16th December 2019 – The global therapeutic
drug monitoring market size is expected to value at USD 3.37 billion by
2024. The market is subject to witness a substantial growth due to the
introduction of the Point-of-Care (PoC) devices in the market and development
of the personalized predictive and preventive medicine. Factors responsible for
the robust growth of therapeutic drug monitoring (TDM) market, in the recent
years, include deriving personalized or tailor-made treatment plans for
patients and increasing adoption of the Point-of-Care (PoC) diagnostic devices
to carry out quantitative measurements of the drug concentration. Advent of the
precision medicine for the healthcare sectoris expected to drive the growth of
the market.
However, lack of awareness among general
population and inability of the Point-of-Care (PoC) to broaden its application
base for patient monitoring are expected to restrain market growth to a certain
extent. Yet, recent research & development activities in the therapeutic
drug coupled with increase in funding for the development of novel drugs for
patient monitoring are expected to gain traction in the near future.
Globally, the therapeutic drug
monitoring industry is predicted to grow at higher CAGR in the forecast period,
providing numerous opportunities for market players to invest in development of
the advanced therapeutic drug monitoring solutions. The therapeutic drug
monitoring is performed in clinics, hospitals and emergency units with the help
of gathering critical patient information like age group, metabolism, and drug
dosage history.
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Therapeutic drug monitoring solutions
involves the diagnosis of complex heath conditions such as toxicity level in
the body, thus allowing determination of the optimal drug dose for a particular
genetic profile of an individual. Moreover, the therapeutic drug monitoring
(TDM) helps to identify major reasons for failed therapy outcomes in an
accurate. This allows healthcare professionals to distinguish between the
perplexing root causes, ineffective drug dosage, non-compliance of drug delivery
system, and adverse effects caused by medications. These factors are
anticipated to stimulate the growth of therapeutic drug monitoring industry
over the forecast period.
Furthermore, recent R&D activities
in regards to the development of innovative drug compositions in the pipeline
by prominent industry players is considered as one of the major driving factors
for market growth, in the last few years. Growing number of successful clinical
trials is expected to expand consumer base for therapeutics drug monitoring
industry with growing influence of drug portfolio. The therapeutic drug
monitoring market is broadly categorized into six major types based on the
types of technology such as immunoassays, proteomic technologies, thin-layered
chromatography, spectrophotometry, polarimetry, and electrophoresis.
The immunoassay technology is considered
as one of the fastest growing segment in the therapeutic drug monitoring
industry with substantial revenue generation in the last couple of years.
Growing popularity of the immunoassay segment is attributed to the easy
availability of highly specific and reliable immunoassays, and increasing
implementation of advanced clinical solutions. The proteomics segment has also
witnessed massive growth, in the recent years, owing to its ability to
incorporate a variety of bio specimens.
The therapeutic drug monitoring market
is divided by region as North America, Europe, Asia-Pacific, Latin America and
Africa. North America has shown major growth in recent years owing to the rise
in the implementation of latest technologies in medicine & pharmaceuticals
and existence of well-established healthcare infrastructure in the region.
Asia-Pacific region is predicted to hold major market share in the therapeutic
drug monitoring with massive growth in forecast period.
Countries such as India, China, Malaysia
and Japan are leading the Asia-Pacific market with favorable government laws
& regulations, improved healthcare infrastructure, rising per capita
income, higher approval rate of therapeutic drugs, and significant investment
by leading industry players considering potential growth opportunities in the
region.
The key players in the therapeutic drug
monitoring industry are 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.,
and Probe Scientific Ltd.
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