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.
The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
The report has gather vital information about recent mergers and acquisitions, joint ventures, collaborations, partnerships, brand promotions, R&D activities, and government and corporate deals, among others through extensive primary and secondary research. The report also offers detailed analysis of each competitor along with their financial standing, global market position, product portfolio, manufacturing and production capacity, and business expansion plans.