Albany, NY -- (SBWIRE) -- 08/21/2018 -- Toxicology Testing Services Market – Snapshot
The global toxicology testing services market was valued at more than US$ 6 Bn in 2017. It is projected to expand at a high single digit CAGR during the forecast period from 2018 to 2026. Increase in demand for detection of toxicity of products during their early stages of development, rise in R&D expenditure, growing preference for outsourcing of toxicological studies to contract research organizations, rise in consumer awareness about safety associated with the use of health care and cosmetic products, and increase in concern of toxicological effects of agricultural products on food and environment are some of the factors boosting the demand for toxicology testing services.
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Moreover, emergence of technologies, such as predictive toxicology testing services which avoid the use of animals for toxicology testing and stringent regulations associated with toxicology testing before marketing approval of new molecules are expected to drive the growth of the global toxicology testing services market during the forecast period.The global toxicology testing services market has been segmented based on method and type of industries. In terms of method, the global market has been classified into in vivo method, in vitro method, and in silico method. The in vivo toxicology testing method dominates the global market, in terms of value, due to high cost associated with this type of testing methods. In vivo toxicology testing is expensive, lengthy, and painful to animals used in the testing procedures.
Various ethical communities are banning the use of animals for research and testing of toxicity of chemicals. This has given rise to alternative methods of toxicology testing, such as in vitro and in silico methods, which is also known as predictive toxicology testing methods. The market for in silico toxicity testing is expected to expand at a significant CAGR during the forecast period.
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In terms of industry type, the global toxicology testing services market has been categorized into pharmaceutical and biotechnology, cosmetic, chemical, medical devices, and other industries, including agricultural, food, and environmental organizations. The pharmaceutical and biotechnology segment held a major market share in 2017.
This can be attributed to the rise in R&D expenditure of these industries, increased outsourcing of preclinical studies to contract research organizations which enables them to manage R&D costs and focus on their core competencies, and increase in pressure from regulatory agencies for toxicity tests to prove product safety to get market approval. The cosmetic industry is expected to grow at a significant CAGR during the forecast period owing to increased use of cosmetic products across the globe and rise in consumer awareness about safety of these products.
Geographically, the global toxicology testing services market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global toxicology testing services market due to presence of a large number of toxicology testing service providers, high health care spending, and stringent regulations governing safety assessment of chemicals and medical devices.
Europe is the second leading market for toxicology testing services, which can be ascribed to the amendment of regulation made by the European government to assess the safety of chemical substances. For instance, the REACH Regulation (EC) No 1907/2006 became effective in June 2007 with the objective to protect human health and the environment from the risks posed by chemicals, while enhancing the competitiveness of the EU chemicals industry.
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Asia Pacific is projected to expand at a significant CAGR during the forecast period owing to emergence of CROs offering toxicology testing services as per regulatory requirements in lower cost than in other developed regions.
Major players operating in the global toxicology testing services market include Laboratory Corporation of America Holdings, Charles River Laboratories, Inc., Eurofins Scientific, Bureau Veritas, Envigo, Evotec AG, Merck KGaA, SGS Group, Pharmaceutical Product Development, LLC (PPD), and WuXi AppTec. Key players are expanding their product portfolio through mergers & acquisitions and partnerships & collaborations with leading pharmaceutical and biotechnology companies and by providing better services at a lower cost.
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