Therapeutic Drug Monitoring Market 2024-2033: Growth, Share, and Industry Insights

The Business Research Company recently released a comprehensive report on the Global Therapeutic Drug Monitoring Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The therapeutic drug monitoring market size has grown strongly in recent years. It will grow from $2.1 billion in 2023 to $2.29 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to rising incidence of chronic diseases, drug safety concerns, pharmacogenomics integration, increasing drug development, regulatory emphasis on precision medicine.

The therapeutic drug monitoring market size is expected to see rapid growth in the next few years. It will grow to $3.36 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to expanding applications in oncology, rise in personalized medicine practices, global increase in aging population, expanded point-of-care testing, growing pharmaceutical r&d expenditure. Major trends in the forecast period include personalized medicine, technological advancements, increased drug development and usage, point-of-care testing (poct), emerging biomarkers and assay technologies.

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Market Drivers and Trends:

The rise in organ transplant surgeries is expected to propel the growth of the therapeutic drug monitoring market. Organ transplantation is a surgical process that transfers an organ from one individual (the donor) to another. The TDM of immunosuppressive medicines has been recognized as an effective method in managing patients undergoing solid organ transplantation. TDM optimization may result in avoiding toxic or insufficiently low-dose therapy that might result in organ rejection. For instance, in January 2023, according to an article released by the United Network for Organ Sharing, a US-based non-profit organization responsible for managing organ transplants, in 2022, in the US, 42,887 organ transplants were performed, a 3.7% increase over 2021. Therefore, the rise in organ transplant surgeries drives the therapeutic drug monitoring market.

Product innovations are a key trend gaining popularity in the therapeutic drug monitoring market. Major companies in the therapeutic drug monitoring sector are focused on developing new products to meet customer needs and strengthen their market position. In October 2021, Promise Proteomics, a France-based proteomics company, launched mAbXmise kits, a proprietary solution that combines labeled monoclonal antibodies, reagents, and laboratory supplies for quantifying therapeutic monoclonal antibodies by mass spectrometry. This multiplexing technique outperforms previous analytical methods, giving scientific, clinical, and economic perspectives that completely fulfill the limits of routine therapeutic drug monitoring.

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Major Key Players of the Market:

Abbott Laboratories Inc.; F. Hoffmann-La Roche AG; Siemens Healthineers AG; Thermo Fisher Scientific Inc.; Sekisui Medical Co.; Buehlmann Laboratories AG; Danaher Corporation; Bio-Rad Laboratories Inc.; bioMérieux SA; Randox Laboratories Limited; Chromsystems Instruments & Chemicals GmbH; Grifols SA; Merck KGaA; OraSure Technologies Inc.; BioChem Pharmaceuticals; Beckman Coulter Inc.; BioTelemetry Inc.; DiaSorin S.p.A.; Hologic Inc.; Immunodiagnostic Systems Holdings plc; Kronus Inc.; QuidelOrtho Corporation; Sysmex Corporation; TDM Solutions Inc.; Theradiag; Tosoh Bioscience LLC; Trinity Biotech plc; Associated Regional and University Pathologists Inc.; Mayo Clinic Laboratories; Quest Diagnostics

Therapeutic Drug Monitoring Market 2024 Key Insights:

• The therapeutic drug monitoring market size will grow to $3.36 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%.
• Organ Transplant Surge Drives Growth In Therapeutic Drug Monitoring Market
• Innovative Solutions Drive Therapeutic Drug Monitoring Market
• North America was the largest region in the therapeutic drug monitoring market in 2023

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