Summary

The therapeutic drug monitoring market is expected to grow at a strong CAGR of around 10% during the forecast period. Therapeutic drug monitoring (TDM) measures drug concentrations in a patient's blood or other bodily fluids in order to maximize the efficacy and security of pharmacological therapy. TDM's purpose is to guarantee that a patient receives the correct medicine dose depending on individual characteristics such as age, weight, genetics, and other medical problems. TDM is commonly employed for medications with a narrow therapeutic range, which means there is a tiny gap between the drug's minimum effective concentration and hazardous concentration. Healthcare practitioners can alter the amount or frequency of delivery as needed to achieve the intended therapeutic benefit while minimizing the risk of unwanted effects by monitoring medication levels. The growing demand for therapeutic drug monitoring can be attributed to the rising prevalence of chronic diseases such as cancer, diabetes, cardiovascular disease, etc. across the globe. For instance, according to the CDC, around 18 million Americans aged 20 and above have heart disease and nearly 650,000 Americans die of heart disease each year. Owing to the glaring statistics therapeutic drug monitoring help to reduce or optimize drug therapy in the patient suffering from chronic diseases such as cancer, diabetes, and cardiovascular disease, etc. which require long-term drug therapy which would contribute to the growth of the market in the forthcoming period as well. In addition, Therapeutic Drug Monitoring (TDM) is particularly advantageous for treating chronic ailments such as cancer, diabetes, and cardiovascular disease, as it allows for personalized medicine to lead to improved outcomes and heightened patient satisfaction. Moreover, healthcare providers seek to optimize drug therapy for individual patients which leads to the growing adoption of TDM in healthcare settings which boosts the TDM market.

Some of the major players operating in the market include Roche AG, Siemens Healthcare GmbH, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Beckman Coulter, Inc., Abbott Laboratories, Inc., Agilent Technologies, Inc., bioMérieux, Inc., Bayer AG, Alere, Inc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
“Amongst product type, the consumables segment held a significant share of the market in 2021.”
Based on product type, the market is segmented into consumables and devices. Among them, the consumables segment captured a significant share of the market in 2021. This is due to the increasing prevalence of chronic diseases which is boosting this segment. Moreover, the increasing demand for new technology-based, cost-effective kits and the use of reagents in the R&D area is also boosting the growth of the segment of the market.

“Amongst end-user, the hospital labs segment held the higher CAGR in the market in 2021.”
Based on the end-user, the therapeutic drug monitoring market has been classified as hospital labs, private labs, and others. Among them, the hospital labs segment is expected to grow at a higher CAGR in the market. This is due to the availability of accurate patient information, such as age, metabolism, ethnicity, and drug performance history in the hospitals which boost the segment growth. Moreover, the increasing use of computerized entry of patient history and information records is more likely to boost the growth of the market segment.

“North America dominated the Therapeutic drug monitoring market in 2021.”
Therapeutic drug monitoring has gained increasing popularity in North America due to various factors. The increasing prevalence of chronic diseases such as cancer, etc. is boosting the demand for the therapeutic drug monitoring market in this region. Growing demand for personalized medicine is becoming the highlight for TDM as it allows healthcare providers to tailor drug therapy to individual patients based on their unique pharmacokinetic and pharmacodynamics profiles. The advancement in technology is also attributed to the growth of the therapeutic drug monitoring market. For instance, In June 2020, Quest Diagnostics launched a new therapeutic drug monitoring test for the immunosuppressive drug, Mycophenolic Acid. Increasing government initiatives to promote TDM further boosted the growth of the market in the region.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
The global therapeutic drug monitoring market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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