Dublin, May 03, 2023 (GLOBE NEWSWIRE) -- The "Therapeutic Drug Monitoring Market by Product, Technology, Drug Class, End-users: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global therapeutic drug monitoring market was valued at $1,932.93 million in 2021 and is projected to reach $4,415.3 million by 2031, registering a CAGR of 8.5% from 2022 to 2031.
Key Market Players
- F. Hoffmann-La Roche Ltd.
- Abbott Laboratories
- Biomerieux SA
- Thermo Fisher Scientific Inc.
- Siemens AG
- Chromsystems Instruments & Chemicals GmbH
- Bio-Rad Laboratories, Inc.
- Danaher Corporation
- SEKISUI CHEMICAL CO., LTD.
- Exagen Inc.
Therapeutic drug monitoring (TDM) is a clinical practice in which the concentration of a specific drug in a patient's blood is measured to optimize dosage regimens, and treatment, and minimize toxicity. Therapeutic drug monitoring is used to account for individual variability in drug metabolism, minimize the risk of toxicity, identify and manage drug interactions, and improve the safety and efficacy of drug treatment.
It is a valuable tool in the management of drug treatment, offering numerous advantages in terms of safety, efficacy, and personalized care. Therapeutic drug concentration is monitored through immunoassays, calorimetric immunoassays, and chromatography-mass spectrometry.
The therapeutic drug monitoring market growth is driven by the growing prevalence of chronic diseases, an increase in awareness about therapeutic drug monitoring, and a rise in demand for therapeutic drug monitoring services in emerging markets.
The rise in the prevalence of chronic diseases such as cardiovascular diseases, cancer, and neurodegenerative diseases, which require long-term treatment with drugs that have a narrow therapeutic window, is driving the demand for therapeutic drug monitoring services.
For instance, according to International Diabetes Federation, in 2021, it was estimated that about 537 million adults (20-79 years) are living with diabetes in the world and is expected to reach 643 million by 2030. Thus, an increase in the prevalence of chronic diseases and the need for long-term treatment is expected to boost the demand for therapeutic drug monitoring services, which, in turn, contribute toward market growth.
Furthermore, the increasing demand for advanced and innovative consumables such as immunoassays is the key factor contributing to the growth of the market.
For instance, Eagle Biosciences offers various therapeutic drug monitoring assays such as Alemtuzumab ELISA Assay which is used for the quantitative determination of Alemtuzumab (Lemrada) drug in in the patient's blood.
However, a lack of skilled professionals present in the market, and technical errors in sample collection can limit the adoption of therapeutic drug monitoring products, which, in turn, hinders the growth of the market in upcoming years. On the other hand, increased focus on R&D activities for therapeutic drug monitoring and growth potential in emerging markets are expected to create immense opportunities for therapeutic drug monitoring during the forecast period.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the therapeutic drug monitoring market analysis from 2021 to 2031 to identify the prevailing therapeutic drug monitoring market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the therapeutic drug monitoring market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global therapeutic drug monitoring market trends, key players, market segments, application areas, and market growth strategies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 292 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $1932.93 million |
| Forecasted Market Value (USD) by 2031 | $4415.3 million |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Increase in the prevalence of chronic disease.
- Rise in the adoption of precision medicine
- Rise in technological advancement
Restraints
- Lack of skilled professionals
Opportunities
- High growth potential in developing economies
Key Market Segments
By Technology
- Immunoassays
- Chromatography-Spectrometry
- Others
By Product
- Consumables
- Equipment
By Drug Class
- Antiepileptic Drugs
- Antiarrhythmic Drugs
- Immunosuppressant Drugs
- Antibiotic Drugs
- Others
By End Users
- Hospital
- Diagnostic labs
- Research and Academic Institutes
For more information about this report visit https://www.researchandmarkets.com/r/jvxelh
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
