New York, NY, Dec. 03, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Therapeutic Drug Monitoring Market by Product (Equipment and Consumables), by Drug Class (Antiarrhythmic Drugs, Antiepileptic Drugs, Antibiotic Drugs, Immunosuppressant Drugs, Psychoactive Drugs, Bronchodilator Drugs, and Others), and by End-User(Commercial/Private Labs, Hospital Labs, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024”. According to the report, the global therapeutic drug monitoring market was valued at approximately USD 1.2 billion in 2017 and is expected to reach around USD 1.7 billion by 2024, growing at a CAGR of 6.1% between 2018 and 2024.
These days, healthcare facilities are advancing every year with the introduction of novel health monitoring systems and solutions, which, in turn, are improving clinical practices. The demand for better healthcare is constantly increasing, thus, stirring the growth of therapeutic drug monitoring market. Therapeutic drug monitoring is a novel technique in clinical practice that helps in maintaining proper drug concentration in the body. Several treatments for cancer, surgeries, disease, infection, accidents, physical stresses, etc., often require long duration drug administration. Therapeutic drug monitoring has become vital for monitoring drug doses to avoid out of toxicity and higher doses of medications.
Browse through 41 Tables & 12 Figures spread over 110 Pages and in-depth TOC on “Global Therapeutic Drug Monitoring Market Size 2017: Industry Type, Share, Applications, Analysis and Forecast, 2024”.
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Growing adoption of continuous therapeutic drug monitoring in the treatment of disease is the key factor driving the growth of this market. In addition, the prevalent use of chemotherapies in cancer treatment, rising government initiatives, and the presence of untapped market in developing countries are some other factors driving the growth of the global therapeutic drug monitoring market. Globally, roughly, 1 in 6 deaths occur due to cancer. Cancer is the second leading cause of death globally and is responsible for 9.6 million deaths in 2018. However, the high cost of monitoring and lack of awareness in developing countries are impacting the growth of therapeutic drug monitoring market.
By product type, the market is divided into equipment and consumables. Among these, the equipment segment was the highest revenue grosser in 2017 along with accounting for more than 40% of the total revenue share. The consumables segment was the fastest growing segment in 2017. On the basis of drug class, this market is segmented into antiarrhythmic drugs, antibiotic drugs, immunosuppressant drugs, bronchodilator drugs, psychoactive drug, antiepileptic drugs, and others.
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The end-users in the therapeutic drug monitoring market are commercial/private labs, hospital labs, and others. The commercial/private labs accounted for the largest share of the market in 2017. The hospital laps segment is the fastest growing due to the growing adoption of therapeutic drug monitoring in hospitals.
North America was leading the therapeutic drug monitoring market, with more than 40% of the total market share. The U.S. and Canada were the largest revenue generators in the year 2017. This region’s growth is due to the significant increase in chronic diseases, such as cardiovascular diseases, cancer, lung diseases, stroke, and diabetes, etc. According to the CDC (Centers for Disease Control), chronic diseases account 7 in 10 deaths in the U.S. every year. Moreover, advanced medical facilities and presence of a large number of multispecialty hospitals are also boosting the growth in this region.
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Europe emerged as the second largest market followed by Asia Pacific. Germany, France, and the UK accounted for the largest revenue share generators in therapeutic drug monitoring market in Europe. Over the past three decades, favorable reimbursement policies have been introduced related to therapeutic drug monitoring is positively impacting the growth of European therapeutic drug monitoring (TDM) market. In addition, large capital investments made for R&D, particularly in Germany and UK, are expected to drive the growth of the European therapeutic drug monitoring market.
Asia Pacific is anticipated to show the fastest growth in the future. China and India are projected to contribute maximum revenue from this region to the market for therapeutic drug monitoring. This growth is primarily due to the increasing awareness among the population regarding the benefits of therapeutic drug monitoring, rapid economic growth, and healthcare developments in this region are expected to fuel the market in the future. Latin America and the Middle East and Africa are emerging markets for therapeutic drug monitoring and are growing at a significant speed. Increasing health awareness in Brazil and the rest of Latin America is expected to accelerate this market’s growth in the region.
Browse the full "Therapeutic Drug Monitoring Market by Product (Equipment and Consumables), by Drug Class (Antiarrhythmic Drugs, Antiepileptic Drugs, Antibiotic Drugs, Immunosuppressant Drugs, Psychoactive Drugs, Bronchodilator Drugs, and Others), and by End-User(Commercial/Private Labs, Hospital Labs, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024" report at https://www.zionmarketresearch.com/report/therapeutic-drug-monitoring-market
Some key players of the therapeutic drug monitoring market include F. Hoffmann-La Roche AG, Thermo Fisher Scientific, Siemens Healthcare, Bio-Rad Laboratories Inc., and Danaher Corporation, among others.
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This report segments the global therapeutic drug monitoring market as follows:
Global Therapeutic Drug Monitoring Market: Product Type Segment Analysis
- Equipment
- Consumables
Global Therapeutic Drug Monitoring Market: Drug Class Segment Analysis
- Antiepileptic Drugs
- Antiarrhythmic Drugs
- Immunosuppressant Drugs
- Antibiotic Drugs
- Bronchodilator Drugs
- Psychoactive Drugs
- Others
Global Therapeutic Drug Monitoring Market: End-User Segment Analysis
- Commercial/Private Labs
- Hospital Labs
- Others
Global Therapeutic Drug Monitoring Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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