Growing incidences of organ transplantation, increasing adoption of therapeutic medication monitoring in numerous diseases, growing geriatric population, increased demand for better health care services, increased use in traditional anticancer therapies, and increased private as well as government funding are key factors contributing to high CAGR of Therapeutic Medication Monitoring during forecast period.
According to the current analysis of Reports and Data, the global Therapeutic Medication Monitoring market was valued at USD 1,453.7 Million in 2020 and is expected to reach USD 2,429.1 Million by year 2028, at a CAGR of 5.8 %. The study covers Therapeutic medication monitoring - a branch of clinical pharmacology and chemistry, which measures and maintains specific ingredient concentration levels in body fluids or blood streams. The monitoring process is aimed at refining patient care for better outcomes by adjusting the medicine dosage.
Therapeutic Medication Monitoring is available for monitoring wide range of diseases and conditions. Recent emergence of this monitoring technique is proving to be a major disruptive finding in therapeutics sector. In line with this, the market leaders and players are adopting various strategies to provide better solutions in disease monitoring. For instance, In May 2019, Roche, a leader in advanced lab testing partnered with GE Healthcare, an American multinational conglomerate, launched NAVIFY Tumor Board with medical imaging capabilities to enable more personalized treatment decisions in cancer care. The NAVIFY Tumor Board is specifically designed for optimal diagnostics and treatment plan for cancer patients.
Key companies profiled in the report include
Therapeutic Medication Monitoring industry include Abbott, F. Hoffmann-La Roche, Bio-Rad Laboratories Inc., Beckman Coulter, Inc., Roche Diagnostics, Siemens Healthineers, Thermo Fisher Scientific, Danaher Corporation, Alpco, Randox Laboratories Ltd., and others.
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The report is an investigative study that determines market growth and market scope on the basis of market trends, consumer behavior shifts, consumption and production patterns, product portfolio offered by the market, growth rate, drivers and constraints, financial positions, and existing challenges and limitations of the Therapeutic Medication Monitoring market.
The report discusses in detail the global production capacity, demand and supply ratio, market dynamics, and comprehensive analysis of the competitive landscape. It provides an industry-wide analysis of the market share of each players along with their business portfolio, production and manufacturing capacity, product portfolio, business expansion plans, financial standing, and strategic alliances such as mergers and acquisitions, joint ventures, and collaborations, among others.
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The regional bifurcation of the market analyzes key market segments such as North America, Latin America, Europe, Asia Pacific, and Middle East Africa. The report discusses in detail the market growth, market size, revenue growth, market share, production and consumption, demand and supply, current and emerging trends, and technological developments in each region.
The key geographical regions analyzed in the market report are:
- North America (U.S.A., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- AsiaPacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Therapeutic Medication Monitoring Market Segmentation based on Types:
Product Type (Revenue, USD Million; 2018–2028)
- Consumables
- Equipment
Technology Type (Revenue, USD Million; 2018–2028)
- Immunoassays
- Colorimetric Immunoassays
- Radioimmunoassays
- Other Immunoassays
- Chromatography-MS
Class of Medication Type (Revenue, USD Million; 2018–2028)
- Antiepileptic Medications
- Antiarrhythmic Medications
- Immunosuppressant Medications
- Antibiotic Medications
- Bronchodilator Medications
- Psychoactive Medications
- Other Medication Classes
End Use (Revenue, USD Million; 2018–2028)
- Hospital Laboratories
- Commercial/Private Laboratories
- Other End Users
Further key findings from the report suggest
- Therapeutic Medication Monitoring market is growing at a CAGR of 9% in Asia Pacific followed by North America and Europe respectively. High number of organ transplantation incidences across the globe is the prominent factor to accelerate the market growth during forecast period across all regions
- As of 2018, Equipment product type sub-segment dominates the sector. North American regional market is the chief revenue generating source for this product segment, followed by Europe and Asia-Pacific regions. The Therapeutic Medication Monitoring industry is augmented by demand for low cost equipment from many South East Asian countries
- The Consumables product type segment is expected to witness significant growth during forecast period 2019-2026 with a CAGR of 5.7%. However, associated reimbursement issues is major challenge for the market growth of this sector
- Hospital Laboratories end-use sector is estimated to witness the highest CAGR within its respective segment
- Asia Pacific is anticipated to account for the 19.6% of the global Therapeutic Medication Monitoring market, where developing nations such China and India are likely to witness significant growth
- Dearth of required finances to clinically interpret the medication monitoring results is likely to be major restraint to the Therapeutic medication monitoring market growth during the forecast period
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