Market Research Future (MRFR) has published on the “Global Toxicology Consulting Market”.
The toxicology consulting market is estimated to register a CAGR of 15.09% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global toxicology consulting market— Evalueserve (Switzerland), Gad Consulting (US), InterBioTox (Slovakia), Intertek (UK), JS Held (US), PinPoint Testing, LLC (US), Sharp HealthCare (US), SLR Consulting (UK), ToxServices (US), and CTEH (US).
The global toxicology consulting market is accounted to register a CAGR of 15.09% during the forecast period and is estimated to reach USD 55.51 billion by 2032.
The global toxicology consulting market is driven by several factors such as growing pharma R&D expenditure, advancement in toxicology techniques, and increasing trend of outsourcing. They also use regulatory thinking through next-generation methodologies such as proprietary digital information tools, to provide information and insights into chemical domain for specific product areas. Therefore, investments in toxicology consulting have been encouraged by developments in healthcare infrastructure. In addition, it is mainly in developing nations that the number of medical schools has been rising. However, a lack of skilled personnel is anticipated to hamper market growth.
The global toxicology consulting market has been segmented based on type, application, and end user.
On the basis of type, the market is segmented into risk mitigation strategy services, forensic investigation services, regulatory advisory services, litigation support services. The risk mitigation strategy services segment was attributed to holding the largest market share in 2022. The risk mitigation strategy services segment was attributed to holding the largest market share in 2022 as estimated by MRFR analysts. This is due to the increased trend of outsourcing.
Further, we estimate that the market segment will continue to pool in the largest chunk of revenue during the forecast period. It has been identified that the segment market yet witnesses continuous innovations and movements in terms of new product launches.
Based on application, the market has been segmented into pharmaceutical, biotechnology, medical instruments, and others. The pharmaceutical held the largest segment in 2022. It is attributed due to high use of toxicology testing for analyzing the pharmacokinetic properties of pharmaceutical drug.
On the basis of the end user, the market is segmented into pharmaceutical companies, medical device manufacturers, and research institutions. The pharmaceutical company’s segment is projected to have the largest market share during the forecast period.
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The global toxicology consulting market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of US and Canada. The Europe toxicology consulting market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The toxicology consulting market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the world toxicology consulting market comprises of Middle East, Africa, and Latin America.
The rising government funding for research of therapeutics, are boosting the growth of the North American region.
Moreover, the Europe market has been persistently growing owing to the increasing strong regulatory framework in the region.
Additionally, market factors, such as large population and rapid economic development in the region in the Asia-Pacific region are driving the region’s growth. Furthermore, key player initiatives expanding their operations in the region are also boosting market growth.
Furthermore, the rest of the world toxicology consulting market is divided into the Middle East, Africa, and Latin America. The market's growth in the Rest of the World is slower than in the other regions due to poorer economies and a lack of skilled personnel. However, government initiatives to develop the healthcare infrastructure and bring in new technologies are expected to drive market growth.
Key Findings of the Study