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Global ADME Toxicology Testing Market Insights and Forecast 2024
Global ADME Toxicology Testing Market
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According to The Business Research Company's, The adme toxicology testing market size has grown rapidly in recent years. It will grow from $9.3 billion in 2023 to $10.34 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to stringent regulatory requirements, rising drug development activities, growing concerns about drug safety, advancements in in vitro testing methods, increased outsourcing of toxicology studies..
The adme toxicology testing market size is expected to see rapid growth in the next few years. It will grow to $15.77 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to rapid expansion of biopharmaceuticals, growing emphasis on personalized medicine, emergence of advanced therapies, enhanced predictive toxicology models, global increase in chemical safety testing.. Major trends in the forecast period include expansion of biomarker applications, integration of multi-omics data, regulatory emphasis on in vitro testing, collaborations and partnerships, continuous advancements in technology..
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Market Drivers and Trends:
The rising demand for novel drugs is expected to propel the growth of the ADME toxicology testing market going forward. Novel drugs are pharmaceutical substances that have not been previously approved or marketed for therapeutic use. ADME toxicity testing is a major step in drug development to ensure that the novel drug is safe and doesn't produce any harmful toxins in the body. For instance, according to the US Food and Drug Administration, a US-based health regulatory authority approved 53 novel drugs in 2022, compared to 50 drugs in the previous year. Therefore, the rising demand for novel drugs is driving the growth of the ADME toxicology testing market.
Technological advancements are a key trend gaining popularity in the ADME toxicology testing market. Major companies operating in the ADME toxicology testing market are introducing innovative assay solutions based on advanced technologies such as Logica to sustain their position in the market. For instance, in April 2022, Charles River Laboratories International Inc., a US-based pharmaceutical company, and Valo Health Inc., a US-based AI-health solution company, launched Logica, an AI-based drug development solution. The new solution leverages Valo's AI-powered Opal Computational Platform to provide users with ADME toxicology testing services and other drug delivery solutions.
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Major Key Players of the Market:
AbbVie Inc., Thermo Fisher Scientific Inc., Boehringer Ingelheim GmbH, Laboratory Corporation of America Holdings, Corning Incorporated, Eurofins Scientific SE, Agilent Technologies Inc., Lonza Group AG, Dassault Systèmes SE, Catalent Inc., Charles River Laboratories International Inc., Beckman Coulter Inc., PerkinElmer Inc., Bio-Rad Laboratories Inc., Curia Global Inc, Promega Corporation, Takara Bio Inc, AB Sciex LLC, QPS Holdings LLC, Simulations Plus Inc., Cyprotex, XenoTech LLC, BioIVT LLC, Absorption Systems, Creative Bioarray, SOLVO Biotechnology Rt., Creative Biolabs Inc, Gentronix Limited, Admecell Inc., Molecular Discovery Ltd.
ADME Toxicology Testing Market 2024 Key Insights:
• The adme toxicology testing market size is expected to see rapid growth in the next few years. It will grow to $15.77 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%.
• Surge In Demand For Novel Drugs Propels Growth In The Adme Toxicology Testing Market
• Charles River Laboratories And Valo Health Unveil Logica, An Ai-Based Advancement In Adme Toxicology Testing
• North America was the largest region in the ADME toxicology testing market in 2023
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