Therapeutic Drug Monitoring Market Size is set to Grow at a Remarkable Pace in the Coming Years
The Therapeutic Drug Monitoring Market is anticipated to witness an opulent growth with a phenomenal CAGR of 9.7% during the forecast period, up from US$ 1.5 Billion in 2020 to reach a valuation of US$ 2.9 Billion by 2026.
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Due to a reasonable surge in organ transplant surgeries, the sales of therapeutic drug monitoring are also rapidly increasing. Owing to the rising preference for precision medicine, the demand for therapeutic drug monitoring is accelerating.
Precision medicine picks treatments that are fully suitable to the patient’s ailment and medical history. Oncology has experienced the most development, although this technique extends into all disease areas.
- Increasing research and development in the industry is projected to have a major contribution to the growth of the therapeutic drug monitoring market share.
- The major trends promoting the therapeutic drug monitoring market include precision medicine. It is a field of disease treatment that is getting a lot of attention. This type of treatment considers individual differences in surroundings, genes, and lifestyles.
- Precision medicine treatment is gaining a lot of attention and is now being tried in various situations. It intends to transform pharmacotherapy in oncology and other disease areas. With the potential to make a significant contribution to the advancement of the healthcare industry, precision medicine treatment deploys a unique approach to patient care.
- Cancer patients are getting the treatment based on a combination of medicines which relies on studies of the patient’s factors such as systems biology, tumor analysis, and gene expression data in the absence and presence of pharmacological disruption.
- The global therapeutic drug monitoring market showed significant growth over the last few years and is projected to grow at a robust CAGR during the forecast period.
- The sales of therapeutic drug monitoring are driven by several key factors including an ageing population with better health care services, increasing demand for genetic testing, increased government and private sector participation in therapeutic drug monitoring markets, rise in drug profiling.
- Therapeutic drug monitoring stems from clinical chemistry and clinical pharmacology. Its primary objective is to maintain the drug concentration levels in the body fluids within the particular therapeutic range. By individually adjusting the drug dosage therapeutic drug monitoring aims to refine patient care for better outcomes.
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Roche Diagnostics, Coulter, BioRad, OraSure Technologies, and BioChem Pharmaceuticals are some of the key companies profiled in the full version of the report.
The report comprises key players contributing to the therapeutic drug monitoring market share. It also consists of organic and inorganic growth strategies adopted by market players to improve their market positions. This exclusive report analyses the competitive landscape and therapeutic drug monitoring market share acquired by players to strengthen their market position.
More Insights into the Therapeutic Drug Monitoring Market
On the basis of regions, the therapeutic drug monitoring market is segmented into seven key regions namely: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa.
The North American region is anticipated to dominate the therapeutic drug monitoring market by accounting for the maximum sales in the global market.
A reasonable surge can be witnessed in the sales of therapeutic drug monitoring, but a slight decline was seen in the annual growth rate. As per FMI reports, the demand for therapeutic drug monitoring is expected to surge as the market evolves in the future.
The numerous advantages showcased by therapeutic drug monitoring get appreciated in the established markets and as the techniques and products appear in the emerging market. Moreover, the emerging economies have also started showing a positive inclination as the demand for therapeutic drug monitoring increases.
Technological advancements and a significant rise in the disease population, all over the world are rising the demand for therapeutic drug monitoring as it is rapidly being accepted as a method of choice among patients.
In order to improve diagnostic offerings and increase the sales of therapeutic drug monitoring companies are increasing their research and implementing therapeutic drug monitoring strategies.
The sales of therapeutic drug monitoring are expected to touch the skies throughout the forecast period of 2022-2032 by making alterations to new and more stringent regulations and improvements in diagnostic technologies, automation, and system engineering.
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Key Market Segments:
- Colorimetric Immunoassays
- Other Immunoassays
- Chromatography-Mass spectrometry
By Drug Class
- Antiepileptic Drugs
- Antiarrhythmic Drugs
- Immunosuppressant Drugs
- Antibiotic Drugs
- Bronchodilator Drugs
- Psychoactive Drugs
- Other drug classes
By End Users
- Commercial/Private Labs
- Hospital Labs
- Other End Users
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