(EMAILWIRE.COM, May 16, 2020 ) The report "Therapeutic Drug Monitoring Market by Product (Consumable, Equipment (Immunoassay analyzer)), Technology (Fluorescence Immunoassay, Radioimmunoassay, GCMS), Class of drugs (Antibiotics, Bronchodilators), End User (Hospital Lab) - Global Forecast to 2023", is projected to reach USD 1.63 billion in 2023 from USD 1.23 billion in 2018, at a CAGR of 5.9%

The growth of this market is majorly driven by the rising number of organ transplant procedures and the use of TDM in traditional anticancer therapies. However, the lack of financial provisions for the clinical interpretation of TDM results is expected to restrain the growth of this market during the forecast period.

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By Product, consumables segment was expected to account for a larger share in 2018.

The therapeutic drug monitoring products market is segmented into equipment and consumables. In 2018, the consumables segment was expected to account for a larger share of this market owing to the requirement of repeat purchase of kits and reagents, coupled with the increasing number of immunoassay tests being performed across the globe as a result of the rising incidence of chronic and infectious diseases. Thermo Fisher Scientific (US), F. Hoffmann-La Roche (Switzerland), and Siemens Healthineers (Germany) are some of the key players operating in this market

By Technology, immunoassays segment is expected to account for the largest share in 2018

Based on technology, the therapeutic drug monitoring market is classified into immunoassays and chromatography-MS. The immunoassays segment is expected to account for the largest share of this market in 2018, mainly due to the increasing incidence of chronic and infectious diseases and technological innovation. Immunoassays are easy to perform and do not require specialized training. Most of the analyzers are automated, making them user-friendly; they also have rapid turnaround times, require smaller sample volumes, and are high-throughput. On the other hand, the interference of other biomolecules present in the sample is a major disadvantage associated with immunoassays. There is no single assay that can be used to test all molecules. For every new drug, a new assay must be developed that must be approved by the regulatory bodies in the region.

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The APAC market is projected to register the highest growth during the forecast period. Growth in this region can be attributed to the huge demand for better healthcare services; increasing incidence of chronic and infectious diseases; rapid development in healthcare infrastructure in developing countries such as India, China, and South Korea; growing healthcare research investments in this region; and increasing per capita income of the middle-class population.

Market Players

The key players operating in the TDM market are F. Hoffmann-La Roche (Switzerland), Siemens Healthineers (Germany), and Abbott (US).