Global Therapeutic Drug Monitoring Market Set For Rapid Growth

The global demand for therapeutic drug monitoring market was valued at approximately USD 1.2 billion in 2017 and is expected to reach around USD 1.7 billion by 2024, growing at a CAGR of 6.1 percent between 2018 and 2024. These days, healthcare facilities are advancing every year with the introduction of novel health monitoring systems and solutions, which, in turn, are improving clinical practices. The demand for better healthcare is constantly increasing, thus, stirring the growth of therapeutic drug monitoring market. Therapeutic drug monitoring is a novel technique in clinical practice that helps in maintaining proper drug concentration in the body. Several treatments for cancer, surgeries, disease, infection, accidents, physical stresses, etc., often require long duration drug administration. Therapeutic drug monitoring has become vital for monitoring drug doses to avoid bouts of toxicity and higher doses of medications. Growing adoption of continuous therapeutic drug monitoring in the treatment of disease is the key factor driving the growth of this market.

In addition, the prevalent use of chemotherapies in cancer treatment, rising government initiatives, and the presence of untapped market in developing countries are some other factors driving the growth of the global therapeutic drug monitoring market. Globally, roughly, 1 in 6 deaths occur due to cancer. Cancer is the second leading cause of death globally and is responsible for 9.6 million deaths in 2018. However, the high cost of monitoring and lack of awareness in developing countries are impacting the growth of therapeutic drug monitoring market. By product type, the market is divided into equipment and consumables. Among these, the equipment segment was the highest revenue grosser in 2017 along with accounting for more than 40 percent of the total revenue share. The consumables segment was the fastest growing segment in 2017. On the basis of drug class, this market is segmented into antiarrhythmic drugs, antibiotic drugs, immunosuppressant drugs, bronchodilator drugs, psychoactive drug, antiepileptic drugs, and others.

The end-users in the therapeutic drug monitoring market are commercial/private labs, hospital labs, and others. The commercial/private labs accounted for the largest share of the market in 2017. The hospital labs segment is the fastest growing due to the growing adoption of therapeutic drug monitoring in hospitals. Based on regions, the global therapeutic drug monitoring market is classified into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. The North American region is anticipated to remain dominant. Europe emerged as the second largest market in terms of revenue in 2017. Asia Pacific showed the fastest growth, with more than 6.3 percent CAGR. Emerging economies, such as India and China, are fueling this region’s growth, owing to rapidly developing healthcare infrastructure. The Middle East and African and Latin American regions are anticipated to experience moderate growth in the therapeutic drug monitoring market in the upcoming years.

Some key players of the therapeutic drug monitoring market include F. Hoffmann-La Roche AG, Thermo Fisher Scientific, Siemens Healthcare, Bio-Rad Laboratories Inc., and Danaher Corporation, among others. – Zion Market Research