Toxicology Market: Current Analysis and Forecast (2022-2030)
Emphasis on Application (Treatment and Diagnosis); End-Use (Clinical & Pharmaceutical, Forensics, Veterinary, and Others); and Region/Country
The Toxicology market was valued at USD 20 billion in 2021 and expected to grow at a strong CAGR of around 8% during the forecast period 2022-2030. Toxicology is a crucial aspect of public health and safety, as it plays a critical role in identifying and managing the harmful effects of chemicals and other substances on the human body. The market for toxicology is expected to grow at a significant rate due to factors such as increasing awareness about the adverse effects of exposure to toxic substances, advancements in toxicology testing methods, and rising government initiatives aimed at reducing the harmful impact of toxic substances on the environment and public health. For instance, the Frank R. Lautenberg Chemical Safety for the 21st Century Act is a law passed was passed in the US Senate and Administered by the United States Environmental Protection Agency, which regulates the introduction of new or already existing chemicals, the Act amends and updates the Toxic Substances Control Act (TSCA) that went into force in 1976.
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 Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst application, the treatment segment is expected to grow at a considerable rate during the forecast period.”
Based on application, the market is segmented into treatment and diagnosis. As per our analysis, the treatment segment is expected to grow at a considerable rate during the forecast period. Treatment may involve the use of antidotes, activated charcoal, and other medications to neutralize the toxic effects of the substance and support vital bodily functions. The increasing environmental pollution and the high availability of toxic substances in food items attributes to the growth of the segment.
“Amongst end-use, the clinical & pharmaceutical segment held the dominant share in 2021.”
Based on the end-use, the market is segmented into clinical & pharmaceutical, forensics, veterinary, and others. As per our analysis, the clinical & pharmaceutical segment held the dominant share in 2021. Clinical and pharmaceutical toxicology includes a wide range of products and services that are used in drug development and toxicity testing. The increasing focus on drug development and its safety is the major attributing factor for the major share of the clinical & pharmaceutical segment.
Toxicology Market Report Coverage
“Asia Pacific is expected to grow with the highest CAGR Toxicology market during the forecast period.”
Asia Pacific is expected to grow with the highest CAGR Toxicology market during the forecast period due to its large population and increasing levels of toxicity in the natural resources of the region and increasing product launches in the region attributes to the market growth in the region. For instance, in October 2022, HUL’s Pureit launched a new range of water purifiers to address growing concerns about toxic substances in drinking water.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global toxicology market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Toxicology Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global toxicology market were the three major steps undertaken to create and analyze the adoption of Toxicology in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of global toxicology market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Toxicology market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the toxicology market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as application and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Toxicology market. Further, we conducted factor analysis using dependent and independent variables such as application and end-use of the toxicology market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Toxicology market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Toxicology market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the toxicology market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Toxicology market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global toxicology market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the application and end-user in the global toxicology market.
The main objective of the Global Toxicology Market Study
The current & future market trends of the global toxicology market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Toxicology market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of application and end-use.
- Define and analysis of the regulatory framework for the toxicology industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the toxicology market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Toxicology market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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