London, March 21, 2024 (GLOBE NEWSWIRE) -- The North American toxicology laboratories market is poised for a decade of impressive expansion, with a projected CAGR of 10.4% by 2030. This growth is fueled by a multitude of factors, including rising demand for rapid screening technologies, robust regulatory frameworks, and thriving pharmaceutical and chemical sectors.
The market size of toxicology laboratories in North America is projected to surge from US$255.2 Mn recorded in 2023 to US$511.2 Mn by 2030-end. A recently released report of Fairfield Market Research provides an in-depth analysis of this market to reveal some groundbreaking insights. Technological advancements like high-throughput screening are driving innovation, says the report.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$255.2 Mn | |
| Estimated Market Size in 2030 | US$511.2 Mn | |
| CAGR | 10.4% | |
| Growth Drivers |
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| Segmentation |
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"The growing emphasis on personalised medicine, and the increasing demand for rapid and sophisticated toxicology testing methods are creating fertile ground for innovation in the North American toxicology laboratories market," says the analyst at the company, adding further, "The dominance of the US in this market is likely to continue due to its commitment to cutting-edge R&D in the field of toxicology".
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/north-america-toxicology-laboratories-market
Key Research Insights
- Amphetamine drug class, and immunoassay kits are the leading market segments.
- Mounting government spending on toxicity testing is a major highlight of the report. Increased government funding to combat illegal drug consumption presents lucrative growth opportunities for market players.
- The US is foreseen to be the pre-eminent market in the region’s toxicology laboratories.
Insights into Segmentation Analysis
Amphetamines Lead the Way by Drug Class
The amphetamines drug class is anticipated to witness the fastest growth due to its diverse applications in treating ADHD, narcolepsy, and other conditions.
This segment, encompassing medications like Adderall, and Ritalin, is experiencing a surge in demand due to its diverse applications in treating ADHD and other conditions.
Cocaine, and opioids are also expected to hold significant market shares.
Sales of Immunoassay Kits Dominant
The reagent and kits segment, driven by the dominance of immunoassay kits, is projected to maintain its leading position. However, instruments like GC-MS are likely to experience significant growth due to their efficiency and affordability.
These kits are the most sought-after reagent and kit type, offering high sensitivity, specificity, and convenience for detecting a wide range of toxic substances.
Pharma and Biotech Provide the Largest Application Area
The pharmaceuticals and biotechnology industries are expected to be the primary users of toxicology testing services.
However, the growing focus on environmental safety and food security will drive demand from these sectors as well.
Demand Grows Maximum in Hospitals and Diagnostic Labs
Hospitals and diagnostic laboratories will remain the largest consumers of toxicology testing services due to the rising prevalence of chronic diseases, and the need for regular patient monitoring.
However, research organisations and forensic laboratories will also contribute significantly to market growth.
The rising prevalence of chronic diseases, accidents, and poisoning cases is driving the demand for toxicology testing services in these institutions.
Key Report Highlights
- In line with the growing focus on advanced technologies, high-throughput screening (HTS) is revolutionising the market by enabling rapid screening of numerous compounds for toxicity.
- Integration of informatics and data solutions has been on the rise. Secure storage, and analysis of confidential test results through mass spectral databases are becoming increasingly crucial.
- Outsourcing of toxicology testing has emerged as a major market trend. Businesses are increasingly outsourcing their toxicology testing needs to access expertise and advanced technology without substantial capital expenditure.
The Primacy of the US Prevails
The North American toxicology laboratories market is experiencing significant growth due to several key drivers. Stringent regulations surrounding environmental contaminants, food safety, and pharmaceutical development are mandating rigorous testing across various industries.
Advancements in mass spectrometry, genomics, and bioinformatics are enabling more sophisticated and precise toxicology testing, leading to earlier detection of potential hazards.
The US is expected to remain the dominant market due to its advanced research infrastructure, stringent regulatory frameworks, and a thriving pharmaceutical and chemical sector.
Canada's focus on food safety and environmental regulations will contribute to steady market growth. Growing government funding for healthcare and research activities will further propel the market forward.
Key Market Companies in North America’s Toxicology Laboratories Sector
- Neogen Corporation
- Danaher Corporation
- Agilent Technologies Inc.
- Bio-Rad Laboratories, Inc.
- Thermo Fisher Scientific Inc.
- Abbott (Alere, Inc.)
- Redwood Toxicology Laboratory
North America Toxicology Laboratories Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Drug Class, By Product Type, By Sample, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/north-america-toxicology-laboratories-market
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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