Toxicology Services Market is anticipated to grow at a CAGR of 9.7% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Toxicology Services Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Toxicology Services Market accounted for over US$ 7510 million in 2019. It is anticipated to grow at a CAGR of 9.7% from 2019 to 2030.
Toxicology study involves safety assessment of pharmaceutical, chemical, agrochemical, and consumer products on living beings and the environment. Toxicological screening is highly important in the development of novel drug molecules and is used to examine substances having adverse effects on human health as well as the environment.
The market growth of toxicology services can be attributed to factors, such as increasing R&D expenditure of pharmaceutical & biotechnology industries, growing pressure from regulatory agencies, and demand for determination of toxicity levels in developing products. The European government has established Regulation (EC) No 1907/2006, establishing a European Chemical Agency called Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH). This regulation ensures a high level of human and environment protection and promotes the development of alternative methods for assessing the hazards of substances. Moreover, even the OECD (Organisation for Economic Co-operation and Development) has adopted nine test guidelines for the pesticide residue chemistry to assess dietary risk management in food or animal feedstuffs.
Other factors such as determination of safety of clinical dose, to minimize risk through clinical trials, increasing concentration on drug discovery, and personalized medicine are fuelling the market growth. Furthermore, an increasing number of toxicology databases are driving consumer awareness and are expected to positively impact the growth of the toxicology services market. Moreover, mandatory toxicology testing in industries such as pharmaceutical, chemical and agricultural among others, end-stage drug failures and rising adoption of outsourcing trend is boosting the toxicology services market.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Toxicology Services Market by Method (In Vivo Method, In Vitro Method, and In Silico Method), and Industry (Pharmaceutical & Biotechnology, Medical Devices, Cosmetics and Chemical) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/toxicology-services-market/251
However, the high cost of these technologies with high technical requirements and dearth of skilled professionals is restraining the market growth to a certain extent.
North America is estimated to account for the largest market share during the forecast period. Stringent toxicology testing regulations, a large number of service providers, government funding in R&D and rising pipeline drugs are contributing to the growth of the market.
Some of the prominent players in the global toxicology services market include Charles River, ITR Canada, Eurofins Scientific, WuXi AppTec, SGS SA, Merck KGaA, Evotec SE, Vipragen, GVK Biosciences Private Limited, Bioanalytical Systems, Inc. among others.
Market Industry Reports is a global leader in market measurement and advisory services. It is a 100% subsidiary of ExlTech. The firm has always been at the forefront of innovations to address worldwide industry trends and opportunities. We offer our clients a unique depth of market intelligence in an actionable format to move their business forward. Our analysis incorporates consumer study in more than 100 countries, providing a tactical approach to drive sustained business growth. We continue to pioneer state-of-the-art approach in research & analysis that will help you to overcome complexities and stay ahead of the curve. By nurturing the perception of genius and optimized market intelligence, we unfold contingencies for our clients in the evolving world of technology, mega-trends, and industry convergence. We inspire our clients to empower and shape their businesses and to build world-class products.