Therapeutic Drug Monitoring Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product (Consumables, Equipment’s, Immunoassay Analyzers, Chromatography & MS Detector, Clinical Chemistry Analyzers), By Technology (Immunoassay, Chemiluminescence Immunoassay, Colorimetric Immunoassay, Fluorescence, Immunoassay, Radioimmunoassay, others Immunoassay, chroma
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationTherapeutic Drug Monitoring Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product (Consumables, Equipment’s, Immunoassay Analyzers, Chromatography & MS Detector, Clinical Chemistry Analyzers), By Technology (Immunoassay, Chemiluminescence Immunoassay, Colorimetric Immunoassay, Fluorescence, Immunoassay, Radioimmunoassay, others Immunoassay, chroma
Global Therapeutic Drug Monitoring Market is projected to witness impressive growth during the forecast period. The worldwide healthcare industry's expansion is accelerating the demand for therapeutic medication monitoring. Therapeutic drug monitoring is a test that measures several medications in the bloodstream to verify the correct dosage of medication is being given. It checks to see whether there is enough to be useful and if there aren't any significant side effects or responses. Anti-arrhythmic, antibiotic, anti-epileptic, and psychotropic medications all require monitoring to guarantee their effectiveness and safety. TDM is commonly used for drugs that have a narrow therapeutic index, meaning that there is a small difference between a therapeutic dose and a toxic dose. Examples of such drugs include antibiotics, anticonvulsants, immunosuppressants, and anti-cancer drugs.
The rise in demand for hospital and medical care institutions across the globe acts as one of the major factors driving the growth of therapeutic drug monitoring market. The growing inclination for precision medicine and the significance of therapeutic drug monitoring (TDM) in organ transplant procedures both speed up market expansion. The therapeutic drug monitoring market is also positively impacted by changes in the medical sector, rising awareness, technical advancements, and a surge in pharmaceutical company investment. The growing awareness among healthcare professionals about the benefits of TDM is driving the market. Healthcare professionals are increasingly recognizing the importance of TDM in improving therapeutic outcomes and minimizing adverse effects. Additionally, the market players would benefit from increased use in the treatment of autoimmune illnesses during the projected period of 2024 to 2028.
Increasing prevalence of chronic diseases is driving the Market Expansion
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Therefore, the Therapeutic Drug Monitoring market is expected to grow as the prevalence of chronic diseases continues to increase, and Therapeutic Drug Monitoring becomes an essential tool in managing these conditions.
Advancements in technology fuel the Market Growth
Technological advancements in Therapeutic Drug Monitoring, such as the development of new assays and automated systems, are driving the market. These advancements have made Therapeutic Drug Monitoring more accurate, efficient, and cost-effective. For instance, new analytical techniques such as liquid chromatography-mass spectrometry (LC-MS) have improved the sensitivity and specificity of drug measurement, allowing for more accurate and precise drug monitoring. In addition, the development of point-of-care testing (POCT) devices has enabled rapid and convenient Therapeutic Drug Monitoring testing at the patient's bedside, reducing the time required to obtain drug concentration results and facilitating timely dose adjustments.
Automation and miniaturization of Therapeutic Drug Monitoring devices have also made the process more efficient and cost-effective. Automated Therapeutic Drug Monitoring systems reduce the need for manual labor and improve the accuracy and precision of drug concentration measurements. Miniaturization of Therapeutic Drug Monitoring devices allows for smaller sample sizes, reducing the amount of blood or other biological fluids required for testing, which is especially beneficial for pediatric or elderly patients. Overall, technological advancements in Therapeutic Drug Monitoring have improved the accuracy, efficiency, and cost-effectiveness of drug monitoring, leading to better patient outcomes. As technology continues to advance, the Therapeutic Drug Monitoring market is expected to grow further, driven by the demand for more accurate and efficient drug monitoring techniques.
Increased focus on cost-effectiveness of Therapeutic Drug Monitoring
The focus on cost-effectiveness in healthcare is driving the therapeutic drug monitoring market. Therapeutic drug monitoring can reduce healthcare costs by optimizing drug dosing and minimizing adverse effects, which can result in fewer hospitalizations and lower healthcare expenditures. Therapeutic drug monitoring can help to optimize drug therapy by monitoring drug concentrations in the patient's blood, ensuring that patients receive the right dose of medication while minimizing adverse effects. This can lead to better patient outcomes and reduced healthcare costs by preventing hospitalizations and other complications associated with suboptimal drug dosing. Moreover, therapeutic drug monitoring can reduce the length of hospital stays and decrease the number of laboratory tests required for patients, which can lead to cost savings. For example, in the case of antiretroviral therapy for HIV patients, therapeutic drug monitoring has been shown to be cost-effective by reducing the number of drug-resistant cases and the length of hospital stays.
As healthcare costs continue to rise globally, there is an increasing focus on cost-effectiveness in healthcare. Therapeutic drug monitoring is an effective tool to achieve this goal by reducing healthcare costs while improving patient outcomes. Therefore, the demand for therapeutic drug monitoring is expected to grow as healthcare providers and policymakers increasingly recognize its potential to reduce healthcare costs and improve patient outcomes.
Growing Research and Development along with clinical trials
The Journal of Clinical Neurology reported in August 2021 that epilepsy, which affects over 70 million people globally, is the third most prevalent neurological condition after dementia and stroke.More than 55 million people will be living with dementia worldwide in 2021, estimates the WHO.
Use of Therapeutic Monitoring in Organ Transplant
Managing patients receiving solid-organ transplants requires conducting therapeutic drug monitoring for immunosuppressive medicines. Immunosuppressants are given to transplant recipients in order to prevent organ rejection by the body. Clinicians must tailor the immunosuppressant medication they give to each patient in order to strike the ideal balance between the likelihood of side effects and the efficacy of treatment. It can be tough to accomplish this goal with immunosuppressant therapy monitoring since patients have varied pharmacodynamics and pharmacokinetics. In addition, therapeutic Drug Monitoring can be used to monitor drug levels during the early post-transplant period when drug metabolism is highly variable, and drug levels can fluctuate rapidly. During this time, therapeutic Drug Monitoring can help to ensure that the patient receives the optimal dose of medication while minimizing adverse effects.
Overall, therapeutic Drug Monitoring plays a critical role in the management of organ transplant patients by optimizing drug therapy, preventing rejection of the transplanted organ, and minimizing adverse effects. therapeutic Drug Monitoring is widely used in organ transplant and is an essential tool to ensure the best possible outcomes for transplant patients.
Market Segmentation
The Global Therapeutic Drug Monitoring Market is segmented based on device type, class of devices, services. The device type segment is classified into IVD Devices, Diagnostic Imaging Devices, Cardiovascular Devices, Drug Delivery Devices, Orthopedic Devices, Respiratory Care Devices, Ophthalmology Devices, Surgical Devices, Diabetes Care Devices, Dental Devices, Endoscopy and Laparoscopy Devices, Gynecology and Urology Devices, Neurology Devices, Patient Monitoring Devices, Patient Assistive and Monitoring Devices, & Others. Based on class of devices the market is divided into Class I, Class II, Class III. Based on services the market is categorized into Device Development & Services, Quality Management Services, Packaging and Assembly Devices.
Recent Developments
- At MEDICA 2021 in November 2021, Boditech Med unveiled their brand-new all-in-one cartridge system and automated immunoassay analyzer with a blood collection tube.
- The Wyoming Board of Pharmacy and Bamboo Health, formerly Appriss Health and PatientPing, announced a partnership on June 29 in May 2022 to create a solution for the Wyoming Prescription Drug Monitoring Program (PDMP).
Market players
Roche AG, Siemens Healthcare GmbH, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Beckman Coulter, Inc., Abbott Laboratories, Inc., Agilent Technologies, Inc., bioMérieux, Inc., Alere, Inc.
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028 |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | · By Product · By Technology · By Class of Drug · By End- User |
| Regional scope | North America; Asia Pacific; Europe & CIS; South America; Middle East & Africa |
| Country scope | United States; Canada; Mexico; China; India; Japan; Australia; South Korea; Germany; France; United Kingdom; Spain; Italy; Brazil; Argentina; Colombia; South Africa; UAE, Saudi Arabia; Turkey; Egypt. |
| Key companies profiled | Roche AG, Siemens Healthcare GmbH, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Beckman Coulter, Inc., Abbott Laboratories, Inc., Agilent Technologies, Inc., bioMérieux, Inc., Alere, Inc. |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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