The 2023 report on the “Toxicity Testing Outsourcing Market” presents a thorough and accurate examination of different factors pertaining to business expansion prospects, challenges, risk elements, and trends in all geographical regions. This report delivers current information on the most recent technological developments, along with SWOT and PESTLE analysis, and valuable insights on market size.
Global Toxicity Testing Outsourcing Market is valued at approximately USD $ billion in 2021 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2022-2029. 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.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
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
Recent Developments in the Market:
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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
By End User:
Pharmaceutical and Biopharmaceutical Companies
Academic and Research Institutes
Others
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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
Some of the Key Questions Answered in this Report:
Market dimension: What is the size of the market at the regional and country level?
Drivers, restraints, opportunities, and challenges: What are the key factors influencing the market and how are they expected to impact it?
International revenue, manufacturing value, consumption value, import and export: What is the economic value and trade dynamics of the market across different regions (North America, Europe, Asia-Pacific, South America, Middle East and Africa)?
Key producers and their working state of affairs: Who are the leading manufacturers in the market industry and what is their current capacity, production, sales, pricing, costs, gross, and revenue?
Possibilities and threats for market carriers: What opportunities and challenges are faced by the vendors in the global market industry?
Incremental growth prospects for application/end-users and product types: Which specific applications or product types are expected to experience growth opportunities? What is the market share of each type and application?
Targeted strategies and constraints: What strategies are being implemented and what constraints are affecting the market?
Sales, marketing, and distribution channels: What are the different channels used for sales, marketing, and distribution in the global industry?
Upstream raw materials, production equipment, and manufacturing process: What are the raw materials, production equipment, and manufacturing processes involved in the market?
Key market trends: What are the significant trends impacting the growth of the market?
Economic impact and development trends: How does the market industry impact the economy, and what are the development trends within the market?
Overall, the report provides comprehensive insights into the market’s size, drivers, challenges, key players, opportunities, trends, and economic impact, offering a holistic understanding of the market industry.
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