Toxicology Testing Services Market

Global Toxicology Testing Services Market: Overview

The global toxicology testing services market is all set to demonstrate upward graph of revenues during the forecast period of 2018 to 2026. The market will grow stupendously on the back of plethora of reasons. Toxicology testing is defined as a process of finding out the degree at which a substance of interest can impact negatively on the regular biological functions of an organism. The process is also known as toxicity testing or safety assessment.

The global toxicology testing services market was valued at US$ 6 bn in 2015. It is estimated to grow at a promising CAGR during the forecast period of 2018 to 2026. The study presented in this report performs the segmentation of the global toxicology testing services market on the basis of various key factors such as method, type of industry, and regions.

The global toxicology testing services market is fairly fragmented in nature. Presence of significant number of well-established players symbolizes the intense competition level in the market. Many new as well as well-established vendors in the global toxicology testing services market are investing in research and development activities. This effort is helping them to offer superior quality of services. In addition to this, growing number of partnerships and collaborations signifies that the global toxicology testing services market will grow at a remarkable rate during the forthcoming years.

Some key vendors in the toxicology testing services market are Charles River Laboratories, Inc., Laboratory Corporation of America Holdings, Bureau Veritas, Eurofins Scientific, Evotec AG, Envigo, SGS Group, Merck KGaA, WuXi AppTec, and Pharmaceutical Product Development, LLC (PPD).

The global toxicology testing services market is expected to expand at a stupendous pace during the forecast period of 2018 to 2026. This growth can be attributed to plethora of reasons. Rising demand for the detection of toxicity of products during their initial stages of development and rise in research and development expenditure are some of the key reasons driving the growth of the global toxicology testing services market.

Apart from this, the global toxicology testing services market is getting the advantage of rising consumer awareness regarding the safety related to the use of health care and cosmetic products. Owing to these factors, key vendors working in the global toxicology testing services market will witness extensive growth opportunities in the upcoming period.

Based on type of industry, the global toxicology testing services market is segmented into cosmetic, pharmaceutical and biotechnology, medical devices, chemical, and other industries, including food, agricultural, and environmental organizations. Of them, the pharmaceutical and biotechnology was one of the dominant segments in 2017. Key reason for this dominance was increased expenditure on research and development activities by these industries. Apart from this, rise in preference towards outsourcing preclinical studies to contract research organizations was one of the key factors that helped industries to manage their cost on research and development activities as well as concentrate on their key competencies. All these factors connote the potential avenues for the growth of the global toxicology testing services market.

Based on method, the global toxicology testing services market is classified into in vitro method, vivo method, and in silico method. Of them, the in vivo is prominent toxicology testing method in this market in terms of value.

However, in vivo toxicology testing is considered as high-priced and time-consuming method. Apart from this, the method is painful to animals used in the testing procedures. Owing to all these reasons, many ethical communities are focused on banning animal use for research and testing of toxicity of chemicals. As a result, various alternative methods of toxicology testing including in vitro and in silico are gaining popularity these days. The in silico toxicity testing segment of the global toxicology testing services market is projected to grow at a prodigious CAGR during the forecast period 2018 to 2026.

North America Leads Market for Toxicology Testing Services

Various key regions supporting the growth of the global toxicology testing services market are Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Of them, North America is one of the prominent regions in the toxicology testing services market. Key reasons stimulating the growth of the market in this region is presence of considerable number of enterprises providing services related to toxicology testing. Apart from this, the market gets the advantages of many other factors such as strict regulations governing safety assessment of chemicals and medical devices and high health care spending in North America.

Europe is considered as the second most profitable region in the toxicology testing services market. One of the key reasons supporting this fact is the recent regulation amendment by the government bodies in Europe to assess the safety of chemical substances. Moreover, Asia Pacific is expected to show prominent growth during the forecast period of 2018 to 2026. The region is witnessing advent of CROs providing toxicology testing services according to the regulatory requirements at cheaper rates than that of in other developed regions. This factor is working as a driver for the development of the toxicology testing services market in Asia Pacific.