The global therapeutic drug monitoring market is projected to generate USD 3,764.1 million revenue by 2030, advancing at a CAGR of 9.8% during 2024–2030. This can be ascribed to the high adoption of advanced technologies in the healthcare industry, the rising number of industry players across the globe, the increasing requirement for drug development for critical illnesses, the mounting focus on drug monitoring-related R&D, the growing preference for precision medicine, and the increasing government regulatory standards.
Based on product type, the market is bifurcated into equipment and consumables. Of these, the consumables category accounted for a higher revenue share, of 60%, in 2023, and it is further expected to maintain its position in the coming years. This is due to the high number of patients suffering from chronic diseases, the surging adoption of therapeutic drug monitoring, and technological advancements in healthcare solutions.
Whereas, the equipment category will witness a higher growth rate during the forecast period. This can be ascribed to the burgeoning demand for advanced technologies, the availability of cost-efficient products, and the increasing usage of such products in laboratories for R&D purposes.
The immunoassay category, based on technology, accounts for a higher revenue contribution to the market, and it is further expected to maintain its position in the coming years. This is due to the increasing adoption of advanced technologies and the rising prevalence of chronic diseases such as cardiovascular diseases, cancer, and autoimmune diseases.
Based on drug class, the market is categorized into antiepileptic, antiarrhythmic, immunosuppressant, antibiotic, bronchodilator, psychoactive, and others. Among these, the immunosuppressant category holds a significant revenue share. This is due to the burgeoning prevalence of autoimmune diseases, the rising number of human organ transplants, and the increasing need for therapeutic drug monitoring for minimizing side effects and serious adverse events while the transplantation of an organ.
Hospital laboratories, based on end user, contribute the largest revenue share to the market, and the category is expected to maintain its position during the coming years as well. This is due to the mounting requirement for advanced technologies, the rising number of hospitals across the globe, the increasing number of organ transplant surgeries, the surging need for precision medicine, and the growing trend of personalized treatment.
Geographically, the APAC market will witness the fastest growth during the forecast period. This can be attributed to the growing acceptance of advanced technology embedded in healthcare, rising healthcare spending, mounting per capita income coupled with the surging standard of living, and burgeoning government spending in the healthcare sector. In addition, China contributes the majority of revenue to the regional market, owing to the extensive consumer base due to the high population, the rising number of local manufacturers, and the economic growth in the country.
Whereas, North America contributed the highest revenue share in 2023 to the market, and it is further expected to maintain its dominance during the forecast period. This is ascribed to the huge presence of prominent players, the high rate of organ transplant procedures associated with the high acceptance of such metabolite measuring procedures, and the rising prevalence rate of chronic and infectious diseases. Moreover, the U.S. contributes a higher revenue to the regional market, owing to the rising geriatric population, a high number of surgical procedures performed, and well-developed healthcare infrastructure in the country.
Some of the major players in the therapeutic drug monitoring market are Abbott Laboratories, Thermo Fisher Scientific Inc., F. Hoffmann-La Roche AG, Siemens Healthineers, Danaher Corporation, Bio-Rad Laboratories Inc., bioMérieux SA, Exagen Inc., and ARK Diagnostics Inc.