Therapeutic Drug Monitoring Market Distribution Channel Estimates & Future Trend Analysis

Felton, Calif., USA, July. 30, 2021 — /EPR Network/ —

The global Therapeutic Drug Monitoring Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

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.

Key Players:

• Roche Diagnostics
• Biomérieux
• Abbott Laboratories, Inc.
• Danaher Corporation
• Alere
• Agilent Technologies, Inc.
• Thermo Fisher Scientific, Inc.
• Siemens Healthcare GmbH
• Bio-Rad Laboratories, Inc.

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Growth Drivers:

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. 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.

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.

Product Outlook:

• Consumables
• Equipment

End-use Outlook:

• Hospital labs
• Private labs

Regional Outlook:

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.

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