Toxicology Market: Current Analysis and Forecast (2022-2030)

Toxicology Market: Current Analysis and Forecast (2022-2030)

The toxicology market refers to the industry that develops, produces, and distributes products and services for the identification and assessment of potentially harmful substances in drugs, chemicals, environmental samples, and other materials. Toxicology products and services include laboratory testing, analytical instruments, software solutions, and consulting services for toxicology risk assessment, safety evaluation, and regulatory compliance. With the growing need for drug safety testing, toxicology has become an integral part of drug development the demand for toxicology is also increasing to minimize the risk of chemical or biological impurity in drugs.

Toxicology Market is expected to grow at a strong CAGR of 8% during the forecast period owing the technological advancements and frequent launches of services in the sector. For instance, In December 2020, Instem launched the Predict in silico toxicology service. Predict Technology provides a combination of powerful computational models and scientific peer review to help customers predict chemical safety faster, more efficiently, and more comprehensively.

• Based on application, the market is segmented into treatment and diagnosis. As per our analysis, the diagnosis segment acquired a major share in 2021. The increasing prevalence of drug abuse and the rise in drug testing at workplaces and sports organizations are the major factors responsible for the large share of the segment. Further, the segmental growth is also driven by the benefit from the growing awareness about the harmful effects of environmental pollutants and the need for monitoring their levels in humans and animals.
• Based on the end-use, the market is segmented into clinical & pharmaceutical, forensics, veterinary, and others. The veterinary segment is expected to grow with a higher CAGR in the Toxicology market during the forecast period. The increasing number of pets and livestock and the growing awareness of the harmful effects of toxins on animal health are the important factors propelling the growth of the veterinary segment in the toxicology market.
• For a better understanding of the market adoption of the industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific), Rest of World. North American region held the dominant share of the toxicology market in 2021. The increasing incidence of drug abuse and overdose and the growing number of workplace and sports-related drug testing programs are the important factors responsible for the growth of the market in the region. For instance, as per the Canadian National Cannabis Survey, 21% of Canadians reported using cannabis in 2019.
• Some of the major players operating in the market include Thermo Fisher Scientific Inc.; Labcorp Drug Development; Quest Diagnostics Incorporated.; Abbott; Bio-Rad Laboratories, Inc.; IDEXX Laboratories, Inc; Neogen Corporation.; Charles River Laboratories; Agilent Technologies, Inc.; and PerkinElmer Inc.