Therapeutic Drug Monitoring Market Will Reach USD 3,764.1 Million by 2030
In 2023, the worldwide market for therapeutic drug monitoring reached a value of USD 1,961.6 million. Projections indicate significant growth, with an anticipated rise to USD 3,764.1 million by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 9.8% between 2024 and 2030.
This growth of the market can be credited to the growing need for genetic testing, advancing healthcare infrastructure, improvements in diagnostic techs, rising research and development expenditure in healthcare, increasing product launches, rising patient base suffering from chronic illnesses, and the existence of helpful government guidelines and governing rules regarding the usage of drug monitoring.
During the projection period, the equipment category is projected to witness a higher CAGR, of 10.2%. This development of the category can be credited to the high research and development expenditure by medical device makers, the rising launches of progressive equipment, and the growing count of labs where monitoring tests are conducted with the aid of special laboratory equipment.
During the projection period, the commercial & private laboratories category will experience the fastest development, growing at a CAGR of 10.4%. This can be mainly credited to the rising number of private laboratories throughout the world, the increasing demand for hereditary testing, advancing healthcare infrastructure, their suitability and effective test results, advanced flexibility and customization like altered reporting formats, and the existence of custom-made testing panels that are required by both patients and healthcare workers.
As organ transplants become more common, so does the need for careful monitoring of immunosuppressive medications given to patients. These medications, crucial for preventing organ rejection, require close attention due to their narrow therapeutic window.
Taking too much can lead to harmful side effects while taking too little can put the transplant at risk. This makes therapeutic drug monitoring essential for ensuring the success of organ transplants and the well-being of patients.
In 2023, the category of anti-epileptic drugs emerged as the leading revenue generator, and projections suggest its continued dominance in the foreseeable future. This can be attributed to the escalating incidence of epilepsy, the growing demand for personalized dosage regimens, the increasing advancements in anti-epileptic drug research, and the rising prevalence of recurring seizures in children. Additionally, these drugs play a crucial role in ensuring patient adherence to anti-epileptic drug therapy.
In 2023, the class of anti-epileptic drugs emerged because the main revenue generator, and projections propose its continued dominance in the foreseeable future. This can be attributed to the escalating incidence of epilepsy, the growing demand for personalized dosage regimens, the increasing improvements in anti-epileptic drug studies, and the growing incidence of routine seizures in children. Additionally, these tablets play a crucial position in making sure affected person adherence to anti-epileptic drug therapy.
In 2023, the North American region generated the largest revenue share, of 50%, and the region is also further projected to endure its dominance during the forecast period. This is because of the existence of key market giants, government-supportive guidelines that permit drug monitoring mainly in private labs and major healthcare centers, a huge count of organ transplantation procedures, and growing acceptance of therapeutic drug monitoring devices across the region.
SOURCE: P&S Intelligence
