The therapeutic drug monitoring market is estimated to generate USD 1,961.6 million in 2023, which will rise to USD 3,764.1 million, growing at a 9.8% compound annual growth rate, by 2030.
The growth of this industry is because of the rising need for genetic testing, developments in diagnostic technologies, enhancing healthcare infrastructure, and the mounting R&D expenses in healthcare.
Moreover, the industry is also boosted by the increasing product launches, the growing count of patients with chronic ailments, and the existence of helpful government regulatory guidelines and policies about the utilization of medication monitoring.
The immunoassays category, based on technology, is the largest contributor to the industry in 2023, with a 65% share, and it will remain the largest during this decade. This can be because of their high accessibility as well as rising usage in the discovery of medication analysis and development.
The equipment category, based on product, is likely to advance at a higher rate, with 10.2%, in the years to come. This can be because of the rising count of advanced equipment launches and the high R&D expenses by medical device manufacturers.
The consumables category, on the other hand, accounts for the larger therapeutic drug monitoring market share in 2023, and it will continue this trend during this decade. This can be because of the growing incidence of chronic ailments like CVDs, diabetes, and neurological disorders; along with the increasing need for precision drug dosing and tailored medication.
The commercial & private laboratories category, based on end user, is likely to propel at the fastest rate during this decade, of 10.4%. This will be because of the surging count of private laboratories around the world and the increasing need for genetic testing.
The antiepileptics category, on the basis of drug class, is leading the industry, and it will remain leading during this decade. This can be because of the increasing occurrence of epilepsy, the rising progression of anti-epileptic medications, and the surging requirement for individualized dosing.
North America is leading the industry in 2023, with a 50% share, and it will remain leading throughout this decade. This can be because of the existence of key companies, along with the government auspicious rules that permit drug monitoring mainly in primary healthcare centers and private labs.
APAC is likely to propel at the fastest rate in the years to come. This is because of the large patient populace base, increasing customer expenditure, and rising per capita income in the region.
The regional industry is also driven by the increasing economic advancement in APAC countries such as China, Japan, South Korea, and India.
With the surging need for genetic testing and enhancing healthcare infrastructure, the therapeutic drug monitoring industry will continue to progress in the coming years.
This growth of the market can be credited to the growing need for genetic testing, advancing healthcare infrastructure, improvements in diagnostic techs, rising research and development expenditure in healthcare, increasing product launches, rising patient base suffering from chronic illnesses, and the existence of helpful government guidelines and governing rules regarding the usage of drug monitoring.
SOURCE: P&S Intelligence
