The Global Therapeutic Drug Monitoring Market in terms of revenue was estimated to be worth $1.8 billion in 2022 and is poised to reach $2.9 billion by 2027, growing at a CAGR of 9.6% from 2022 to 2027. The growth of this market is primarily driven by an amplifying focus on research experimentation associated with therapeutic drug monitoring and an increase in severe diseases. However, the requirement for massive capital investments and the hesitancy of compact hospitals to offer therapeutic drug monitoring services may restrain the growth of this market.

Recession Impact on the Therapeutic Drug Monitoring Market

Market growth is anticipated to slow due to concerns about a possible recession. According to an article published in the Wall Street Journal in 2022, the fear of recession has driven a 9% gain for the NYSE Arca Pharmaceutical Index over the past year and a 13.1% decline for the S&P 500. Trends are expected to be like the COVID-19 recession, wherein procedural volumes and routine testing in a particular country or region depended on the spread of COVID-19 and actions taken by regional authorities. For instance, global cardiovascular and neuromodulation procedural volumes dropped during COVID-19, directly affecting the demand for Abbott’s medical devices and diagnostic tests.

• The recession has had an impact on the quarterly revenue of companies such as Abbott Laboratories (US) and may have an impact on capital spending.
• The primaries also confirmed the impact of the recession.
• The company’s volume analysis for 2020–2021 further aided the recession impact analysis.

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Report Objectives

• To define, describe, and forecast the global Therapeutic Drug Monitoring market based on product, and region
• To provide detailed information regarding the major factors influencing the growth of the market (drivers, opportunities, and industry-specific challenges)
• To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
• To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
• To forecast the size of market segments with respect to four main regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW)2
• To strategically profile key players and comprehensively analyze their product portfolios, market shares, and core competencies3
• To track and analyze competitive developments such as acquisitions, expansions, new product launches, and partnerships in the Therapeutic Drug Monitoring market

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