San Francisco, Aug. 19, 2016 (GLOBE NEWSWIRE) -- The global therapeutic drug monitoring market is expected to reach over USD 3.37 billion by 2024, according to a new report by Grand View Research, Inc. Recent technological advancements in the Point-of-Care (PoC) devices hold considerable transformative promises for the personalized predictive and preventive medicine. Therapeutic Drug Monitoring (TDM) forms a foundational part to the devising of personalized treatment plans for patients; and the advent of PoC diagnostic devices that yield quantitative measurements of the drug concentration plays a pivotal role in supporting the development of the precision medicine field in the healthcare sector. However, the broad application of the PoC devices for patient monitoring is still lagging behind. The presence of this untapped opportunity is one of the high impact rendering drivers for the market growth.
The employment of continuous therapeutic drug and metabolite monitoring in the early phase of the medication regimen, administered post-organ transplantation, forms a major application in the areas of critical care medicine and organ transplantation, which is expected to propel the growth of the therapeutic drug monitoring market over the forecast period. In addition, the imposing burden of diseases, such as epilepsy and cancer, the rising government initiatives, and the presence of high-unmet needs are some of the crucial determinants expected to further favor the emergence of this market.
Browse full research report with TOC on “Therapeutic Drug Monitoring Market Analysis By Product (Consumables, Equipment, Data Management Services), By Technology (Immunoassays, Proteomic Technologies) By Drug Class (Anti-epileptic s, Antibiotics, Immunosuppressants, Anti-arrhythmics) By End-use (Hospital Labs, Private Labs), and Segment Forecasts To 2024” at: http://www.grandviewresearch.com/industry-analysis/therapeutic-drug-monitoring-market
Further key findings from the study suggest:
- The consumables segment covered over 65% of the market share in 2015 as a consequence of the extensive requirement of the consumables in the research laboratories and due to the repeat purchase of the kits and reagents.
- The immunoassay segment held the largest market share in 2015. The presence of several commercially available immunoassays combined with their associated benefits including the cost effectiveness and easy-to-handle nature of the products are the key drivers for the growth of this segment.
- The proteomics category is expected to be the fastest growing technology segment due to the advent of various proteomic technologies, such as isotope-coded affinity tags, next generation sequencing, and protein microarray platforms that enable rapid mining of the proteome.
- The hospital is the largest end-use segment with a share of over 60% in 2015. In larger hospitals, various underlying technologies are employed to perform immunoassays; these comprise chemiluminescence, nephelometry, colorimetry, and fluorescence, which are available for the testing of a wide ranging drug panel.
- The drug monitoring for the immunosuppressants is one of the fastest growing application segments owing to the introduction of novel TDM point-of-care testing devices for the evaluation of the concentration of administered immunosuppressants and the complementary metabolites, in order to achieve a prominent therapeutic effect while preventing drug toxicity events in patients that have undergone transplantations.
- In 2015, North America was the highest revenue generating region with revenue generated over USD 900 million. The rising number of R&D activities coupled with the high awareness about personalized therapy is the major determining factor for the large share captured by the North America region.
- Few of the leading market players are Roche Diagnostics, Siemens Healthcare GmbH, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Beckman Coulter, Inc., Abbott Laboratories, Inc., Agilent Technologies, Inc., bioMérieux, Inc., and Alere, Inc. The persistent R&D efforts are being undertaken along with numerous other strategic endeavors being adopted by the market players with the objective of enhancing the present drug monitoring practices and to develop novel technologies.
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Grand View Research has segmented the therapeutic drug monitoring market on the basis of product, technology, application, end-use, and region:
Therapeutic Drug Monitoring Market, Product Outlook, by Revenue (USD Million, 2013 - 2024)
Therapeutic Drug Monitoring Market, Technology Outlook, by Revenue (USD Million, 2013 - 2024)
- Proteomic technologies
Therapeutic Drug Monitoring Market Drug, Class Outlook, by Revenue (USD Million, 2013 - 2024)
- Psychoactive drugs
- Antiarrhythmic drugs
Therapeutic Drug Monitoring Market, End-use Outlook, by Revenue(USD Million, 2013 - 2024)
- Hospital labs
- Private labs
Therapeutic Drug Monitoring Market, Regional Outlook, by Revenue (USD Million, 2013 - 2024)
- North America
- Asia Pacific
- Latin America
- South Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research