New York, June 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Therapeutic Drug Monitoring Global Market Report 2023" - https://www.reportlinker.com/p06466563/?utm_source=GNW
, bioMérieux, Randox Laboratories Limited, Chromsystems Instruments & Chemicals GmbH, Grifols SA, Merck KGaA, OraSure Technologies, and BioChem Pharmaceuticals.
The global therapeutic drug monitoring market is expected to grow from $1.93 billion in 2022 to $2.10 billion in 2023 at a compound annual growth rate (CAGR) of 8.83%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The therapeutic drug monitoring market is expected to reach $3.03 billion in 2027 at a CAGR of 9.66%.
The therapeutic drug monitoring market includes revenues earned by entities by providing drug monitoring, urine drug testing, drug efficacy testing, and drug toxicology.The market value includes the value of related goods sold by the service provider or included within the service offering.
The therapeutic drug monitoring market also includes sales of Immunoassay kits, Mass spectrometry instruments, and Chromatography system.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Therapeutic drug monitoring (TDM) is a clinical procedure in which a patient’s bloodstream is continuously monitored for the concentration of a specific medicine to ensure that their dose regimens are functioning effectively. It is used to monitor pharmaceuticals for which target concentrations are difficult to monitor, medications with significant pharmacokinetic variability, medications with established therapeutic and negative side effects, and medications with narrow therapeutic ranges.
North America was the largest region in the therapeutic drug monitoring market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types of therapeutic drug monitoring include consumables, equipment, immunoassay analyzers, chromatography and detectors.Therapeutic drug monitoring consumables are reagents and supplies that are used in conjunction with TDM assays.
The different technologies used include immunoassays, chemiluminescence immunoassays, colorimetric immunoassays, fluorescence immunoassays, radioimmunoassay, other immunoassays, chromatography-ms, lc-ms and gc-mc that consists of different classes of drugs including antiseptic drugs, antibiotic drugs, immunosuppressant drugs, antiarrhythmic drugs, bronchodilator drugs, psychoactive drugs and other drugs for use in various end-users such as hospital laboratories, commercial and private laboratories, and other end-users.
The rise in organ transplant surgeries is expected to propel the growth of the therapeutic drug monitoring market.Organ transplantation is a surgical process that transfers an organ from one individual (the donor) to another.
The TDM of immunosuppressive medicines has been recognized as an effective method in managing patients undergoing solid organ transplantation.TDM optimization may result in avoiding toxic or insufficiently low-dose therapy that might result in organ rejection.
For instance, in January 2023, according to an article released by the United Network for Organ Sharing, a US-based non-profit organization responsible for managing organ transplants, in 2022, in the US, 42,887 organ transplants were performed, a 3.7% increase over 2021. Therefore, the rise in organ transplant surgeries drives the therapeutic drug monitoring market.
Product innovations are a key trend gaining popularity in the therapeutic drug monitoring market.Major companies in the therapeutic drug monitoring sector are focused on developing new products to meet customer needs and strengthen their market position.
In October 2021, Promise Proteomics, a France-based proteomics company, launched mAbXmise kits, a proprietary solution that combines labeled monoclonal antibodies, reagents, and laboratory supplies for quantifying therapeutic monoclonal antibodies by mass spectrometry. This multiplexing technique outperforms previous analytical methods, giving scientific, clinical, and economic perspectives that completely fulfil the limits of routine therapeutic drug monitoring.
In February 2023, Sentinel Diagnostics, an Italian in vitro diagnostic company, acquired Eureka S.r.l. for an undisclosed amount. This acquisition allows Sentinel Diagnostics to achieve its goal of becoming a significant producer and developer of IVD tests. Sentinel Diagnostics will be able to provide clinical laboratories with a larger selection of assays due to its expanded capabilities, ranging from high-throughput core lab tests to the most cutting-edge, specialized second-level assays. EUREKA S.r.l. is an Italian IVD chromatographic company that provides ready-to-use diagnostic kits for HPLC, GC, GC-MS, and LC-MS/MS applications for special clinical chemistry, therapeutic drug monitoring, occupational toxicology, and forensic toxicology.
The countries covered in the therapeutic drug monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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