Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSJune 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.
In order to measure a chemical parameter with appropriate medical interpretation, therapeutic drug monitoring (TDM) is performed. TDM is used to directly influence drug prescribing procedures through clinical laboratory measurements. TDM is also known as the individualization of drug dosage through the maintenance of plasma or blood drug concentrations. This is usually done within a targeted therapeutic range of window. In order to assess the efficacy and safety of any particular medication, especially in a variety of clinical settings, TDM is used by combining knowledge of pharmacodynamics, pharmaceutics, and pharmacokinetics. The goal of TDM is to individualize therapeutic regimens especially for the optimal benefit of the patient. TDM can also be said to be the process of measuring drug concentrations in various biological fluids. It is also the interpretation of these concentrations in relevant clinical parameters. Pharmacokinetic principles are used by clinical pharmacists and pharmacologists to assess these interpretations. Advancements in analytical technology, increasing awareness of drug concentration-response relationships, advent of high-throughput computerization, and mapping of drug pharmacokinetic characteristics encouraged the emergence of clinical pharmacokinetic monitoring. A new era of gene-based medicinal and drug therapies has been ushered owing to the recent advancements in gene chip technology. In order to include efficacy, drug-drug interactions, compliance, therapy cessation, and toxicity avoidance, there has been a widening of the indications for drug monitoring. Valproate, digoxin, and carbamazepine are the most commonly monitored drugs.
The global therapeutic drug monitoring market is expected to grow with a significant CAGR during the forecast period, i.e., 2021-2029. 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.
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 therapeutic drug monitoring market. CLICK TO DOWNLOAD SAMPLE REPORT
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 Therapeutic Drug Monitoring 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 therapeutic drug monitoring market.
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.
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 global therapeutic drug 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 therapeutic drug monitoring market.
Impact of COVID-19 on the Global Therapeutic Drug Monitoring Market
With the ongoing COVID-19 pandemic, the global TDM market is anticipated to witness a remarkable growth on account of the increase in focus of the researchers to test a variety of potential drugs to find a suitable treatment for the virus. Moreover, in order to support the various laboratories with the challenge to find a vaccine, key players that are operating in the global TDM market, are investing heavily. On the other hand, owing to the rapid transmission of COVID-19, there has also been a rising hospitalization rate, which is further anticipated to support the growth of the global TDM market.
Our in-depth analysis of the global therapeutic drug monitoring market includes the following segments:
On the basis of regional analysis, the therapeutic drug monitoring market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in North America is anticipated to hold the largest share in the market on account of the presence of leading market players in the region which manufacture and market therapeutic drug monitoring supplies. 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.
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.
The global therapeutic drug monitoring market is further classified on the basis of region as follows:
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