Market Trends of Therapeutic Drug Monitoring Industry
This section covers the major market trends shaping the Therapeutic Drug Monitoring Market according to our research experts:
Immunoassays Expected to Hold a Significant Market Share
Immunoassays are widely used in many vital areas of pharmaceutical analysis, such as diagnosis of diseases, therapeutic drug monitoring, clinical pharmacokinetics, and bioequivalence studies in drug discovery and pharmaceutical industries. The importance and widespread of immunoassay methods in pharmaceutical analysis are attributed to their inherent specificity, high throughput, and high sensitivity for analyzing a wide range of analytes in biological samples.
The continuous research work and requirements for drug developments in pharmaceutical industries are the major factors contributing to the segment's growth. For instance, according to the study published by the National Library of Medicine in March 2021, researchers developed a reliable and specific radioimmunoassay method for the measurement of dodecapeptide angiotensin in human plasma and urine using an affinity-purified antibody fraction directed towards the C-terminus of the human Ang-(1-12) sequence. The radioimmunoassay method was applied to quantify the Ang-(1-12) in plasma and urine.
The growing technological advancement in the product is expected to propel the segment's growth. For instance, in November 2021, Boditech Med launched its new automated immunoassay analyzer with a blood collection tube, including an all-in-one cartridge system, at MEDICA 2021.
Thus, the segment will likely expand over the forecast period due to the aforementioned factors.
North America Holds a Significant Market Share and is Expected to do the Same during the Forecast Period
North America is expected to witness a significant share in the overall therapeutic drug monitoring market over the forecast period. The major market drivers are the increasing incidence rates of chronic disorders and infectious diseases, the rising geriatric population, and the well-developed healthcare infrastructure in the region.
Additionally, according to an article published by the Heart and Stroke Foundation of Canada in February 2022, over 750,000 people in the nation are living with heart failure, and over 100,000 people are diagnosed with a heart condition every year. Such figures are anticipated to propel the market growth over the forecast period in this region.
Key product launches, high concentration of market players or manufacturer's presence, acquisitions & partnerships among significant players, and increasing cases of chronic diseases in the United States are some of the factors driving the growth of the therapeutic drug monitoring market in the country. For instance, in May 2022, Bamboo Health, formerly Appriss Health and PatientPing, announced a partnership with the Wyoming Board of Pharmacy on June 29 to develop a solution for its Prescription Drug Monitoring Program (PDMP).
Therefore, owing to the aforesaid factors, the growth of the studied market is anticipated in the North American region.
