Therapeutic Drug Monitoring Market Will Surge to USD 1923.18 Million by 2026
According to the report, The global therapeutic drug monitoring market in 2019 was approximately USD 1296.0 Million. The market is expected to grow at a CAGR of 5.8% and is anticipated to reach around USD 1923.18 Million by 2026.
Therapeutic Drug Management measures the concentration of a drug in the blood at scheduled intervals. The Therapeutic Drug Management (TDM) is used to assess the dosage at which the medication is most safe and reliable. The COVID-19, an emerging, rapidly evolving situation has become a factor that is creating a huge demand for the therapeutic drug monitoring and intern boosting the growth of the global market. Increased use of TDM in traditional anticancer therapies, coupled with an increasing number of organ transplantation procedures around the globe, are factors driving the growth of the global market. Nevertheless, the inability of small hospitals to provide TDM services is a concern that is projected to impede the development of the global industry in the immediate future. Monitoring of biosimilars in autoimmune diseases can create growth opportunities in the global market in the future.
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The global therapeutic drug monitoring industry is anticipated to provide budding opportunities to the manufacturers, vendors, and customers across the globe. The sudden rise of the COVID-19 pandemic level has a positive impact on the demand patterns of the therapeutic drug monitoring which is expected to propel the growth of the global market in the next 10 years. Additionally, increasing the use of TDM in traditional anticancer therapies, coupled with the growing number of organ transplant procedures across the globe are factors driving the growth of the global market. However, the reluctance of small hospitals to offer TDM services is a factor expected to hinder the growth of the global market in the near future.
The global therapeutic drug monitoring market is segmented on the basis of product, class of drug, technology, and end-user. On the basis of product type, the global market is categorized into consumables and equipment. Based on technology the global market is bifurcated into immunoassays, colorimetric immunoassays, radioimmunoassays, other immunoassays, and chromatography-MS. The global market is segmented into antiepileptic drugs, antiarrhythmic drugs, immunosuppressant drugs, antibiotic drugs, bronchodilator drugs, psychoactive drugs, and other drug classes, depending upon the class of the drugs. Also, the end-users in the global market include hospital laboratories, commercial/private laboratories, and other end users.
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Some of the essential players operating in the therapeutic drug monitoring market, but not restricted to include Abbott Laboratories, Danaher Corporation, Biomérieux, Bühlmann Laboratories, Randox Laboratories Hoffmann-La Roche, Siemens Healthineers, Thermo Fisher Scientific, Bio-Rad Laboratories, and Sekisui Medical. Major companies in the global therapeutic drug monitoring market are trying to focus on the inorganic business strategies including launches of innovative products along with strategic partnerships.
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