Therapeutic Drug Monitoring Market Forecast, Manufacture Size, Developments and Future Scope To 2024 “Globally, the therapeutic drug monitoring industry is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest in development of the advanced therapeutic drug monitoring solutions.�
The global therapeutic drug monitoring market size is expected to value at USD 3.37 billion by 2024. The market is subject to witness a substantial growth due to the introduction of the Point-of-Care (PoC) devices in the market and development of the personalized predictive and preventive medicine. Factors responsible for the robust growth of therapeutic drug monitoring (TDM) market, in the recent years, include deriving personalized or tailor-made treatment plans for patients and increasing adoption of the Point-of-Care (PoC) diagnostic devices to carry out quantitative measurements of the drug concentration. Advent of the precision medicine for the healthcare sector is expected to drive the growth of the market. However, lack of awareness among general population and inability of the Point-of-Care (PoC) to broaden its application base for patient monitoring are expected to restrain market growth to a certain extent. Yet, recent research & development activities in the therapeutic drug coupled with increase in funding for the development of novel drugs for patient monitoring are expected to gain traction in the near future. Globally, the therapeutic drug monitoring industry is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest in development of the advanced therapeutic drug monitoring solutions. The therapeutic drug monitoring is performed in clinics, hospitals and emergency units with the help of gathering critical patient information like age group, metabolism, and drug dosage history.
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