Therapeutic Drug Monitoring Market Share, Growth and Demand Forecast to 2030

NEW YORK - Aug. 20, 2024 - PRLog -- The worldwide therapeutic drug monitoring industry size was valued at USD 2,142.7 million in 2024, and this number is projected to surge to USD 3,764.1 million by the end of 2030, growing at a CAGR of 9.8% over the projection period.

This growth of the market can be credited to the growing need for genetic testing, advancing healthcare infrastructure, improvements in diagnostic techs, surging research and development expenditure in healthcare, increasing product launches, rising patient base suffering from chronic illnesses, and the existence of supportive government guidelines and governing guidelines regarding the usage of drug monitoring.

The rising demand for therapeutic drug monitoring for cancer, CVD, and for managing other diseases is the key driver of the market. These diseases are quite common and their incidence is increasing dramatically in many countries on a global level. For example, according to the CDC, CVD is asserted to be killing one person every 33 seconds in the U. S. Moreover, in 2021, it was estimated that about 700000 people died from heart diseases alone. Also, CHD is one of the causes that led to the death of more than 375000 people in the U. S Secondly, according to the WHO, cancer also ranked among the leading causes of death in the world and killed 10 million people in 2020.

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Key Insights

• Immunoassays dominated the market in 2023 with a 65% revenue share and are expected to continue leading due to widespread use in drug analysis, pharmaceutical applications, and disease diagnosis.
• Equipment is projected to grow at a CAGR of 10.2% during the forecast period, driven by increased R&D investments and the launch of advanced equipment in laboratories.
• Commercial & private laboratories are expected to grow the fastest at a CAGR of 10.4%, driven by increasing private lab establishments, demand for genetic testing, and advanced monitoring capabilities.
• Hospital laboratories held a substantial share in 2023 and will maintain their position due to expanding healthcare infrastructure and accessibility for patients requiring critical care.
• North America led with a 50% revenue share in 2023, driven by regulatory support, advanced healthcare infrastructure, and high adoption of therapeutic drug monitoring devices.
• The APAC region is expected to grow the fastest, driven by a large patient population, economic development, government initiatives, and expanding healthcare infrastructure.
• Europe also contributes significantly, supported by advanced healthcare device manufacturers, health awareness, and government healthcare spending.