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Global Therapeutic Drug Monitoring Market Introduction:
"The Therapeutic Drug Monitoring Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."
Therapeutic drug monitoring is used to determine dose at which a drug will be the safest and effective. Therapeutic drug monitoring is used during treatment and for diagnostic purposes in order to know the concentrations of drugs in body fluids, usually plasma. The selection of drugs for therapeutic drug monitoring is important as the concentrations of many drugs are not clearly related to their effects. For selected drugs, therapeutic drug monitoring aims to enhance drug efficacy, reduce toxicity or assist with diagnosis. Drug concentration at the site of action cannot be routinely measured, but the desired or adverse effects may correlate better with plasma or blood concentrations than they do with dose.
The rising 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 increasing geriatric population, especially in developing countries and the development of innovative tools in medication management are some other factors expected to support the growth of the global market.
Furthermore, the rising inclination of clinics toward therapeutic drug monitoring for certain medications, owing to a better knowledge of pharmacogenetics and pharmacokinetics of drugs is another factor expected to fuel the growth of the global market. In addition, the rising prevalence of complex neurological diseases and cancer results in increasing demand for high-end diagnostic methods such as genetic testing which in turn is expected to support the growth of the global market.
Moreover, increasing investments in research and development of novel drugs and vaccines by private and government bodies is also expected to further support growth of the global market to a certain extent.
However, high infrastructure costs, stringent regulatory framework, and lack of trained resources are some major factors expected to hamper the growth of the global market.
Technological advancements and increasing R&D activities by major players are expected to create new opportunities in terms of revenue for players operating in the target market over the forecast period. In addition, the growing public and private partnerships are further expected to support the growth of the global market.
The market in North America is expected to dominate the global market in terms of revenue and is expected to continue its dominance over the forecast period. The dominance can be attributed to well-developed healthcare infrastructure and presence of major players operating in countries in this region.
The Asia Pacific is expected to witness faster growth, owing to increasing government expenditure for the development of healthcare infrastructure and growing merger and acquisition activities in emerging economies in the region. Europe is expected to contribute a significant share of the global market.
Global Therapeutic Drug Monitoring Market:
By Product Type:
By Drug Class:
- Antiepileptic Drugs
- Antiarrhythmic Drugs
- Immunosuppressant Drugs
- Antibiotic Drugs
- Bronchodilator Drugs
- Psychoactive Drugs
By End User:
- Commercial/Private Labs
- Hospital Labs
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Abbott Laboratories Inc.
- Hoffmann-La Roche Ltd.
- Siemens Healthineers, Inc.
- Thermo Fisher Scientific Inc.
- Danaher Corporation
- Bio-Rad Laboratories, Inc.
- bioMérieux S.A.
- Buehlmann Laboratories AG
- Sekisui Medical Co., Ltd.
- Randox Laboratories Limited
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