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Therapeutic Drug Monitoring Market Analysis 2020-2026 Growth Opportunities, Trends and Forecast

06.05.2020 · Posted in Press Release

The global demand for therapeutic drug monitoring is expected to witness a surge in the coming years on the back of growing need for personalized medicine and enhanced patient outcome. The market for therapeutic drug monitoring is likely to remain influenced by the number of growing incidences of chronic diseases coupled with the focus on reducing healthcare costs at the same time not jeopardizing patient wellness. Recent technological advancements have encouraged efforts to bring therapeutic drug monitoring into practice.

Recently, use of biosensors, as against chromatography based routine processes, has been observed in the therapeutic drug monitoring domain. The main drawback of the latter being high turnaround time and cost associated with the practice, the former enables process speedup by reducing all limitations as they allow on-site analysis. Nonetheless, sensor based approach in the therapeutic drug monitoring space have yet to witness a breakthrough especially for clinical therapeutic drug monitoring applications.

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Practical limitations associated with therapeutic drug monitoring impacting the growth of its market

Concentration of drug in blood stream is directly correlated to pharmacological activity. This has envisaged that “concentration” is superior to “dosage” when it comes to quantification of toxicity or efficacy. This aspect has always remained the root of growth for adopting therapeutic drug monitoring, albeit there are different aspects that have challenged this concept. Therapeutic drug monitoring being the clinical practice of determining concentration of drug in plasma or blood, its reliability is strongly associated with the sensitivity and specificity of the method of analysis. Typically, tests are performed using chromatographic methods along with immunoassays or detectors, often mass spectrometers. These methods possess certain practical restrictions for the large-scale distributed therapeutic drug monitoring practice. These limitations include lack of workflow standardization, high costs of instrumentation, complex sample preparation and long turnaround times, which in turn is expected to restrain the growth of the therapeutic drug monitoring market on the global front.

Wearable biosensors a technical novelty – Albeit challenges, could it voice the demand for therapeutic drug monitoring?

With improvements in healthcare technologies and the rapid *********** of cloud based system in the healthcare domain, the use of technologically advanced products is in the offing. That said, the use of advanced wearable biosensors in the therapeutic drug monitoring space is no exception. Traditional biosensors used in therapeutic drug monitoring have paved way for new opportunities apropos to the use of wearable biosensors, given their fast turnaround time, low costs, low power and portability. However, few fundamental challenges are questioning the application of wearable biosensors in the therapeutic drug monitoring space. Factors such as establishment of reliable connections between analyte blood concentrations, eliminating need for constant recalibration, stability, identification of new biomarkers, adequate power supply for sensing purposes, data storage, processing and transmission, security and privacy issues and multiplexing have been challenging the use of wearable biosensors in therapeutic drug monitoring. It becomes imperative to revisit these aspects before commercial realization, in a bid to support the advance of therapeutic drug monitoring from a technological standpoint and in turn aid the growth of its global demand. Against this backdrop, it remains uncertain at present, if the use of wearable sensors could spur the demand for therapeutic drug monitoring, although there is a definitive possibility of advancements overcoming these challenges in the near future in this space.

Hospitals to account for a major share in the global therapeutic drug monitoring market

The demand for therapeutic drug monitoring in hospitals is expected to witness a spike in the coming years. In the recent past, the use of therapeutic drug monitoring in hospitals reflected a significant rise on the back of growing number of admissions of patients. Complementing this aspect, the rise in number of hospitals is expected to largely contribute to the growth of the global therapeutic drug monitoring market. Sales of various types of therapeutic drug monitoring in hospitals are estimated to grow and account for major share in the global market as compared to those from other healthcare facilities such as private and commercial labs. This can be attributed towards easy availability of funds in hospitals, availability of skilled staff and equipment and the ability of hospital labs to deliver results at a faster rate.

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An opportunistic marketplace

It is projected that the next six years are crucial for therapeutic drug monitoring, in wake of significant transformations in this space. These transformations would be circling around the convergence between advancements in diagnostic technologies, automation, IT, system engineering and stringent regulations. The evolving therapeutic drug monitoring marketplace is likely to offer new opportunities to players in terms new reagent systems and auxiliary products. Key players have already developed new systems for therapeutic drug monitoring. For instance, Bio-Rad has launched anti-certolizumab pegol antibodies in a bid to support assay development for therapeutic drug monitoring.

 KEY QUESTIONS ANSWERED IN THE REPORT

  • What is the market size and growth rate of the global and regional markets by various segments?
  • What is the market size and growth rate of the market for selective countries?
  • Which region or sub-segment is expected to drive the market during the forecast period?
  • What factors are anticipated to impact demand and supply trends in the market during the forecast period? 
  • What factors are likely to drive market revenue growth during the forecast period?
  • What are the key technology and other trends shaping the market?
  • What are the key opportunities in the market?
  • What are some of the strategies implemented by key companies operating in the market?
  • What is the COVID-19 impact on the market?

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