Therapeutic Drug Monitoring Market Set to Skyrocket with 10% CAGR, Fueled by Personalized Medicine Demand
According to a new report published by UnivDatos Markets Insights, 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. The analysis has been segmented into 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); Region/Country.
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The therapeutic drug monitoring market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the therapeutic drug monitoring market. The therapeutic drug monitoring market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the therapeutic drug monitoring market at the global and regional levels.
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Key Market Dynamics
Therapeutic drug monitoring (TDM) measures drug concentrations in a patient's blood or other bodily fluids in order to maximise 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. Therapeutic Drug Monitoring (TDM) is a foundational part of personalized medicine, allowing healthcare personnel to tailor medication regimens to an individual's unique pharmacokinetic and pharmacodynamic characteristics. The growing demand for personalized medicine is boosting the growth of the therapeutic drug monitoring market. For instance, In 2020, the United States Food and Drug Administration (FDA) approved several new drugs that are specifically tailored to individual patient profiles. The drug Vitrakvi was approved for use in patients with specific genetic mutations, while the drug Blenrep was approved for use in patients with a particular type of cancer. 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 boost the TDM market.
COVID-19 Impact
The COVID-19 pandemic has had an impact on the therapeutic drug monitoring industry, both positively and negatively. While the pandemic has led to disruptions in healthcare systems and clinical research, it has also created new opportunities for the TDM market. The pandemic impacted the TDM market due to the increased demand for TDM in the treatment of COVID-19 patients. Furthermore, the pandemic has accelerated the adoption of telemedicine and remote monitoring technologies, which are increasingly being used to monitor patient responses to therapy and adjust drug dosages as needed. This trend has created new opportunities for TDM products and service providers, as remote monitoring technologies rely heavily on TDM to optimize drug therapy for individual patients. However, the pandemic has also led to disruptions in the TDM market, particularly in clinical research. Many clinical trials have been delayed or suspended due to the pandemic, which has slowed down the development and adoption of new TDM products and services.
The global therapeutic drug monitoring market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
·???????Based on the drug class, the therapeutic drug monitoring market has been classified as anti-epileptics, antibiotics, immunosuppressants, psychoactive, and anti-arrhythmic drugs.
·???????Based on the end-user, the therapeutic drug monitoring market has been classified as hospital labs, private labs, and others.
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Therapeutic Drug Monitoring Market Geographical Segmentation Includes:
·???????North America (U.S., Canada, and the Rest of North America)
·???????Europe (Germany, UK, France, Spain, Italy, , Rest of Europe)
·???????Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
·???????Rest of the World
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. The 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.
Market Key Players:-
Roche Pharma AG
赛默飞世尔科技 , Inc.?
领英推荐
Bio-Rad Laboratories , Inc.
贝克曼库尔特 , Inc.
雅培 , Inc.
安捷伦 , Inc.
bioMérieux , Inc.
拜耳 AG
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the therapeutic drug monitoring market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
Recent Developments:
·???????In August 2020, R-Biopharm AG launched a new therapeutic drug monitoring test for the antibiotic drug, Vancomycin.
·???????In September 2020, Siemens Healthineers launched a new therapeutic drug monitoring test for the immunosuppressive drug, Sirolimus.
Key questions resolved through this analytical market research report include:
? What are the latest trends, new patterns, and technological advancements in the therapeutic drug monitoring market?
? Which factors are influencing the therapeutic drug monitoring market over the forecast period?
? What are the global challenges, threats, and risks in the therapeutic drug monitoring market?
? Which factors are propelling and restraining the therapeutic drug monitoring market?
? What are the demanding global regions of the therapeutic drug monitoring market?
? What will be the global market size in the upcoming years?
? What are the crucial market acquisition strategies and policies applied by global companies?
? What are the descriptive profiles of key companies along with their SWOT analysis?
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