Therapeutic Drug Monitoring Market size is estimated to reach $3.17 billion by 2025 and is poised to grow at a CAGR of 6.59% during the forecast period 2020-2025. Therapeutic drug monitoring is used to determine the safe and effective dosage of the drug. Therapeutic Drug Monitoring is used for treatment and for monitoring the concentration of drugs in body fluids, usually plasma. The growing demand for better healthcare facilities in developing countries for a growing urban population is a major factor driving the growth of the global market. In addition, the growth of geriatrics population and the development of innovative tools in drug management, particularly in developing countries, are some of the other factors supporting to the growth of the global market over the forecast period (2020-2025).
By Product Type- Segment Analysis
The global Therapeutic Drug Monitoring market based on the Product type has Consumables and Equipment. The consumables segment had the largest market share in 2019 and is set to grow at the fastest CAGR during the forecast period 2020-2025. The increasing demand for new technology-based, cost-effective kits and the widespread use of these reagents in the R&D field are some of the factors responsible for its attractive growth.
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By Technology – Segment Analysis
Based on Technology, the market is classified into Immunoassays, Chromatography, Proteomic, Spectrophotometry and others. The immunoassay segment dominated the market in 2019 owing to the availability of highly specialized and reliable immunoassays, the increasing adoption rate of advanced technologies and the need for minimal training to handle the equipment. The proteomics segment is set to grow over the forecast period 2020-2025 for a profitable CAGR, owing to the large potential of this technology to interrogate a variety of bio specimens for their proteomes, increasing private and government funding for proteomics-related research activities, and increasing adoption rates of these products in the areas of drug discovery, clinical research and biomarker validation.
By Drug Class – Segment Analysis
Based on Drug-Class, the market is classified into Anti-epileptic, Antiarrhythmic, Immunosuppressant, Antibiotic, Bronchodilator, Psychoactive drugs. The anti-epileptics segment gained the largest market share in 2019 as a result of the increasing prevalence of epilepsy and seizures and resulting the explosive growth in the number of anti-epileptic drugs and is set to continue its growth over the forecast period 2020-2025.
By Geography – Segment Analysis
The North American market is set to dominate the global market in terms of revenue and continue to dominate over the forecast period 2020-2025. Its dominance can be attributed to the well-developed healthcare infrastructure and the presence of key players in the countries of the region. Rapid growth is anticipated in the Asia-Pacific, owing to rising government spending on healthcare infrastructure development and increasing integration and acquisition activities in emerging economies in the region.
Drivers – Therapeutic Drug Monitoring Market
Demand for better Healthcare
The growing demand for better quality healthcare facilities in developing countries for the growing urban population is the main driver behind the growth of the global market. In addition, the increase in the geriatric population, especially in developing countries, and the development of innovative drug management tools are some other factors that are anticipated to drive the growth of the global market. Technological advances and the growing R&D activities of key players are set to create new opportunities in terms of revenue for players operating in the target market over the forecast period (2020-2025).
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Challenges – Therapeutic Drug Monitoring Market
The main challenge of this market is the cost of acquiring the Therapeutic Drug Monitoring treatment that is poised to affect the expansion of the market. This is set to hinder market growth over the forecast period (2020-2025). In addition, strict regulatory framework and lack of trained resources are some of the major factors hindering global market growth.
Therapeutic Drug Monitoring Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Therapeutic Drug Monitoring Market. Key companies of this market include Abbott Laboratories Inc., Hoffmann-La Roche Ltd, Siemens Healthineers, Inc., Thermo Fisher Scientific Inc., Sekisui Medical Co., Ltd, Buehlmann Laboratories AG, Danaher Corporation, Bio-Rad Laboratories, Inc., bioMérieux S.A, Randox Laboratories Limited.
In July 2020, Hoffmann-La Roche collaborates with Blueprint Medicines to bring a new treatment to people with RET-altered cancers.
In April 2020, Abbott just launched a new test that can tell if you have ever had the coronavirus, and it plans to pump out millions.
Geographically, North America is poised to see extraordinary development owing to well-developed healthcare infrastructure and the presence of major players operating in this region is set to continue its growth during the forecast period (2020-2025).
Rising demand for better healthcare facilities and increasing investments in research and developments by private and government organizations are factors driving the market.
High infrastructure costs, tight regulatory framework are some of the key factors anticipated to inhibit the growth of the global market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market is set to be provided in the Therapeutic Drug Monitoring Market report.
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