Research Nester released a report titled “Therapeutic Drug Monitoring Market: Global Demand Analysis & Opportunity Outlook 2029″ which delivers detailed overview of the therapeutic drug monitoring market in terms of market segmentation by product type, technology, class of drugs, end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
A clinical lab measurement process for chemical parameters, such as testing the dosage of medication, plasma levels or blood concentrations under proper supervision of clinical pharmacologists, is termed as therapeutic drug monitoring. Owing to its importance in understanding the drug efficiency, ill effects of drugs and discovering potential vaccine for cancer and other ailments, the global therapeutic drug monitoring market is anticipated to record a significant CAGR over the forecast period, i.e., 2021-2029. Based on product, the market is bifurcated into consumables, equipment, and others, out of which, the highest stance is estimated to be held by the consumables segment. The growth of the segment can be attributed to the requirement of kits and reagents to test patients and to determine the illness and its possible effects.
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The market is further segmented by technology into immunoassays, proteomic technologies, chromatography, spectrometry, electrophoresis and others. Among these segments, the immunoassays segment was the largest revenue generating segment in 2019 owing to the requirement of reagents to test patients potentially affected by chronic illnesses.
Geographically, the global therapeutic drug monitoring market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these, the market in North America region is predicted to hold the leading share on account of presence of leading market players in the region which manufacture and market therapeutic drug monitoring supplies. Additionally, the growing cases of COVID-19 and increasing healthcare expenditure in this region is expected to drive the market growth. Prevalence of chronic and infectious diseases and ageing population in the Asia Pacific region further increases the product demand.
Prevalence of Chronic and Infectious Illnesses and Rising COVID’19 Cases to Boost the Market Growth
The demand for therapeutic drug monitoring is high owing to the need for reagents which is driven by the increasing number of COVID’19 cases. Additionally, the prevalence of cancer, CVDs and other dangerous infectious diseases is driving the need for drug monitoring to develop vaccines. Growing health care expenditure across the globe is increasing with the introduction of novel devices, biosimilars and automation in medical operations to improve efficiency of preexisting medications. Such factors are anticipated to significantly drive the market growth.
However, lack of resources and operational challenges in small hospitals is estimated to hamper the market growth.
This report also provides the existing competitive scenario of some of the key players of the global therapeutic drug monitoring market which includes company profiling of Abbott (NYSE: ABT), Thermo Fisher Scientific Inc. (NYSE: TMO), Siemens Healthcare Private Limited (ETR: SHL), Bio-Rad Laboratories, Inc. (NYSE: BIO), Randox Laboratories Ltd., Sekisui Medical Co., Ltd. (TYO: 4204), OraSure Technologies, Inc. (NASDAQ: OSUR), and Beckman Coulter, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
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On the whole, the report depicts detailed overview of the global therapeutic drug monitoring market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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