Therapeutic Drug Monitoring Market to Witness Impressive Growth with a Steady CAGR of 9.7% over the Forecast Years (2022-2032) taking into consideration the improvement of healthcare services
Therapeutic drug monitoring is a medical practice that is used to determine the concentration of a particular drug in the patient’s bloodstream at different time intervals. It is used to maintain a constant volume of medicine in the blood without any toxic effects. Therapeutic drug monitoring is not used in the majority of drugs but only in drugs with a narrow therapeutic window. It is also used in drugs with marked pharmacokinetic variability
NEWARK, Del, Aug. 02, 2022 (GLOBE NEWSWIRE) — The Therapeutic Drug Monitoring Market is set to experience opulent growth with a phenomenal CAGR of 9.7% during the forecast period from $1.5 billion US in 2020 to reach a valuation of US$2.9 billion by 2026.
Due to a reasonable increase in organ transplant surgeries, the sales of therapeutic follow-up drugs are also increasing rapidly. Due to the growing preference for precision medicine, the demand for therapeutic drug monitoring is accelerating.
Precision medicine selects treatments that are perfectly suited to the patient’s disease and medical history. Oncology is the one that has developed the most, although this technique extends to all pathological areas.
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Key points to remember
The increase in research and development in the industry is expected to have a major contribution to the growth of the therapeutic drug monitoring market share.
Major trends promoting the therapeutic drug monitoring market include precision medicine. This is an area of disease treatment that is receiving a lot of attention. This type of treatment takes into account individual differences in environment, genes and lifestyles.
Precision medicine treatment is gaining a lot of attention and is now being tested in a variety of situations. He intends to transform drug therapy into oncology and other disease areas. With the potential to make a significant contribution to the advancement of the healthcare industry, precision medical treatment deploys a unique approach to patient care.
Cancer patients receive the treatment based on a combination of drugs which is based on studies of patient factors such as systems biology, tumor analysis and gene expression data in the absence and presence of pharmacological disturbances.
The global therapeutic drug monitoring market has witnessed significant growth over the past few years and is expected to grow at a robust CAGR during the forecast period.
Therapeutic drug monitoring sales are driven by several key factors including an aging population with better healthcare services, growing demand for genetic testing, increased government and private sector participation in the therapeutic drug monitoring markets , an increase in drug profiling.
The therapeutic monitoring of drugs is a matter of clinical chemistry and clinical pharmacology. Its primary purpose is to maintain drug concentration levels in body fluids within the particular therapeutic range. By individually adjusting drug dosage, therapeutic drug monitoring aims to fine-tune patient care for better outcomes.
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Roche Diagnostics, Coulter, BioRad, OraSure Technologies and BioChem Pharmaceuticals are some of the key companies profiled in the full version of the report.
The report includes key players contributing to the Therapeutic Drug Monitoring market share. It also consists of organic and inorganic growth strategies adopted by market players to improve their positions in the market. This exclusive report analyzes the competitive landscape and Therapeutic Drug Monitoring market shares acquired by the players to strengthen their position in the market.
More insights into Therapeutic Drug Monitoring Market
Based on regions, the drug therapy market is segmented into seven key regions, namely; North America, South America, Eastern Europe, Western Europe, Asia-Pacific, Japan and Middle -East and Africa.
The North America region is expected to lead the therapeutic drug monitoring market by accounting for the maximum sales in the global market.
A reasonable increase can be seen in the sales of therapy follow-up drugs, but a slight decline has been seen in the annual growth rate. According to IMF reports, the demand for therapeutic drug monitoring is expected to increase as the market evolves in the future.
The many advantages presented by therapeutic drug monitoring are appreciated in established markets and as techniques and products appear in the emerging market. Moreover, emerging economies have also started to show a positive inclination as the demand for therapeutic drug monitoring increases.
Advancements in technology and a significant increase in the patient population, all over the world, are increasing the demand for therapeutic drug monitoring as it is rapidly being accepted as the method of choice among patients.
In order to improve diagnostic offers and increase sales of therapeutic drug monitoring, companies are increasing their research and implementing therapeutic drug monitoring strategies.
Therapeutic drug monitoring sales are expected to touch the sky throughout the forecast period 2022-2032 by bringing changes to new and stricter regulations and improving diagnostic technologies, automation and systems engineering.
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Key market segments:
By drug class
Other drug classes
By end users
Other end users
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1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Market context
3.1. Market dynamics
3.2. Scenario forecast
3.3. Opportunity Map Analysis
4. Global Therapeutic Drug Monitoring Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size (USD Million) and Volume (Number of Tests) Value Analysis, 2017-2021
4.2. Current and Future Value Projections of Market Size (Million US$) and Volume (Number of Tests), 2022-2032
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