Therapeutic Drug Monitoring Market Growing at a CAGR of 9.4% - Exclusive Report by MarketsandMarkets™

2022-04-29 07:37:05 UTC | Healthcare & Pharmaceuticals
Therapeutic Drug Monitoring Market Growing at a CAGR of 9.4% - Exclusive Report by MarketsandMarkets™
The Therapeutic Drug Monitoring Market is projected to reach USD 2.7 billion by 2026 from USD 1.6  billion in 2020, at a CAGR of 9.4% during the forecast period.

The growth TDM Market is majorly driven by the rising number of organ transplant procedures, the use of TDM across various therapeutic fields, the increasing preference for precision medicine, a growing focus on R&D related to TDM, and technological advancements in immunoassay instruments. However, the need for high capital investments and the reluctance of small hospitals to offer TDM services may restrain the growth of this market

The Precision medicine is an evolving approach for disease treatment and prevention that considers individual variability in genes, environments, and lifestyles. Precision medicine involves selecting drugs wholly tailored to a patient based on disease condition and history. Although this practice is expanding into all disease areas, oncology has seen the most progress.

Currently, cancer patients are being provided treatment through combination drugs, based on studies conducted on the patient’s parameters such as systems biology, analysis of the tumor, and gene expression data in the absence and presence of pharmacological perturbation. This approach, which is currently being tested in various settings, aims to revolutionize pharmacotherapy in oncology and other disease areas. TDM can be of immense value to advance this novel way of treating patients.

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Consumables in the product segment to witness the highest growth during the forecast period.

Based on the product, the Therapeutic Drug Monitoring market is segmented into Consumables, Equipment-Immunoassay Analyzers, Chromatography & MS Detectors, Clinical Chemistry Analyzers. The Consumables segment is projected to grow at the highest CAGR during the forecast period. The major factors contributing to the growth of this market are the requirement of repeat purchase of kits and reagents, coupled with the increasing number of immunoassay tests being performed across the globe.

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North America dominates the global Therapeutic Drug Monitoring market

The TDM Market is segmented into four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. In 2021, North America accounted for the largest share of the market. The large share of North America can be attributed to increasing per capita healthcare expenditure and the presence of technologically advanced healthcare infrastructure.

The major players in the Therapeutic Drug Monitoring market are Abbott (US), Thermo Fisher Scientific (US), F. Hoffmann-La Roche Ltd. (Switzerland), Siemens Healthineers AG (Germany), Danaher Corporation (US), Bio-Rad Laboratories (US), bioMérieux SA (France), Theradiag SA (France), Grifols S.A. (Spain), Exagen Inc. (US), R-Biopharm AG (Germany), ApDia Group (Belgium), UTAK (US), Randox Laboratories Ltd. (Ireland), ARK Diagnostics, Inc. (US).

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