Therapeutic Drug Monitoring Market to Reach $4.41 Billion, Globally, by 2031 at 8.5% CAGR: Allied Market Research

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Mar 17, 2023, 03:25 ET

The growing prevalence of chronic and autoimmune diseases, increased use of therapeutic drug monitoring in organ transplantation, technological advancements in drug monitoring technologies, and the growing awareness of therapeutic drug monitoring drive the global therapeutic drug monitoring market.

PORTLAND, Ore., March 17, 2023 /PRNewswire/ -- A new business intelligence report released, titled, "Therapeutic Drug Monitoring Market by Product (Consumables, Equipment), by Technology (Immunoassays, Chromatography-Spectrometry, Others), by Drug Class (Antiepileptic Drugs, Antiarrhythmic Drugs, Immunosuppressant Drugs, Antibiotic Drugs, Others), by End Users (Hospital, Diagnostic Labs, Research and Academic Institutes): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report, the global therapeutic drug monitoring industry was valued at $1.93 billion in 2021 and is estimated to generate $4.41 billion by 2031, witnessing a CAGR of 8.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, Restraints, and Opportunities

The growing prevalence of chronic and autoimmune diseases, a rise in demand for therapeutic drug monitoring services in emerging markets, increased use of therapeutic drug monitoring in organ transplantation, growing awareness of therapeutic drug monitoring, the rising demand for precision medicine, technological advancements in drug monitoring technologies, and the increasing number of initiatives taken by the government to promote healthcare drive the therapeutic drug monitoring market. However, a lack of skilled professionals to implement the tests is likely to hinder the market growth during the forecast period. On the other hand, an unprecedented increase in R&D activities for the development of advanced equipment to accurately measure drug levels in the body, surge in disposable income, and rise in healthcare spending in developing regions will present new growth opportunities for the global therapeutic drug monitoring market in the coming years.

Covid-19 Scenario

The outbreak of the COVID-19 pandemic had a negative impact on the therapeutic drug monitoring market, owing to delays in laboratory testing due to disruptions in the supply of reagents and testing kits.
Furthermore, the pandemic led healthcare professionals to focus more towards the care of COVID-19 patients rather than the monitoring of chronic diseases, such as those related to therapeutic drug monitoring.
However, the market is expected to grow at a significant rate in the post-pandemic period owing to the increased number of individuals needing organ transplants. Due to the increased risk of rejection, therapeutic drugs will be needed to help monitor the body's acceptance to the new organ.

The immunoassays segment to dominate the market during the forecast period

Based on technology, the immunoassays segment contributed to the largest share of more than two-fifths of the global therapeutic drug monitoring market in 2021 and is expected to maintain its dominance during the forecast period. The same segment is projected to witness the fastest CAGR of 9.2% from 2022 to 2031. This is due to the rise in use of immunoassay technology, as it provides quick, sensitive, and accurate results.

The consumables segment to grab the lion's share during the forecast period

Based on product, the consumables segment grabbed the highest share of more than three-fifths of the therapeutic drug monitoring market in 2021 and is expected to dominate the market in 2031. The same segment would witness the fastest CAGR of 9.0% from 2022 to 2031. This is due to an increase in the demand for drug monitoring for precise and accurate drug levels in the body.

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The antiepileptic drugs segment to maintain its leadership during the forecast period

Based on drug class, the antiepileptic drugs segment grabbed the highest share of nearly one-third of the overall therapeutic drug monitoring market in 2021 and is expected to dominate the market during the forecast period. The same segment is projected to witness the fastest CAGR of 9.3% from 2022 to 2031. This is owing to the rise in adoption of anti-epileptic drugs for the treatment of seizures.

Asia-Pacific to achieve the fastest growth by 2031

Based on region, the market in Asia-Pacific is likely to show the fastest CAGR of 9.5% during the forecast period. This is owing to the rise in health awareness, increase in disposable income, development in healthcare facilities, and surge in healthcare expenditure in the region. However, the market in North America was the largest in 2021, accounting for two-fifths of the global therapeutic drug monitoring market and is likely to maintain its dominance during the forecast timeframe. This is owing to the higher adoption of advanced therapeutic drug monitoring tools and the availability of well-developed healthcare infrastructure in this region.

Leading Market Players

F. Hoffmann-La Roche Ltd.
Abbott Laboratories
Biomerieux SA
Thermo Fisher Scientific, Inc.
Siemens AG
Chromsystems Instruments & Chemicals GmbH
Bio-Rad Laboratories, Inc.
Danaher Corporation
Seikisui Chemical Co., Ltd.
Exagen, Inc.

The report analyzes these key players of the global therapeutic drug monitoring market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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