Therapeutic Drug Monitoring Market worth $2.9 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 1, 2023 /PRNewswire/ -- Therapeutic Drug Monitoring Market in terms of revenue was estimated to be worth $1.8 billion in 2022 and is poised to reach $2.9 billion by 2027, growing at a CAGR of 9.6% from 2022 to 2027 according to a new report by MarketsandMarkets™. The growth of this market is majorly driven by the Increasing incidence of chronic and infectious diseases and growing awareness about early disease diagnosis. However, Alternatives to conventional TDM may challenge the growth of this market.

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Therapeutic Drug Monitoring Market Scope:

Germany in European Therapeutic drug monitoring market to witness the highest shares during the forecast period.

The Europe Therapeutic Drug Monitoring Market is segmented into Germany, Italy, France, Spain, the UK, and the Rest of Europe. Germany is projected to occupy the highest share during the forecast period. The major factors contributing to the growth of this market are the rising geriatric population, increasing incidence of chronic and infectious diseases, rising healthcare expenditure, and increasing R&D investments.

Japan dominates the Asia Pacific Therapeutic Drug Monitoring market

The APAC Therapeutic Drug Monitoring market is segmented into Japan, China, and India. In 2021, Japan accounted for the largest share of the Asian Therapeutic Drug Monitoring market. The large share of Japan can be attributed to the large geriatric population in the country, the rising prevalence of chronic medical conditions such as cancer, growing budgetary allocations for healthcare, and the presence of a well-developed healthcare system.

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Therapeutic Drug Monitoring Market Dynamics:

Drivers:

1. Importance of TDM in organ transplant procedures
2. Use of TDM across various therapeutic fields
3. Increasing preference for precision medicine
4. Growing focus on R&D related to TDM
5. Technological advancements

Restraints:

1. Requirement of high capital investments
2. Reluctance of small hospitals to offer TDM services

Opportunities:

1. Increasing adoption in the treatment of autoimmune diseases

Challenges:

• Alternatives to conventional TDM
• Operational barriers faced in conducting TDM

Key Market Players:

The significant 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), ARK Diagnostics, Inc. (US), apDia Group (Belgium), Immundiagnostik AG (Germany), and Sekisui Medical Co. Ltd. (Japan).

Recent Developments:

• In May 22, Theradiag (France) Announced the launch of ez-Track1, a Point-of-Care Testing solution for TDM.
• In Jan 2021, Theradiag (France) Announced CE marking for four new i-Tracker test kits for biotherapy monitoring.

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