Therapeutic Drug Monitoring Market: Current Analysis and Forecast (2022-2030)
Emphasis on Product Type (Consumables, Devices); Technology (Immunoassays, Proteomic Technologies, Others); Drug Class (Anti-Epileptics, Antibiotics, Immunosuppressants, Psychoactive, Anti-Arrhythmic Drugs); End-User (Hospital Labs, Private Labs, Others); and Region/Country
The Therapeutic Drug Monitoring Market was valued at USD 2 billion in 2021 & is expected to grow at a CAGR of 10% from 2022-2030. 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.
Therapeutic Drug Monitoring Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- 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.
Table of Contents
Research Methodology for the Therapeutic Drug Monitoring Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Therapeutic drug monitoring market were the three major steps undertaken to create and analyze the adoption of Therapeutic drug monitoring in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Therapeutic drug monitoring market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Therapeutic drug monitoring market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Therapeutic drug monitoring market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, technology, drug class, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Therapeutic drug monitoring market. Further, we conducted factor analysis using dependent and independent variables such as product type, technology, drug class, and end-user of the therapeutic drug monitoring market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Therapeutic drug monitoring market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Therapeutic drug monitoring market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Therapeutic drug monitoring market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Therapeutic drug monitoring market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global therapeutic drug monitoring market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product type, technology, drug class, and end-user in the global Therapeutic drug monitoring market.
The main objective of the Global Therapeutic Drug Monitoring Market Study
The current & future market trends of the global Therapeutic drug monitoring market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Therapeutic drug monitoring market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the product type, technology, drug class, and end-user
- Define and analysis of the regulatory framework for the Therapeutic drug monitoring industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Therapeutic drug monitoring market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Therapeutic drug monitoring market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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