PUBLISHER: TechSci Research | PRODUCT CODE: 1309221
PUBLISHER: TechSci Research | PRODUCT CODE: 1309221
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Global Therapeutic Drug Monitoring Market is projected to witness impressive growth during the forecast period. The worldwide healthcare industry's expansion is accelerating the demand for therapeutic medication monitoring. Therapeutic drug monitoring is a test that measures several medications in the bloodstream to verify the correct dosage of medication being given. This is typically done to optimize the safety and effectiveness of certain medications that have a narrow therapeutic index, meaning that the difference between a therapeutic dose and a toxic dose is relatively small. Anti-arrhythmic, antibiotic, anti-epileptic, and psychotropic medications all require monitoring to guarantee their effectiveness and safety. The goal of therapeutic drug monitoring is to ensure that a patient is receiving the right dose of medication to achieve the desired therapeutic effect while minimizing the risk of adverse effects. It involves measuring drug concentrations in the blood at specific intervals and adjusting the medication dosage as needed to maintain drug levels within the target range. The growing awareness among the population pertaining to accurate dosage, and therapeutic effects of drugs coupled with increased incidences of side-effects and adverse impacts on patient health due to different medications is expected to create lucrative opportunities for the growth of global therapeutic drug monitoring market in the next few years.
The rise in demand for hospitals and medical care institutions across the globe acts as one of the major factors driving the growth of therapeutic drug monitoring market. The growing inclination for precision medicine and the significance of therapeutic drug monitoring (TDM) in organ transplant procedures both speed up market expansion. The therapeutic drug monitoring market is also positively impacted by changes in the medical sector, rising awareness, technical advancements, and a surge in pharmaceutical company investment. Additionally, the market players would benefit from increased use in the treatment of autoimmune illnesses during the projected period 2024 to 2028.
Additionally, the growing use of therapeutic drug monitoring across biologics industry and in point of care testing is further expected to support the global therapeutic drug monitoring market growth in the next few years. Biologic drugs, which are large complex molecules used to treat various conditions such as cancer, autoimmune diseases, and inflammatory disorders, are becoming increasingly important in clinical practice. Therapeutic Drug Monitoring for biologics, such as monoclonal antibodies, may involve measuring drug concentrations and anti-drug antibody levels to optimize dosing, assess treatment response, and manage immunogenicity. Similarly, Point-of-care testing (POCT), which involves performing diagnostic tests near the patient rather than sending samples to a central laboratory, is gaining popularity in clinical practice. POCT for Therapeutic Drug Monitoring may allow for more rapid and convenient monitoring of drug concentrations, enabling quicker dose adjustments and improving patient care, especially in critical care settings or resource-limited environments.
The market is also influenced by the increased attention being paid to research and development projects relating to therapeutic drug monitoring (TDM) and the widespread use of the drug monitoring test in different therapeutic sectors. Increasing R&D efforts and clinical studies to broaden the use of technology in diverse indications, as well as rising rates of cancer, neurological disorders, HIV, autoimmune, and cardiac ailments, are supporting the growth of global therapeutic drug monitoring market. The Journal of Clinical Neurology reported in August 2021 that epilepsy, which affects over 70 million people globally, is the third most prevalent neurological condition after dementia and stroke. More than 55 million people are living with dementia worldwide as of 2021, estimates the WHO. Every year, there would be close to 10 million new cases reported. The most prevalent form of dementia, Alzheimer's disease, may be a factor in 60-70% of cases. Therefore, it is predicted that over the course of the projection period, rising risks of these diseases is anticipated to fuel Therapeutic Drug Monitoring market expansion.
Managing patients receiving solid-organ transplants requires conducting therapeutic drug monitoring for immunosuppressive medicines. Immunosuppressants are given to transplant recipients in order to prevent organ rejection by the body. Clinicians must tailor the immunosuppressant medication they give to each patient in order to strike the ideal balance between the likelihood of side effects and the efficacy of treatment. It can be tough to accomplish this goal with immunosuppressant therapy monitoring since patients have varied pharmacodynamics and pharmacokinetics.
Precision medicine has gained increasing attention in recent years, and Therapeutic Drug Monitoring is expected to play a significant role in this approach. Precision dosing involves tailoring drug dosages to individual patients based on their specific characteristics, such as genetics, age, weight, organ function, and concomitant medications. Therapeutic Drug Monitoring can help optimize drug dosing to achieve personalized therapeutic outcomes, and hence lead to more adoption of precision dosing approaches in Therapeutic Drug Monitoring practice. This, in turn, will open new prospects for the growth of global therapeutic drug monitoring market in the forecast period.
The increasing use of advanced technologies and integration of IT into healthcare has revolutionized the healthcare industry. The use of artificial intelligence (AI) and data analytics in healthcare is on the rise, and Therapeutic Drug Monitoring is no exception. AI algorithms and data analytics techniques can be used to analyze large datasets of drug concentration data, patient characteristics, and clinical outcomes to identify patterns and trends, optimize dosing strategies, and improve Therapeutic Drug Monitoring practices, thereby creating lucrative opportunities for the growth of global therapeutic drug monitoring market.
Digital health technologies and telemedicine have gained momentum in recent years, and Therapeutic Drug Monitoring is also being integrated into these platforms. Digital health tools, such as smartphone apps or wearable devices, can enable remote monitoring of drug concentrations, allowing for more convenient and accessible Therapeutic Drug Monitoring services. Telemedicine can also facilitate remote consultations and dose adjustments based on Therapeutic Drug Monitoring results, particularly in rural or remote areas where access to healthcare may be limited, hence, supporting the growth of global therapeutic drug monitoring market.
Global Therapeutic Drug Monitoring Market is segmented based on product, technology, class of drug, end user, and region. By product, global therapeutic drug monitoring market can be segmented into consumables, equipment, immunoassay analyzers, chromatography & MS detectors, and clinical chemistry analyzers. By technology, global therapeutic drug monitoring market can be categorized into immunoassays and chromatography-mass spectrometry. Immunoassays can be further sub-segmented into Chemiluminescence Immunoassay, Colorimetric Immunoassay, Fluorescence, Immunoassay, Radioimmunoassay, and Others. Chromatography-Mass Spectrometry can be split into LC-MS and GC-MS. By Class of Drug, global therapeutic drug monitoring market can be fragmented into Antiepileptic Drugs, Antibiotic Drug, Immunosuppressant Drugs, Antiarrhythmic Drug, Bronchodilator Drugs, Psychoactive Drugs, and Others. In terms of end users, global therapeutic drug monitoring market can be divided into Hospital Labs, Commercial & Private Lab, and Others. Regionally, global therapeutic drug monitoring market can be categorized into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Roche AG, Siemens Healthcare GmbH, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Beckman Coulter, Inc., Abbott Laboratories, Inc., Agilent Technologies, Inc., bioMerieux, Inc., Alere, Inc, among others, are some of the key players operating in the global therapeutic drug monitoring market.
In this report, the Global Therapeutic Drug Monitoring Market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in the Global Therapeutic Drug Monitoring Market.
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report: