Therapeutic Drug Monitoring Market to grow up to USD 4.5 Billion by 2031, at a CAGR of 12.3% during the forecast period

New York, The Global Therapeutic Drug Monitoring Market was valued at USD 1.4 Billion in 2021 and it is anticipated to grow up to USD 4.5 Billion by 2031, at a CAGR of 12.3% during the forecast period.

Global Therapeutic Drug Monitoring Market report from Global Insight Services is the single authoritative source of intelligence on Therapeutic Drug Monitoring Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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Therapeutic Drug Monitoring is a medical practice which is used for determining the concentration of particular drug in the bloodstream of the patient at different time interval. It is used in sustaining constant volume drug in the bloodstream without any toxic effect. Therapeutic drug monitoring is not used in majority of drugs but only the drugs which have narrow therapeutic window. It is also used in drugs with marked pharmacokinetic variability.

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Market Trends and Drivers
Rising preference for precision medicine will boost the overall market growth. Precision medicine is an evolving approach for disease treatment and prevention that considers individual variability in genes, environments, and lifestyles. Precision medicine involves selecting drugs wholly tailored to a patient based on disease condition and history. Although this practice is expanding into all disease areas, oncology has seen the most progress. Recently, cancer patients are being provided treatment through combination drugs, based on studies conducted on the patient's parameters such as systems biology, analysis of the tumor, and gene expression data in the absence and presence of pharmacological perturbation.

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Global Therapeutic Drug Monitoring Market Segmental Overview
The report analyses the Global vascular closure devices market based on product, technology, drug class, end-use, and region.

Global Therapeutic Drug Monitoring Market by Product

Based on product, it is segmented into therapeutic drug monitoring market is segmented into consumables, equipment, and data management services. The consumables segment is projected to grow at the significant CAGR during the forecast period. The major factors contributing to the growth of this market are the requirement of repeat purchase of kits and reagents, coupled with the increasing number of immunoassay tests being performed across the globe. Furthermore, rising demand for new technology-based, cost-effective kits and the extensive use of these reagents in the R&D area are some of the factors responsible for its lucrative growth.

Global Therapeutic Drug Monitoring Market by Technology

Based on technology, it is segmented into immunoassays and proteomic technologies. The immunoassay segment dominated the market in 2021 owing to the availability of highly specific and reliable immunoassays, the rising adoption rate of the advanced techniques, and the requirement of minimal training to handle the equipment. Immunoassays is a bioanalytical methods that use the specificity of an antigen-antibody reaction to detect and quantify target molecules in biological samples. These methods are frequently used in clinical diagnostics, drug discovery, drug monitoring, and food testing.

Global Therapeutic Drug Monitoring Market by Drug Class

Based on drug class, it is segmented into anti-epileptics, antibiotics, immunosuppressants and anti-arrhythmics. The anti-epileptics segment held the largest market share in 2021. This is attributed to the increasing prevalence of epilepsy and seizures and the resultant explosive growth in the number of Anti-epileptic drugs. It has been observed that the immunosuppressants segment has witnessed a higher penetration; the small margin for the therapeutic index of these drugs and the inter-individual differences observed in the blood concentrations of the immunosuppressants necessitate TDM for these drugs.

Global Therapeutic Drug Monitoring Market by End-use

Based on end-use, it is segmented into hospitals labs and private labs. The hospital labs segment is likely to dominate the market during the forecast period. Around 50% of the therapeutic drug monitoring is carried out in hospitals due to the availability of accurate patient information, such as age, metabolism, ethnicity, and drug performance history. The need for accurate patient history required to devise effective treatment plans has led many hospitals to design request forms for drug metabolite monitoring; the increasing use of computerized entry of patient history and information records is expected to further improve the TDS service in the hospitals

Geographical Analysis of Global Therapeutic Drug Monitoring Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to garner the largest share of the ultrasound market in 2020. Factors such as a High rate of organ transplantation coupled with the high acceptance and gradual adoption of these metabolite measuring procedures is one of the major drivers for the large market share. Furthermore, presence of unmet needs and the continuous efforts of the government to provide low-cost services with the aim of promoting individualized dosage patterns for organ transplantation cases as well as to support personalized medicine initiatives. are driving the growth of the North America ultrasound market.

Major Players in the Global Therapeutic Drug Monitoring Market
The key players in the market are Abbott (US), Thermo Fisher Scientific (US), F. Hoffmann-La Roche Ltd. (Switzerland), Siemens Healthineers AG (Germany), Danaher Corporation (US), Bio-Rad Laboratories (US), bioMérieux SA (France), Theradiag SA (France), Grifols S.A. (Spain), Randox Laboratories Ltd. (Ireland) among others.

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