The Asia Pacific Toxicity Testing Outsourcing Market would witness market growth of 9.3% CAGR during the forecast period (2022-2028).
Drug discovery and regulatory approval are often time-consuming, expensive processes that can last up to ten years and may have a high cost. Preclinical trials are used to identify particular compounds that have properties suited for generating effective medications after years of work in the academic setting to identify a target and test a hypothesis.
In order to select the top candidates for further development in successive stages of research from in vivo to in vitro in animals, and eventually, in people, it is important to understand drug toxicity and efficacy. Increased biopharmaceutical research and objection to animal experimentation are the main factors that are compelling more outsourcing of tests.
Due to increased R&D expenditure by pharmaceutical and biopharmaceutical companies as well as an increase in the number of novel pharmaceuticals reaching the preclinical stage of research, the need for toxicity testing services is increasing as well. The pandemic also increased the number of research trials being done on medications, vaccinations, and medical equipment designed to treat and prevent coronavirus. The need for toxicity testing services is expected to rise as a result.
In the Asia Pacific region, increased steps have been taken by government organizations to promote the adoption of toxicity test models. Compared to Western nations, conducting clinical studies in Asia's Japan, China, and India is comparatively more affordable. Many biopharmaceutical businesses carry out their drug development processes here. Rising economies' capacities for research and development have significantly improved in this region which increases their appeal to Western businesses.
The China market dominated the Asia Pacific Toxicity Testing Outsourcing Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $364.8 million by 2028.The Japan market is estimated to grow a CAGR of 8.7% during (2022 - 2028). Additionally, The India market would exhibit a CAGR of 10% during (2022 - 2028).
Based on End Use, the market is segmented into Pharmaceutical & Biopharmaceutical Companies, Academic & Research Institutes and Others. Based on Method, the market is segmented into In Vitro and In Vivo. Based on GLP, the market is segmented into GLP and Non-GLP. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Toxicity Testing Outsourcing Market is Projected to reach USD 4.9 Billion by 2028, at a CAGR of 8.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Thermo Fisher Scientific, Inc., Eurofins Scientific Group, WuXi AppTec Co., Ltd., SGS S.A., Intertek Group PLC, Catalent, Inc., Laboratory Corporation of America Holdings, Charles River Laboratories International, Inc., ICON PLC, and Medpace Holdings, Inc.
By End Use
By Method
By GLP
By Country
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