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.
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Competitive Landscape
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 the Toxicology Drug Testing Market
- TDAL Labs – offer on-site testing and mobile 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.
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Toxicology Drug Testing Market- Regional Analysis
- 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.
Toxicology Drug Testing Market – Key Segments
Testing Type
- In Vitro
- In Vivo
- In Silico
Testing Method
- Mass Spectrometry Imaging
- Electron microscopy
- Fluorescence labeling
- Immunohistochemistry
- Others
Application
- Drug Development
- Substance Abuse and Addiction
- Therapeutic Drug Monitoring
- Others
End-user
- Cosmetics Industry
- Healthcare Industry
- Hospital and Clinics
- Diagnostic Laboratories
- Pharmaceutical & Biotechnology Companies
- Others (Forensic Laboratories, Rehabilitation Centers, etc.)
- Food Industry
- Chemicals Industry
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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