According to the report, the global demand for 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.
Sarasota, FL -- (SBWIRE) -- 11/25/2018 -- 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 isconstantly increasing,thus, stirring the growth of therapeutic drug monitoring market.Therapeutic drug monitoringis a novel technique in clinical practice thathelps 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 vitalformonitoring drug doses to avoidboutsof toxicity and higher doses of medications.
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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 occurdue 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 andlack of awareness in developing countries areimpacting the growth of therapeutic drug monitoring market.
By product type, the market is dividedintoequipment and consumables. Among these,the equipmentsegment was the highest revenue grosser in 2017 along withaccounting formore than 40% of the totalrevenue share.The consumables segment was the fastest growing segment in 2017. On the basis of drug class,thismarket is segmented into antiarrhythmic drugs, antibiotic drugs, immunosuppressant drugs, bronchodilator drugs, psychoactive drug, antiepileptic drugs, and others.
The end-users in the therapeutic drug monitoring market are commercial/private labs, hospital labs, and others. The commercial/private labs accountedfor the largest share of the market in 2017. The hospital labssegment is the fastest growing due to the growing adoption oftherapeutic drug monitoring in hospitals.
Based on regions, the global therapeutic drug monitoring market is classifiedinto Europe, North America, Latin America,Asia Pacific,and the Middle East and Africa. The North American region is anticipatedto remain dominant in the forecast years. Europe emerged asthe second largest market in terms of revenue in 2017. Asia Pacific showedthe fastest growth, with more than 6.3% CAGR.Emergingeconomies, such as India andChina, are fuellingthis region'sgrowth, owing to rapidly developing healthcare infrastructure. The Middle East and African and Latin American regions are anticipated to experience moderate growth in the therapeutic drug monitoringmarket in the upcoming years.
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: ProductType Segment Analysis
Global Therapeutic Drug Monitoring Market: Drug Class Segment Analysis
Global Therapeutic Drug Monitoring Market: End-User Segment Analysis
Global Therapeutic Drug Monitoring Market: Regional Segment Analysis
The Middle East and Africa