According to the current analysis of Reports and Data, the global Therapeutic Drug Monitoring Market was valued at USD 1,453.7 Million in 2020 and is expected to reach USD 2,429.1 Million by year 2028, at a CAGR of 5.8 %. The study covers Therapeutic Drug Monitoring - a branch of clinical pharmacology and chemistry, which measures and maintains specific ingredient concentration levels in body fluids or blood streams. The monitoring process is aimed at refining patient care for better outcomes by adjusting the medicine dosage.
A variety of diseases and ailments can be monitored via Therapeutic Drug Monitoring. This monitoring method's recent development is proven to be a highly disruptive innovation in the pharmaceuticals industry. Hence, the market's top competitors and leaders are implementing a variety of tactics to offer superior disease monitoring solutions. For instance, in May 2019, Roche, a pioneer in sophisticated lab testing, collaborated with GE Healthcare, an American multinational conglomerate, to produce NAVIFY Tumor Board, a cancer treatment decision-making tool with medical imaging capabilities. The NAVIFY Tumor Board was created especially for cancer patients' best diagnostic and treatment options.
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Further key findings from the report suggest
- Therapeutic Drug Monitoring market is growing at a CAGR of 9% in Asia Pacific followed by North America and Europe respectively. High number of organ transplantation incidences across the globe is the prominent factor to accelerate the market growth during forecast period across all regions
- As of 2018, Equipment product type sub-segment dominates the sector. North American regional market is the chief revenue generating source for this product segment, followed by Europe and Asia-Pacific regions. The Therapeutic Drug Monitoring industry is augmented by demand for low cost equipment from many South East Asian countries
- The Consumables product type segment is expected to witness significant growth during forecast period 2019-2026 with a CAGR of 5.7%. However, associated reimbursement issues is major challenge for the market growth of this sector
- Hospital Laboratories end-use sector is estimated to witness the highest CAGR within its respective segment
- Asia Pacific is anticipated to account for the 19.6% of the global Therapeutic Drug Monitoring market, where developing nations such China and India are likely to witness significant growth
- Dearth of required finances to clinically interpret the drug monitoring results is likely to be major restraint to the Therapeutic Drug Monitoring market growth during the forecast period
Competitive Outlook of the Global Therapeutic Drug Monitoring Market
The globla Therapeutic Drug Monitoring market study focuses on the revenue growth trajectories of the leading companies in this market. This section of the report throws light on the highly competitive landscape of the Therapeutic Drug Monitoring market, pointing out the major players. The report further discusses the strategic initiatives undertaken by each of these market players, including mergers acquisitions, collaborations, joint ventures, new product launches, new business deals, and technological innovations.
Top Companies Profiled in the Report:
Abbott, F. Hoffmann-La Roche, Bio-Rad Laboratories Inc., Beckman Coulter, Inc., Roche Diagnostics, Siemens Healthineers, Thermo Fisher Scientific, Danaher Corporation, Alpco, Randox Laboratories Ltd., and others.
Therapeutic Drug Monitoring Market Segmentation:
Product Type (Revenue, USD Million; 2018–2028)
- Consumables
- Equipment
Technology Type (Revenue, USD Million; 2018–2028)
- Immunoassays
- Colorimetric Immunoassays
- Radioimmunoassays
- Other Immunoassays
- Chromatography-MS
Class of Drug Type (Revenue, USD Million; 2018–2028)
- Antiepileptic Drugs
- Antiarrhythmic Drugs
- Immunosuppressant Drugs
- Antibiotic Drugs
- Bronchodilator Drugs
- Psychoactive Drugs
- Other Drug Classes
End Use (Revenue, USD Million; 2018–2028)
- Hospital Laboratories
- Commercial/Private Laboratories
- Other End Users
Geographic Segment Covered in the Report:
The Therapeutic Drug Monitoring report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
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