Report Ocean recently published a new research report on the Toxicity Testing Outsourcing Market. In addition to prospective prospects, this study offers a historical analysis of growth, cost structure, revenue, market trends, and capacity (2023-2030). The following section offers comprehensive coverage of the Toxicity Testing Outsourcing Market across a number of market categories, in-depth research at the country level, and an assessment of the market’s key drivers, restraints, trends, and opportunities.
Global Toxicity Testing Outsourcing Market is valued at approximately USD $$ billion in 2022 and is anticipated to grow with a healthy growth rate of more than $% over the forecast period 2023-2030.
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Toxicity testing is also known as toxicology testing or safety assessment. It is a process of determining a substance of interest that undesirably influences the normal biological functions of an organism that provides a certain exposure period, substance concentration, and route of exposure. Factors such as thriving growth of the biopharmaceutical sector, increasing R&D spending by pharmaceutical firms, coupled with the rise in the number of innovative drugs are propelling the market demand across the globe.
According to Statista, the biopharmaceutical sector generated USD 5.28 trillion in revenue in 2018 in the global market, which is continuously growing and reached to USD 7.15 trillion in the year 2021. Consequentially, the development of the biopharmaceutical sector is exhibiting a positive influence on the growth of the Toxicity Testing Outsourcing Market. In addition, growing trend of using toxicity testing services and surging the demand for biologics are leveraging the market growth in the forthcoming years. However, lack of standardization and high cost is related with the R&D activities are stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Toxicity Testing Outsourcing Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America dominated the space in terms of revenue, owing to the increasing development of drug discovery technologies and increasing number of reimbursement policies. Whereas, the Asia Pacific is expected to grow significantly during the forecast period. Factors such as growing investment in the R&D activities, as well as emergence of innovative drugs, are burgeoning the market growth in the forecasting years.
Major market players included in this report are:
- Euro fins Scientific
- SGS SA
- Charles River Laboratories
- Thermo Fisher Scientific, Inc.
- Intertek Group plc,
- Catalent, Inc.
- ICON plc.
- Med pace
- Labcorp Drug Development
- Wuxi AppTec
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Recent Developments in the Market:
In December 2021, Labcorp announced the acquisition of Toxikon Corporation- a contract research organization, with the objective of supporting Labcorp for the development and expansion of CRO services across pharmaceutical and medical device testing.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Method:
In vitro
In vivo
By GLP:
GLP
Non-GLP
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By End User:
Pharmaceutical and Biopharmaceutical Companies
Academic and Research Institutes
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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This report answers the following key questions:
- How big is the market as a whole in 2021? What rate of market expansion is anticipated between 2022 to 2030?
- Which region would experience a high demand for goods in the years to come?
- What are the variables promoting the market’s expansion?
- Which sub-market will have the most impact on the market?
- What market opportunities exist for established and new players?
- What different short-term and long-term tactics have the market players adopted?
With regard to the COVID-19 Outbreak Impact Analysis:
- In light of COVID-19, the report examined market trends.
- On the basis of the upstream and downstream markets, the study examined COVID-19’s effects on the manufacturing industry’s supply chain.
- We examine how COVID-19 has affected diverse regions and significant nations.
- It is noted how COVID-19 will affect the industry’s future growth.
Examined in the study are:
- Market behavior, risk, and opportunity levels
- An assessment of end-industry behavior and opportunity
- An anticipated timeline for industry recovery.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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