America is expected to dominate in the global therapeutic drug monitoring market during the forecast period due to technological advancements in healthcare and initiatives taken by the government for the development of therapeutic drug monitoring in the region. Additionally, organ transportation and acceptance of therapeutic drug monitoring devices is high in countries present in the region, which is another reason for high share of the region,” said Karan Chechi, Research Director with Techsci Research, a research based global management consulting firm.
The report has evaluated the future growth potential of the global therapeutic drug monitoring market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities in the global therapeutic drug monitoring market.
Read the full report here.