Therapeutic Drug Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Therapeutic Drug Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The therapeutic drug monitoring market is expected to register a CAGR of 7.5% over the forecast period-2022-2027.

Globally, the COVID-19 pandemic put enormous pressure on the healthcare system and hospitals that were understaffed and overworked. The urgent need for an accurate and rapid diagnosis of SARS-CoV-2 infection remains critical as global healthcare systems continue to operate during the course of the COVID-19 pandemic. In particular, serological and immunological testing of infected asymptomatic and symptomatic individuals is expected to be in high demand. Thus, COVID-19 is likely to have a profound impact on the market studied. For instance, as per the study titled, "A comparative review of immunoassays for COVID-19 detection" published in June 2021, enzyme-linked immunosorbent assays (ELISAs), chemiluminescent immunoassays (CLIAs), and lateral flow immunoassays (LFIAs) were the main methodologies of serology-based tests for the detection of SARS-CoV-2. Furthermore, according to the study titled, "Rapid chromatographic immunoassay-based evaluation of COVID-19" published in February 2021, rapid chromatographic immunoassay-based test offers quick and accurate detection of COVID-19 and has excellent specificity and moderate sensitivity. Therefore, such instances indicate considerable growth of the market during pandemic.

Increasing prevalence of cancers, neurological conditions, HIV, autoimmune and cardiac diseases and growing R&D activities and clinical trials to increase the application of technologies in various indications. For instance, according to the National Institutes of Health report published in the year 2020, the prevalence of myasthenia gravis is increasing in recent decades and affects about 20 per 100,000 people worldwide every year demanding the enhanced drug development process fueling the market over the forecast period. Furthermore, according to the GLOBOCAN Report 2020, globally, around 19,292,789 new cancer cases have been reported and 9,958,133 reported cancer deaths. The majorly affecting cancers are breast cancer, lung cancer, colorectum cancer, and prostate cancer. Immunoassays are generally used to diagnose disease and provide information about a disease that may help in planning treatment. Therefore, increasing cases of such diseases are anticipated to propel the market growth over the forecast period.

However, the reluctance of healthcare providers to implement therapeutic drug monitoring services in emerging nations is likely to hinder the market growth over the forecast period.

Key Market TrendsPharmaceutical Industries is Expected to Hold a Significant Share Over the Forecast Period

Immunoassays are widely used in many important areas of pharmaceutical analysis such as diagnosis of diseases, therapeutic drug monitoring, clinical pharmacokinetics, and bioequivalence studies in drug discovery and pharmaceutical industries. The importance and widespread of immunoassay methods in the pharmaceutical analysis are attributed to their inherent specificity, high throughput, and high sensitivity for the analysis of a wide range of analytes in biological samples.

The continuous research work and requirements for drug developments in phramceutical industries are the major factors contributing to the segment growth. For instance, according to the study titled, “Newly Developed Radioimmunoassay for Human Angiotensin-(1–12) Measurements in Plasma and Urine” published by the National Library of Medicine in March 2021, researchers developed a reliable and specific radioimmunoassay method for the measurement of dodecapeptide angiotensin in human plasma and urine using an affinity purified antibody fraction directed towards the C-terminus of the human Ang-(1–12) sequence. The radioimmunoassay method was applied to quantify the Ang-(1–12) in plasma and urine. Furthermore, increased spending on pharmaceutical industries is also another factor propelling the segment growth. For instance, according to the report published by the Congressional Budget Office of the United States in April 2021, private spending on pharmaceutical research and development and the approval of new drugs has increased significantly in the last years

Thus, owing to the aforementioned factors, the segment is likely to expand over the forecast period.

North America is Expected to Dominate the Therapeutic Drug Monitoring Market Over the Forecast Period.

North America is expected to dominate the overall therapeutic drug monitoring market over the forecast period. The increasing incidence rates of chronic disorders, infectious diseases, and the increasing geriatric population, as well as due to the well-developed healthcare infrastructure in the region are the major market drivers. Cancer is one of the leading causes of hospitalization in the United States. For instance, according to the American Cancer Society, the United States recorded 1,806,590 new cancer cases and 606,520 cancer deaths in 2020. Furthermore, according to the National Cancer Institute, the number of cancer survivors is expected to rise to 22.2 million by 2030, up from 16.9 million in 2019. The most common cancers in the United States are breast cancer, lung cancer, prostate cancer, colorectum cancer, bladder cancer, and skin cancer. Therefore, such instances are anticipated to propel the market growth over the forecast period in this region.

Key product launches, high concentration of market players or manufacturer's presence, and acquisition & partnerships among major players, and increasing cases of chronic diseases in the United States are some of the factors driving the growth of the therapeutic drug monitoring market in the country. For instance, in December 2020, Beckman Coulter, part of Danaher (US) company, launched the first high-quality and throughput assay called Access SARS-CoV-2 Antigen assay, for the COVID-19 antigen diagnosis, in the United States.Such continuous product launches are anticipated to drive the growth of the market in the country.

Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.

Competitive Landscape

The therapeutic drug monitoring market is moderately competitive and consists of several major players. Some companies are expanding their market position by adopting various strategies such as acquisitions and mergers, while others are developing new techniques for the treatment of various disease indications and introducing new products to maintain their market share. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known including F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific, Bio-Rad Laboratories, Danaher Corporation (Beckman Coulter Inc), and Siemens AG among others.

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