Therapeutic Drug Monitoring Market worth $3.44 billion by 2029

As per the recently published report by MarketsandMarket™, The report "Therapeutic Drug Monitoring Market by Product (Equipments,Consumables), Technology (Immunoassays), Drug Class (Anti–Epileptic Drugs,Anti–Arrhythmic Drugs), Therapeutic Area (Oncology, Cardiology), Specimen (Blood), End user - Global Forecast to 2029", global Therapeutic Drug Monitoring market is expected to reach USD 3.44 billion by 2029 from USD 2.30 billion in 2024, at a CAGR of 8.4 % during 2022–2029.

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• 437     Market Data Tables
• 59       Figures
• 380     Pages and in-depth TOC on "Therapeutic Drug Monitoring Market - Global Forecast to 2029”

Some of the prominent key players are:

• Abbott (US),
• Thermo Fisher Scientific (US),
• F. Hoffmann-La Roche Ltd. (Switzerland),
• Siemens Healthineers AG (Germany),
• Danaher Corporation (US), and many more......

Mergers & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Therapeutic Drug Monitoring Market.

• Based on product, therapeutic drug monitoring market is segmented into equipments and consumables. Consumables continue to be one of the fastest-growing segments in the TDM market, since reagents, kits, and calibrators are in operational demand on a routine basis during drug monitoring. The increasing adoption of technologically advanced immunoassay and chromatography techniques has spurred the need for highly specific and reliable consumables accustomed to these technologies.
• Increased focuses on personalized medicine, necessitating precise assessment of optimum drug concentrations, significantly capture the growth in the market for TDM. Balance to optimum is maintained so that efficacy is ensured without side effects. An evident rise in chronic and life-threatening diseases such as cancer, cardiovascular disorders, and neurological diseases stirs demand for TDM, considering efficacy with minimum toxicity.
• This has been influenced by aging in the North American population, which increases the need for TDM-related health services since this age category is more susceptible to acquiring chronic diseases that require long-term drug management. The accuracy and speed of drug monitoring are being improved by advancements in immunoassay technology, such as chemiluminescence, fluorescence immunoassays, and ELISA.

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The major factors driving the market growth of the therapeutic drug monitoring market include, personalized medicine, which is gaining increased focus, depends on accurate drug concentration assessments. Precise therapeutic concentration ensures optimal therapeutic outcomes due to the necessary balance of efficacy with minimal adverse effects. The higher incidence of various chronic life-threatening conditions, such as cancer, cardiovascular disorders, and neurological diseases, increases the demand for TDM in order to ensure efficacy with minimal toxicity. Especially, technological advances in immunoassays and the techniques of chromatography-MS further enhance sensitivity, specificity, and throughput. These improvements in the accuracy and efficiency of drug monitoring encourage wider use of this modality in clinical settings.