New York, May 09, 2023 (GLOBE NEWSWIRE) -- According to a report published by Next Move Strategy Consulting, the Early Toxicity Testing Market generated USD 8.92 billion in 2022, and is projected to garner USD 14.39 billion by 2030, at a CAGR of 5.3% from 2023 to 2030.
The research offers a detailed analysis of the drivers, restraints, and opportunities that are prevalent in the market to outline changing market dynamics. Moreover, the research provides an extensive analysis of major segments and their sub-segments to identify the fastest-growing and highest revenue-generating segments.
With a comprehensive analysis of the market across 306 pages, accompanied by 235 tables and 185 figures, this report will serve as a source of guidance for market players, investors, and startups as they devise strategies for sustainable growth over the next few years.
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| Report Coverage | Details |
| Forecast Period | 2023–2030 |
| Base Year | 2022 |
| Market Size in 2022 | USD 8.92 Billion |
| Market Size in 2030 | USD 14.39 Billion |
| CAGR | 5.3% |
| No. of Pages | 306 |
| Tables | 235 |
| Figures | 185 |
| Segments Covered | Technique, Toxicity Endpoint, End User, and Region |
| Drivers | Growth in pharmaceutical & biotechnology R&D activities |
| Rising demand for food processing as well as concerns related to its safety | |
| Growing consumer awareness about hazardous cosmetic products | |
| Opportunities | The introduction of 3D cell culture and bioinformatics |
The report identifies driving factors, restraining factors, and opportunities in the market. The global early toxicity testing market is growing due to chronic diseases being on the rise and heavy investment in R&D activities by pharmaceutical and biotech companies to develop new drugs and therapies. However, early expensive toxicity testing methods, especially for large-scale studies with various organisms and endpoints, hinders the market growth.
Identifying the opportunities that leading players can leverage to increase their market share, Next Move Strategy Consulting’s Lead Analyst for Biotechnology and Diagnostics commented, “The introduction of 3D cell culture and bioinformatics has created an opportunity in drug development and toxicity testing. 3D cell culture provides a more accurate environment for drug testing, while bioinformatics allows for the analysis of large datasets. These technologies can lead to the development of safer and more effective treatments and more efficient drug development process than before.”
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Based on region, Asia-Pacific accounted for the highest share in 2022, and is expected to remain dominant throughout the forecast period. This is attributed to factors such as focus on R&D activities by countries including Japan, South Korea, and Australia. The rapid growth of drug development by pharmaceutical and biotech companies in the region is driving the early toxicity testing market. As of 2021, the Korea Drug Development Fund reported 559 new pipelines being developed by domestic companies for various therapeutic areas, including oncology, rare diseases, and infectious diseases. Such factors drive the growth of the market.
On the other hand, North America is estimated to witness substantial growth during the forecast period, due to factors such as the presence of prominent companies such as Danaher Corporation, Charles River Laboratories, and Thermo Fisher Scientific, Inc. in the region. Additionally, the region has a large number of contract research organizations (CROs), particularly in the U.S., providing outsourced research services to pharmaceutical and biotech firms for their drug development programs.
The study analyzes each region and its countries by segments and their sub-segments to outline the steps to be taken by market players to consolidate their presence in the early toxicity testing industry. Furthermore, this analysis helps determine the fastest-growing segments and the highest-revenue-generating segments to take the next step accordingly.
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The report offers an extensive analysis of the competitive landscape of the global early toxicity testing market. Some of the major market players in the early toxicity testing market are Eurofins Scientific, Wuxi Apptec, Danaher Corporation, Thermo Fisher Scientific, Inc., Perkinelmer, Inc., Charles River Laboratories, Bio-Rad Laboratories, Inc., Labcorp Drug Development, Agilent Technologies, Inc., Evotec AG, and others.
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