(PharmaNewsWire.Com, April 11, 2020 ) The ongoing COVID-19 pandemic—and the worldwide reaction to it—has compelled companies to radically rethink their strategies and the way they operate. We salute the industry experts helping companies survive and sustain in this pandemic.
At MarketsandMarkets™, analysts are undertaking continuous efforts to provide analysis of the COVID-19 impact on the Therapeutic Drug Monitoring Market. We are working diligently to help companies take rapid decisions by studying:
• The impact of COVID-19 on the Therapeutic Drug Monitoring Market, including growth/decline in product type/use cases due to the cascaded impact of COVID-19 on the extended ecosystem of the market
• The rapid shifts in the strategies of the Top 50 companies in the Therapeutic Drug Monitoring Market
• The shifting short-term priorities of the top 50 companies’ clients and their client's clients
According to the recent 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", published by MarketsandMarkets™, is projected to reach USD 1.63 billion in 2023 from USD 1.23 billion in 2018, at a CAGR of 5.9%.
Browse in-depth TOC on “Therapeutic Drug Monitoring Market” 145 – Tables 23 – Figures 141 – Pages
Based on product, the consumables segment is expected to grow at the highest CAGR during the forecast period
On the basis of product, the global therapeutic drug monitoring market is segmented into consumables and equipment. The consumables segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed 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.
Based on technology, the immunoassays segment is expected to account for the largest share of the market in 2018
On the basis of technology, the global therapeutic drug monitoring market is segmented 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.
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).
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