Therapeutic Drug Monitoring Market Size & Share, by Product (Consumables, Equipment and Others); Technology (Immunoassays, Proteomic Technologies, Chromatography, Spectrometry, Electrophoresis and Others); Class of Drugs (Antiepileptic, Antibiotics, Anticonvulsants, Antiarrhythmic, Antineoplastic, Bronchodilators and Others) and by End User (Hospital Labs, Private Labs and Others) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 742
  • Published Date: Sep 23, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Therapeutic Drug Monitoring Market size was over USD 1.96 billion in 2023 and is likely to cross USD 6.23 billion by the end of 2036, growing at more than 9.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of therapeutic drug monitoring is estimated at USD 2.11 billion.

The growth of the market during the forecast period can be attributed to the increasing focus of the healthcare providers to provide health care services, increasing demand for genetic testing, increased government and private sector participation in therapeutic drug monitoring markets, improvements in diagnostic technologies, rise in drug profiling processes, along with developments in process automation and system engineering. Moreover, favorable government regulations which permit drug monitoring especially in primary healthcare centers and private labs, is also anticipated to contribute towards the market growth during the forecast period.


Global-Therapeutic-Drug-Monitoring-Market
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Therapeutic Drug Monitoring Sector: Growth Drivers and Challenges

Growth Drivers

  • Wide Utilization of Therapeutic Drug Monitoring in Treating Cancers, CVDs and Other Illnesses to Propel the Market Growth
    According to the statistics of the Centers for Disease Control and Prevention (CDC), in the USA alone, more than 868,000 people die of heart disease, stroke, or other forms of cardiovascular diseases every year. This is almost one-third of all the deaths in the country.

    On the other hand, according to the World Health Organization, cancer is the second leading cause of death globally with a recorded 9.6 million deaths in 2018.

    TDM has shown promising results in the treatment of illnesses including heart disease and cancer. Moreover, with the rising cases of coronavirus in the current pandemic situation and with the ongoing trials for a potential vaccine, the need for drug monitoring has become critically essential. These factors are estimated to promote the growth of the therapeutic drug monitoring market. Additionally, this growth is backed by increasing government expenditure on healthcare in most of the countries globally.
  • Growing R&D Expenditure and the Introduction of Novel Devices and Biosimilars to Enhance the Growth of the Global Market
    The TDM market is expected to witness growth owing to the introduction of novel devices with marked technological advancements with automation facilities and rapid throughput operations with increased accuracy and specificity. Furthermore, with the launch of biosimilars in the market, there is an increasing need to better understand their safety and efficacy profiles as compared to their counterpart medications. This has led to many key players investing heavily on research and development which acts as a growth driver for the market.

Challenges

  • Lack of Resources in Small Hospitals
    One of the key factors that can act as a restraint in the growth of the global therapeutic drug monitoring market is the lack of resources in small hospitals and healthcare centers. These centers often lack medical supplies and teams of clinically approved pharmacologists especially for drug monitoring. As a result, especially in developing countries, the healthcare standards are relatively low.
  • Operational Challenges and Reluctance Towards Automation
    While adopting novel technologies, medical technicians often face operational challenges while ensuring effective sample procurement, storage and transportation. This can act as a serious restraint factor in the growth of the monitoring market. Additionally, the process of shifting from traditional operations towards automation often requires some form of cost escalation and willingness of healthcare professionals which again acts as a growth restraint in the global market.

Therapeutic Drug Monitoring Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

9.3%

Base Year Market Size (2023)

USD 1.96 billion

Forecast Year Market Size (2036)

USD 6.23 billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, South Korea, Malaysia, Australia, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Therapeutic Drug Monitoring Segmentation

The global therapeutic drug monitoring market is segmented by product, technology, class of drugs and end users. On the basis of product, the market can be segmented into consumables, equipment, and others. Out of these, the consumables segment is expected to hold the largest market share during the forecast period. The rising requirement for new technology-based, cost-effective kits along with the extensive use of reagents especially in the areas of research and development are some of the factors that are responsible for the growth of the consumables segment in the global market. 

Our in-depth analysis of the global market includes the following segments

By Product

  • Consumables
  • Equipment
  • Others

By Technology

  • Immunoassays
  • Proteomic Technologies
  • Chromatography
  • Spectrometry
  • Electrophoresis
  • Others

By Class of Drugs

 

  • Antiepileptic
  • Antibiotics
  • Anticonvulsants
  • Antiarrhythmic
  • Antineoplastic
  • Bronchodilators
  • Others

By End user

 

  • Hospital labs
  • Private labs
  • Others

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Therapeutic Drug Monitoring Industry - Regional Synopsis

North America Market Statistics

On the basis of regional analysis, the market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

North America industry is poised to account for largest revenue share by 2036, on account of presence of leading players in the region. Moreover, the growing cases of COVID’19 and increasing healthcare expenditure in this region which further increases the product demand, is also anticipated to add on to the growth of the market in the region.

APAC Market Analysis

On the other hand, the market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of prevalence of chronic and infectious diseases in the region. The ageing population, especially in countries such as China, India and Japan, is further resulting in the increased demand for therapeutic drug monitoring supplies.

Research Nester
Therapeutic-Drug-Monitoring-Market Share
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Companies Dominating the Therapeutic Drug Monitoring Landscape

    • Abbott
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Thermo Fisher Scientific Inc.
    • Siemens Healthcare Private Limited
    • Bio-Rad Laboratories, Inc.
    • Randox Laboratories Ltd.
    • Sekisui Medical Co., Ltd.
    • OraSure Technologies, Inc.
    • Beckman Coulter, Inc.

In the News

  • June 9th, 2020 - Thermo Fisher Scientific, a U.S. based TDM Service provider announced that it had partnered with Agios Pharmaceuticals, a U.S. Pharmaceutical company, to co-develop a Global Companion Diagnostic for Low-grade Glioma.

Author Credits:  Radhika Pawar


  • Report ID: 742
  • Published Date: Sep 23, 2024
  • Report Format: PDF, PPT
Therapeutic Drug Monitoring Market Report Scope
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