Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Toxicology Drug Screening Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global toxicology drug screening market is set to experience robust growth, with a projected Compound Annual Growth Rate (CAGR) of 8.77% from 2023 to 2028, increasing its valuation from USD 13.34 billion to USD 20.31 billion.
This significant advancement is driven by the mounting demand for new drug development, as chronic disease prevalence accelerates alongside substantial investments in research and development. Rising chronic conditions, specifically cancer and cardiovascular diseases, are spurring a relentless search for effective treatments, reflected in the substantial increase in R&D expenditure. Organizations within the pharmaceutical space are channeling their resources into developing new drugs and therapeutics, in turn boosting the need for toxicology drug screening across the industry. Technological strides are transforming toxicity screening methods, with advancements in biotechnology expanding the applications of toxicity testing.
The biopharmaceutical sector is leading R&D spending, outpacing other major industries, according to a 2021 report from the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA). With an emphasis on safety and efficiency, the surge in R&D expenditure is a powerful growth catalyst for the toxicology drug screening market. Innovations, such as the launch of organ-on-a-chip kits for drug efficacy and safety toxicology by key market players, are expected to propel the market's growth further. These technological developments enable researchers to mimic human physiological responses to drug compounds, enhancing insights into drug safety and efficacy.
In Silico Drug Screening Segment to Experience Accelerated Growth
The in-silico segment of the toxicology drug screening market is estimated to showcase significant growth as it becomes an integral component in vaccine and drug development. These computer-aided techniques are crucial for evaluating the safety and efficacy profiles of therapeutics, steering the drug discovery process toward more efficient and accurate outcomes.
North America Dominates the Toxicology Drug Screening Landscape
North America holds a substantial market share in the toxicology drug screening arena, with expectations to maintain its lead throughout the forecast period. This dominance is supported by an established pharmaceutical industry, high R&D spending, and a trend toward the outsourcing of analytical testing. The concentration of major service providers and a commitment to innovation further amplify the region's stake in the global market.
- Increased pharmaceutical spending as a percentage of GDP in the United States, Canada, and Mexico
- Robust pharmaceutical R&D activities leading to frequent drug approvals
- A competitive market landscape with key players such as Agilent Technologies Inc., Bio-Rad Laboratories Inc., and Thermo Fisher Scientific Inc.
With the convergence of increasing disease incidence, technological innovation, and strategic advancements, the toxicology drug screening market is well-positioned to scale new heights in the coming years. The necessity to ensure the safety of novel therapeutics continues to underpin the market's expansion, addressing global health challenges with greater precision and assurance. For further insights into the dynamics shaping the toxicology drug screening industry, the comprehensive analysis and data provided in this new research publication offer essential reading for interested stakeholders.
A selection of companies mentioned in this report includes
- Agilent Technologies Inc.
- Bio-Rad Laboratories Inc.
- BioReliance Inc. (Merck)
- Charles River Laboratories International Inc.
- Enzo Life Sciences Inc.
- Eurofins Scientific
- Danaher
- Laboratory Corporation of America Holdings
- Promega Corporation
- The Jackson Laboratory
- Thermo Fisher Scientific Inc.
- Wuxi AppTec
For more information about this report visit https://www.researchandmarkets.com/r/vqy63w
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