Published Date: 30-Sep-2022
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According to a new report, published by KBV research, The Global Toxicity Testing Outsourcing Market size is expected to reach $4.9 billion by 2028, rising at a market growth of 8.4% CAGR during the forecast period.
The Academic & Research Institutes segment is showcasing CAGR of 9% during (2022 - 2028). They are turning more and more to CROs for outsourcing toxicity services. A sizeable portion of the revenue for major CROs like Lab Corp. and Charles River Laboratories comes from academic research institutions. Increasing rates of academic-sponsored R&D are anticipated to fuel the segment for outsourcing toxicity services.
The In Vitro segment acquired maximum revenue share in the Global Toxicity Testing Outsourcing Market by Method in 2021 thereby, achieving a market value of $2.9 billion by 2028. The two main market-driving variables are an expanding preclinical pipeline and a rise in toxicological awareness. In addition, it is expected that the demand for in-vitro toxicity testing would expand as a result of traditional animal testing's rising costs as well as its socio-ethical problems.
The Non-GLP segment has shown the growth rate of 9.8% during (2022 - 2028). Preliminary studies, such as safety pharmacology, general toxicology, mutagenicity, and genotoxicity, are used in nonclinical research to examine the candidate's safety. These preliminary studies, which may or may not adhere to GLP regulations, are intended to investigate the safety of medication candidates in order to gather preliminary data on their tolerance in various systems.
The North America market dominated the Global Toxicity Testing Outsourcing Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1.2 billion by 2028.The Europe market is exhibiting a CAGR of 8.3% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 9.3% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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