Newark, April 12, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 2 billion in 2022 global therapeutic drug monitoring market will reach USD 5.18 billion by 2032. There are lakhs of organ transplants performed every year worldwide. For instance, the United States annually witnesses an average of 25,000 transplants. The increasing incidence of chronic organ failures, given lifestyle changes, has increased the demand for organ transplants. Given that the body accepts the new organ, organ transplants are effective and successful treatment options. The success is proper post-op immunosuppressant medication offered to the patient, which allows the body to accept the new organ. The dosage of immunosuppressants is assessed, monitored and controlled through therapeutic drug monitoring systems to retain its efficacy and prevent any adverse effects. The increasing demand for organ transplants and growing emphasis on improving patient outcomes will propel the global therapeutic drug monitoring market's growth in the forecast period.
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Key Insight of the Global Therapeutic Drug Monitoring Market
North America is expected to dominate the market during the forecast period.
The region is experiencing an increase in the prevalence of autoimmune, cardiovascular, pulmonary, and other chronic diseases due to the population's changing lifestyles due to high-stress levels, poor diets, and lack of physical activity. The established healthcare system makes it possible for patients to receive precise care. Significant market participants encourage higher innovation in the therapeutic drug monitoring sector, accelerating growth. The market will also benefit from the rising financial investment in R&D made by the pharmaceutical and biotechnology sectors.
In 2022, the consumables segment dominated the market with the largest market share of 54% and market revenue of 1.08 billion.
The product type segment is divided into equipment, consumables and others. In 2022, the consumables segment dominated the market with the largest market share of 54% and market revenue of 1.08 billion.
In 2022, the immunoassays segment accounted for the largest market share, with 40% and a market revenue of 0.80 billion.
The technology is divided into spectrometry, electrophoresis, chromatography, proteomic technology, immunoassays and others. In 2022, the immunoassays segment accounted for the largest market share, with 40% and a market revenue of 0.80 billion.
In 2022, the antiepileptic segment accounted for the largest market share, with 39% and a market revenue of 0.78 billion.
The drug class is divided into antibiotics, antiarrhythmic, bronchodilators, HIV/AIDS drugs, antineoplastics, immunosuppressive, antiepileptic and others. In 2022, the antiepileptic segment accounted for the largest market share, with 39% and a market revenue of 0.78 billion.
In 2022, the hospitals' segment accounted for the largest market share, with 41% and a market revenue of 0.82 billion.
The end user is divided into hospitals, research and academic institutes, diagnostic labs and others. In 2022, the hospitals' segment accounted for the largest market share, with 41% and a market revenue of 0.82 billion.
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Advancement in market
March 2022 – Biognosys developed an extended portfolio of proteomics platforms to give its customers in the pharmaceutical and diagnostics industries rich biological insights across the whole R&D pipeline, from early-stage discovery to clinical settings.
Market Dynamics
Driver: The need for organ transplants is rising globally.
The demand for healthcare services will be driven by the rising incidence and prevalence of several acute and chronic diseases due to lifestyle and environmental changes. Given the rise in alcohol consumption, smoking, poor food, and sedentary lifestyles with little to no physical activity, the incidence of cardiovascular, lung, kidney, and liver disorders has increased. Most individuals can get these health issues under control with medication, minor surgery, or other forms of treatment. An organ transplant, however, might not always be the best or most effective course of treatment for a patient. The most frequently transplanted organs worldwide are the kidney, liver, heart, and lungs. The number of people experiencing renal failure has increased due to rising stress levels and a growing diabetic population. Like overdrinking, substance misuse has caused liver failure in a small part of the population. Transplants of the liver and kidneys are quite common medical procedures. The rising demand for organ transplants will drive the global therapeutic drug monitoring market. A successful organ transplant requires the correct dosage/amount of immunosuppressants to get the recipient's body to accept the organ. Therapeutic drug monitoring techniques help determine the right amount of medication to ensure organ acceptance while preventing harmful side effects.
Restraint: The high costs of investments.
Fresh samples are taken from patents and transported to testing and analysis facilities. To determine the number of medications in the bloodstream and their effectiveness, the laboratories use a variety of approaches. Significant resources are required for testing and analytical setup, sample storage and transmission, and accurate collection. These resources require significant investment. Given the high recurrent expenses and considerable initial investments, many hospitals do not provide these services. Consequently, the market's expansion would be hampered by the high investment costs.
Opportunities: Increased investment in research & development.
Precision pharmaceutical treatment strategies are more in demand as autoimmune illnesses and other chronic diseases become more prevalent. Customized pharmaceutical regimens work well and provide better patient results. Therapeutic drug monitoring allows doctors to create the best treatment plan to efficiently treat illnesses/conditions without any negative side effects. They can also use it to track the treatment progress and make any adjustments. The therapeutic drug monitoring techniques do have certain limitations, though. These techniques are not entirely accurate or trustworthy. These findings may change treatment approaches and have negative consequences. As a result, the market's players are creating more accurate testing procedures, compatible drugs, and sturdy systems. Additionally, considerable money is being spent on building the infrastructure required to conduct therapeutic drug monitoring. Favourable reimbursement rules are increasing to make precision medicine available to more patients. These reasons will present attractive prospects in the worldwide therapeutic drug monitoring market during the projected period.
Challenge: The existence of less complex options.
In addition to therapeutic medication monitoring, there are various ways to determine the effectiveness of a drug. Both patients and doctors experience inconvenience due to the need to regularly obtain new samples in case of therapeutic drug monitoring. Additionally, sensitive assays can result in divergent results, which can lead to errors in calculations when determining therapeutic efficacy. The market expansion will be hampered by the availability of more simple and practical alternatives to determine drug efficacy.
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Some of the major players operating in the global therapeutic drug monitoring market are:
• Abbott
• Bayer AG
• Beckman Coulter Inc.
• bioMérieux SA
• Bio-Rad Laboratories
• Danaher Corporation
• Exagen Inc.
• F Hoffmann-La Roche Ltd.
• Siemens Healthineers AG
• Thermo Fisher Scientific
Key Segments cover in the market:
By Product Type
• Equipment
• Consumables
• Others
By Technology
• Spectrometry
• Electrophoresis
• Chromatography
• Proteomic Technology
• Immunoassays
• Others
By Drug Class
• Antibiotics
• Antiarrhythmic
• Bronchodilators
• HIV/AIDS Drugs
• Antineoplastics
• Immunosuppressive
• Antiepileptic
• Others
By End User
• Hospitals
• Research and Academic Institutes
• Diagnostic Labs
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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