Therapeutic Drug Monitoring Market worth $2.7 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 1, 2022 /PRNewswire/ -- According to the new market research report "Therapeutic Drug Monitoring Market by Product (Consumables, Equipment-Immunoassay Analyzers, Chromatography & MS Detectors, Clinical Chemistry Analyzers), Technology, Class of drugs, End user and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global 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.
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The growth of this 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.
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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