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2021-12-10 • Jay Sharma
The global Therapeutic Drug Monitoring market was valued at USD 1.21 Billion in 2018 and is expected to reach USD 1.91 Billion by year 2026, at a CAGR of 5.8 %. The study covers Therapeutic drug 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 Drug 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.
Rising number of organ transplantation incidences all over the globe, unmet needs of monitoring the patients, increased focus of pharmaceutical companies on development of novel mechanisms for medicine monitoring, upcoming patent expiry, increased public as well private funds for research, and favorable regulatory scenario all over the globe, are some of the key factors propelling market growth in the industry. However, associated reimbursement issues, and dearth of finances for clinical interpretation of the therapeutic drug monitoring results, are the major hindrances for market growth during 2019-2026.
Top Companies Profiled in the Report Include
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