The therapeutic drug monitoring market is estimated to generate USD 1,961.6 million in 2023, which will rise to USD 3,764.1 million, growing at a 9.8% compound annual growth rate, by 2030.
The growth of this industry is because of the rising need for genetic testing, developments in diagnostic technologies, enhancing healthcare infrastructure, and the mounting R&D expenses in healthcare.
Moreover, the industry is also boosted by the increasing product launches, the growing count of patients with chronic ailments, and the existence of helpful government regulatory guidelines and policies about the utilization of medication monitoring.
The immunoassays category, based on technology, is the largest contributor to the industry in 2023, with a 65% share, and it will remain the largest during this decade. This can be because of their high accessibility as well as rising usage in the discovery of medication analysis and development.
North America is leading the industry in 2023, with a 50% share, and it will remain leading throughout this decade. This can be because of the existence of key companies, along with the government auspicious rules that permit drug monitoring mainly in primary healthcare centers and private labs.
APAC is likely to propel at the fastest rate in the years to come. This is because of the large patient populace base, increasing customer expenditure, and rising per capita income in the region.
The regional industry is also driven by the increasing economic advancement in APAC countries such as China, Japan, South Korea, and India.
With the surging need for genetic testing and enhancing healthcare infrastructure, the therapeutic drug monitoring industry will continue to progress in the coming years.
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