According to a new market research report "Therapeutic Drug Monitoring Market by Product (Consumable, Equipment (Immunoassay analyzer)), Technology (Fluorescence Immunoassay, Radioimmunoassay, GCMS), Class of drugs (Antibiotics, Bronchodilators), End User (Hospital Lab) - Global Forecast to 2023", published by MarketsandMarkets™, the global market is projected to reach USD 1.63 billion in 2023 from USD 1.23 billion in 2018, at a CAGR of 5.9%.
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The growth of this market is majorly driven by the rising number of organ transplant procedures and the use of TDM in traditional anticancer therapies.
Based on product, the consumables segment is expected to grow at the highest CAGR during the forecast period
On the basis of product, the global Therapeutic Drug Monitoring Market is segmented into consumables and equipment. The consumables segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the requirement of repeat purchase of kits and reagents, coupled with the increasing number of immunoassay tests being performed across the globe as a result of the rising incidence of chronic and infectious diseases.
Based on technology, the immunoassays segment is expected to account for the largest share of the market in 2018
On the basis of technology, the global Therapeutic Drug Monitoring Market is segmented into immunoassays and chromatography-MS. The immunoassays segment is expected to account for the largest share of this market in 2018, mainly due to the increasing incidence of chronic and infectious diseases and technological innovation.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
The APAC market is projected to register the highest growth during the forecast period. Growth in this region can be attributed to the huge demand for better healthcare services; increasing incidence of chronic and infectious diseases; rapid development in healthcare infrastructure in developing countries such as India, China, and South Korea; growing healthcare research investments in this region; and increasing per capita income of the middle-class population.
The key players operating in the TDM market are F. Hoffmann-La Roche (Switzerland), Siemens Healthineers (Germany), and Abbott (US).
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