Toxicology Drug Testing Market Revenue to Cross USD 55.9 billion by 2031, Growing at a CAGR of 5.5% Says Transparency Market Research
Transparency Market Research
5 分鐘閱讀時間
Transparency Market Research
Increasing demand for toxicology drug testing in various fields, including healthcare, workplace safety, forensic investigations, sports, addiction treatment, and pharmaceutical research, boost the market demand.
Wilmington, Delaware, United States, Aug. 28, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global toxicology drug testing market is projected to flourish at a CAGR of 5.5% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 55.9 billion is anticipated for the market in 2031. As of 2023, the market for toxicology drug testing is expected to close at US$ 36.5 billion.
Technological advancements in toxicology drug testing, increasing R&D activities in pharmaceutical companies, and rise in demand for toxicology drug testing in pharmaceuticals and biotechnology companies across the globe are key factors driving the toxicology drug testing industry.
The global toxicology drug testing market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global toxicology drug testing market report:
TDAL Labs
Thermo Fisher Scientific Inc.
Abbott
Clinisys, Inc.
Laboratory Corporation of America Holdings
SLUCARE
Icahn School of Medicine at Mount Sinai
Keystone Lab
Shimadzu Scientific Instruments
Ganesh Diagnostic & Imaging Centre Pvt. Ltd.
Other Player
Key Developments in theToxicology Drug Testing Market
TDAL Labs – offer on-site testingandmobile testing throughout New Orleans and much of South Louisiana in addition to lab-based drug or alcohol testing collections at our locally-owned downtown facilities.
Thermo Fisher Scientific developed advanced analytical instruments and technologies for drug testing, offering high sensitivity and accuracy in detecting various drug compounds.The company collaborated with research institutions to develop novel testing methods, including the analysis of designer drugs and emerging substances.
Quest Diagnostics introduced innovative testing solutions, such as oral fluid drug testing, which provides an alternative to urine-based testing and offers faster results. The company emphasized its efforts to enhance the use of data analytics to improve the interpretation of drug test results.
Increase in workplace safety regulation in many industries require drug testing to comply with regulatory standards, especially in safety-sensitive fields such as transportation and manufacturing offer significant opportunities for toxicology drug testing market.
Increasing awareness about the risks of substance abuse and the importance of identifying drug use early contributes to the demand for drug testing. Increasing demand for drug testing at sport organizations implement drug testing to prevent doping and maintain the integrity of competitions, driving demand for testing services.
Key Takeaways from the Market Study
As of 2022, the cell analysis market was valued at US$ 34.7 billion
Based on testing type, the in vitro segment accounted for largest global toxicology drug testing market attributed to rising use of in-vitro toxicology tests
In terms of end-user, the healthcare industry segment is projected to account for the largest global cell analysis market share from 2023 to 2031.
Based on application, the drug development segment dominated the market during the forecast period.
Toxicology Drug Testing Market: Key Trends and Opportunistic Frontiers
Growing adoption of quality check products to prevent product recalls and growing demand for personalized medicine and precision toxicology are estimated to offer significant toxicology drug testing market opportunities during the forecast period.
Increasing technological advances and innovations in drug testing technologies have led to improved accuracy, sensitivity, and efficiency, making testing more accessible and reliable.
North America held a dominant market share of toxicology drug testing in 2022. This is attributed to the rise in demand for toxicological drug screening in pharmaceuticals and biotechnology in the region. The region's well-established healthcare infrastructure, presence of a well-established pharmaceutical industry in the region, the high R&D expenditure, the strong presence of major service providers, and the growing trend of outsourcing analytical testing by pharmaceutical and biopharmaceutical companies drive the market demand.
Asia Pacific is expected to witness market expansion during the forecast period. Incresed spending in healthcare systems and a growing emphasis on workplace safety drive the market in this region. The increasing urbanization, changing lifestyle patterns, and rising substance abuse issues contribute to the demand for toxicology drug testing.
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Nikhil Sawlani Transparency Market Research Inc. CORPORATE HEADQUARTER DOWNTOWN, 1000 N. West Street, Suite 1200, Wilmington, Delaware 19801 USA Tel: +1-518-618-1030 USA – Canada Toll Free: 866-552-3453 Website: https://www.transparencymarketresearch.com Blog: https://tmrblog.com
