Therapeutic Drug Monitoring Market Trends
Growth Drivers
- Wide Utilization of Therapeutic Drug Monitoring in Treating Cancers, CVDs and Other Illnesses to Propel the Market Growth
According to the statistics of the Centers for Disease Control and Prevention (CDC), in the USA alone, more than 868,000 people die of heart disease, stroke, or other forms of cardiovascular diseases every year. This is almost one-third of all the deaths in the country.
On the other hand, according to the World Health Organization, cancer is the second leading cause of death globally with a recorded 9.6 million deaths in 2018.
TDM has shown promising results in the treatment of illnesses including heart disease and cancer. Moreover, with the rising cases of coronavirus in the current pandemic situation and with the ongoing trials for a potential vaccine, the need for drug monitoring has become critically essential. These factors are estimated to promote the growth of the therapeutic drug monitoring market. Additionally, this growth is backed by increasing government expenditure on healthcare in most of the countries globally. - Growing R&D Expenditure and the Introduction of Novel Devices and Biosimilars to Enhance the Growth of the Global Market
The TDM market is expected to witness growth owing to the introduction of novel devices with marked technological advancements with automation facilities and rapid throughput operations with increased accuracy and specificity. Furthermore, with the launch of biosimilars in the market, there is an increasing need to better understand their safety and efficacy profiles as compared to their counterpart medications. This has led to many key players investing heavily on research and development which acts as a growth driver for the market.
Challenges
- Lack of Resources in Small Hospitals
One of the key factors that can act as a restraint in the growth of the global therapeutic drug monitoring market is the lack of resources in small hospitals and healthcare centers. These centers often lack medical supplies and teams of clinically approved pharmacologists especially for drug monitoring. As a result, especially in developing countries, the healthcare standards are relatively low. - Operational Challenges and Reluctance Towards Automation
While adopting novel technologies, medical technicians often face operational challenges while ensuring effective sample procurement, storage and transportation. This can act as a serious restraint factor in the growth of the monitoring market. Additionally, the process of shifting from traditional operations towards automation often requires some form of cost escalation and willingness of healthcare professionals which again acts as a growth restraint in the global market.
Therapeutic Drug Monitoring Market: Key Insights
The global therapeutic drug monitoring market is expected to grow with a significant CAGR during the forecast period, i.e., 2021-2029. The growth of the market during the forecast period can be attributed to the increasing focus of the healthcare providers to provide health care services, increasing demand for genetic testing, increased government and private sector participation in therapeutic drug monitoring markets, improvements in diagnostic technologies, rise in drug profiling processes, along with developments in process automation and system engineering. Moreover, favorable government regulations which permit drug monitoring especially in primary healthcare centers and private labs, is also anticipated to contribute towards the market growth during the forecast period.
The global therapeutic drug monitoring market is segmented by product, technology, class of drugs and end users. On the basis of product, the market can be segmented into consumables, equipment, and others. Out of these, the consumables segment is expected to hold the largest market share during the forecast period. The rising requirement for new technology-based, cost-effective kits along with the extensive use of reagents especially in the areas of research and development are some of the factors that are responsible for the growth of the consumables segment in the global therapeutic drug monitoring market.
