>
The globalization of chemical trade has prompted expanded concerns in regards to chemical security and hazard evaluation. Organizations participated in the production, appropriation, and utilization of chemicals look for toxicology consulting administrations to guarantee consistency with global guidelines and norms, in this way satisfying market growth.
The fast speed of development in chemical blend and assembling has prompted the rise of new chemical substances with obscure harmfulness profiles. Toxicology consulting firms assume a critical part in surveying the possible wellbeing and natural dangers related with these original chemicals, directing organizations in their protected turn of events and commercialization.
Organizations across different businesses, including drugs, customer merchandise, and horticulture, are progressively focusing on item wellbeing and hazard management. Toxicology consulting administrations assist organizations with surveying the security profile of their items, recognize probable dangers, and foster gamble alleviation systems to guarantee shopper wellbeing and administrative consistency.
The developing intricacy of toxicological appraisals and the rise of new regions, for example, nanotoxicology, endocrine interruption, and chemical options evaluation are driving interest for specific toxicology consulting ability. Consulting firms with different specialized abilities and mastery in specialty regions are strategically set up to gain by this pattern.
The joining of natural toxicology into risk evaluation and management processes is acquiring noticeable quality, driven by developing worries about ecological contamination and biological system wellbeing. Toxicology consulting firms are growing their administration contributions to incorporate natural risk evaluations, biological displaying, and remediation methodologies to address these worries.
Viable correspondence of toxicological dangers to partners, including buyers, administrative organizations, and people in general, is turning out to be progressively significant. Toxicology consulting firms offer gamble correspondence administrations, including creating correspondence methodologies, planning risk correspondence materials, and directing partner commitment exercises to improve honesty and collect trust.
The Toxicology Consulting Market size was valued at USD 13.62 billion in 2022 and is projected to grow from USD 15.67 Billion in 2023 to USD 55.51 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.09% during the forecast period (2023 - 2032). Advancement in toxicology techniques, and growing pharma R&D expenditure are driving the market growth.
Toxicology is distinguished by an advanced understanding of the human biological system and its disorders at the molecular level, while minimizing the risks associated with human and animal investigations. In-vitro and in-silico testing procedures are increasingly being used to replace in-vivo approaches. It also includes experiments on complete living species rather than dead organisms. Furthermore, the necessity to diagnose diseases at the molecular level, as well as screen substances in the pharmaceutical business to uncover biological capabilities with minimal side effects, has rendered the in-vivo method ineffective.
As a result of advancements in different technologies, such as cellular imaging technologies, cell culture technologies, and toxicogenomic for the procedure in a controlled environment, the in-vitro testing approach is evolving. It also contributes to advancements in 3D cell culture technologies, which enable toxicity testing to construct complex models that can replicate in-vivo systems. Hence, advancements in the field of toxicology are positively impacting the growth of the Toxicology Consulting Market during the forecast period.
The U.S. is anticipated to hold a leading position in the North American toxicology laboratories marketplace over the forecast period owing to the existence of established market players. according to Regulatory Affairs Professionals Society (RAPS), 50 novel drugs were approved by Center for Drug Evaluation and Research (CDER) in 2021, among which 38 drugs were approved in the US).
Furthermore, according to the NFLIS-Tox 2021 Survey of Toxicology Laboratories, the data from the national forensic laboratory information system show that 44% of the toxicology labs that responded to the survey were privately owned and run, while 56% of them were government supported (Figure 1). The 115 publicly funded TLs that responded to the study were made up of 46% state toxicology labs and 36% county toxicology labs. The question addressing the primary clients they serve was answered by an additional 84 private TLs. 22 (26%) of them claimed to provide services to patients who were associated with hospitals.
The Market segments of Toxicology Consulting, based on type includes risk mitigation strategy services, forensic investigation services, regulatory advisory services, and litigation support services. The risk mitigation strategy services segment is to hold the majority share in 2022 in the Toxicology Consulting Market revenue. This is due to the approvals of an increased trend of outsourcing, and a rise in pharma R&D expenditure.
April 2019: SLR Consulting (UK) has expanded its risk assessment and toxicology services to the Asia Pacific region. with the introduction of a risk assessment and toxicology team, led by Tarah Hagen. The addition of its risk assessment and toxicology team aligns with the company’s strategy of strengthening and diversifying existing services in other geographies.
The Toxicology Consulting Market segmentation is based on an application that includes pharmaceutical, biotechnology, medical instruments, and others. The pharmaceutical segment dominated the market in 2022 with respect to the Market revenue of Toxicology Consulting. This is due to the use of toxicology testing for analyzing the pharmacokinetic properties of pharmaceutical drugs. As both novel and generic drugs require assays for toxicology testing.
The Market segmentation of Toxicology Consulting is based on an end user that includes pharmaceutical companies, medical device manufacturers, and research institutions. The pharmaceutical companies segment dominated the market in 2022 with respect to the Toxicology Consulting Market revenue. This is due to the use of toxicology testing for analyzing the pharmacokinetic properties of pharmaceutical drugs and rising design, implementation, and management of nonclinical testing programs. As both novel and generic drugs require assays for toxicology testing.
Figure 2: Toxicology Consulting Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. North America toxicology consulting held the largest market share in 2022. This is attributed to the rising government funding for research of therapeutics and increased healthcare expenditure. Further, the major countries studied are the US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil. Increasing demand for quality medical healthcare is expected to fuel regional market growth.
Figure 3: TOXICOLOGY CONSULTING MARKET SHARE BY REGION 2022 & 2032
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe toxicology consulting market accounts for the second-largest market share due to the strong regulatory framework for approval has increased the demand as well as the adoption of in-vitro testing methods in this region’s market. Further, the Germany market of toxicology consulting held the largest market share, and the UK market of toxicology consulting was the fastest-growing market in the European region.
The Asia-Pacific toxicology consulting market is expected to grow at a significant growth rate during the forecast period. This is due to rapid economic development in the region, and the growth and modernization of healthcare are some of the factors contributing to the growth of the Asia-Pacific regional market. In addition, rapid economic development and increasing government healthcare investments are projected to attract foreign investments in this region. Moreover, the China market of toxicology consulting held the largest market share, and the India market of toxicology consulting was the fastest-growing market in the Asia-Pacific region. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2023–2032.
The market of Toxicology Consulting is characterized by the presence of many global, regional, and local vendors catering to the demand created by research scientists and pharmaceutical and biotechnology companies operating in the industry. The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have reached across the globe with diverse product portfolios.
Companies such as Evalueserve (Switzerland), Gad Consulting (US), InterBioTox (Slovakia), and Intertek (UK) dominate the market of Toxicology Consulting due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are focused on investing in extensive research and development as well. Furthermore, they adopt strategic growth initiatives, such as expansion, product launches, joint ventures, and partnerships, to strengthen their market position and capture a large customer base.
Intertek (UK) is a global provider of total quality assurance. It offers cutting-edge and customized assurance, testing, inspection, and certification solutions for our customers' supply chains and operations. The business has a network of more than a thousand laboratories and offices spread over more than a hundred nations. A crucial component of the FTSE 100 corporation Intertek Group, Intertek UK & Ireland employs over 2,000 scientists, engineers, and technicians across 59 labs and sites around the UK.
The business provides services to major UK supermarkets, home appliance manufacturers, oil and gas companies, and UK government agencies. It operates across North and South America, Asia, the Pacific, Europe, the Middle East, and Africa. In May 2019, Intertek expands pharmaceutical toxicology facility services as global demand increases for specialist inhalation and nasal product development for biologics. The facility will provide a dedicated laboratory space focused on formulation development of inhaled biologics to meet increasing demand from clients globally.
Key Companies in the Market of Toxicology Consulting Include
Toxicology Consulting Industry Developments
April 2019: J.S. Held expanded EH&S and Forensic Engineering Practices with the Purchase of GT Engineering & Veritox, Inc. (US) By bringing on PhD toxicologists and industrial hygienists, material scientists, and engineers, the expansion strengthens one of its fundamental tenets of offering top-notch technical competence.
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)