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Inhalation Toxicology Testing Services Market Size Estimated to Reach $15,500 Million by 2026

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Inhalation Toxicology Testing Services Market Size Estimated to Reach $15,500 Million by 2026

September 27
13:02 2021
Inhalation Toxicology Testing Services Market Size Estimated to Reach $15,500 Million by 2026
Inhalation Toxicology Testing Services Market
Growing Number of Well-established Companies and Rising Drug Discovery and Development Is the Major Factor Driving the Growth of Inhalation Toxicology Testing Services Market

Inhalation Toxicology Testing Services Market size is estimated to reach $15,500 million by 2026, growing at a CAGR of 6.1% over 2021-2026. Inhalation toxicology refers to the adverse toxic effects that is caused by accidental exposure to contaminants or chemicals and are considered as the major contributors to human lung or airway health problems. Inhalation toxicology is difficult as it requires special equipment that allows quantitative dosing of chemicals. Inhalation toxicology testing also known as safety assessment and is a process of finding the negative impact on the regular biological functions of an organism. Inhalation toxicology is greatly influenced by increasing commercialization of systems for exposure, containment and dosimetry. Growing number of well-established companies and rising drug discovery and development is the major factor driving the growth of Inhalation Toxicology Testing Services Market. Furthermore, increasing awareness among the consumers regarding toxicity caused by various chemicals, and changing regulatory requirements of the government agencies is set to further enhance the overall market demand for Inhalation Toxicology Testing Services Market for the period 2021-2026.

Inhalation Toxicology Testing Services Market Segment Analysis – By Method

The Inhalation Toxicology Testing Services Market based on Method can be further segmented into In Vivo Method, In Vitro Method, and In Silico Method. The In Vitro Method segment is the major segment generating revenue in 2020. This is mainly owing to the fact that in vitro provides new substances to mammalian cells by using monolayer 2D or biomimetic 3D structures and also provides easy way of performing and predicting major metabolic reactions in laboratory. Moreover, in vitro provides a large number of technical advantages of testing substances on animal models that can be done in low cost and thus increases the demand of in vitro method segment. The Silico Method segment is estimated to register the fastest CAGR of 7.5% for the period 2021-2026. Silico method can analysed more data at one time and also reducing the chance of research error from researchers. Moreover, it has ability to deal with complex situations with computer, provides a transparent way of handling results and are less expensive which in turn boosting the growth of Inhalation Toxicology Testing Services Market.

Inhalation Toxicology Testing Services Market Segment Analysis – By Industry

The Inhalation Toxicology Testing Services Market based on Industry can be further segmented into Pharmaceutical & Biotechnology, Cosmetic, Chemical, Medical Devices, and Other. The Pharmaceutical & Biotechnology segment registers for the highest Inhalation Toxicology Testing Services market share in 2020. This is mostly due to rising research and development expenditures, as well as a growing tendency for outsourcing preclinical studies to contract research firms, which has helped industries control their R&D costs. The Cosmetic segment is forecasted to register the fastest CAGR of 8.1% over 2021-2026. This is mainly owing to rising consumer awareness regarding the safety related to the use of cosmetic products increases the use of inhalation toxicology testing services in cosmetics and are thus propelling the growth of Inhalation Toxicology Testing Services Market.

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Inhalation Toxicology Testing Services Market Segment Analysis – By Geography

North America dominated the Inhalation Toxicology Testing Services Market with major share of 45% in 2020. This is owing to rising healthcare expenditure, growing development in pharmaceutical industry and presence of large number of players. Moreover, stringent regulation regarding safety assessment of chemicals and medical devices which in turn driving the market growth.

However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 3.05% during the forecast period 2021-2026 owing to strict regulations by the government bodies to assess the safety of chemical substances that are further enhancing the market growth.

Inhalation Toxicology Testing Services Market Drivers

Growing Number of Well-Established Companies

Rising number of well-established companies increases the growth of Inhalation Toxicology Testing Services Market. Moreover, growing number of partnerships and collaborations helps to offer superior quality of services regarding inhalation toxicology testing with the help of various research and development. Furthermore, companies are also focusing on the development of Inhalation toxicology testing by providing a wide variety of volatile chemical ingredients, from fragrance ingredients for cosmetics through to volatile adhesives, fuels and other industrial chemicals, environmental pollutants, tobacco smoke, e-cigarette products and nanoparticles and therefore rising the growth of the Inhalation Toxicology Testing Services Market over the period 2021-2026.

Rising Drug Discovery and Development

Rising number of companies involved in new drug discovery and development activities is a major factor driving the market growth. Furthermore, increased demand for the identification of toxicity of goods during their early phases of development, as well as an increase in research and development spending, will fuel the expansion of the Inhalation Toxicology Testing Services Market from 2021 to 2026.

COVID Impact:

COVID-19 pandemic had greatly impacted the growth of Inhalation Toxicology Testing Services Market. Recently, researchers are focusing on developing toxicology test models that helps to detect toxicity which increases the demand of inhalation toxicology during pandemic and are positively impacted the growth of Inhalation Toxicology Testing Services Market.

Inhalation Toxicology Testing Services Market Challenges

High Cost Associated with Inhalation toxicology testing

The factors that is set to impede the growth of the Inhalation Toxicology Testing Services Market are the high cost of inhalation toxicology testing that is set to create hurdles for the Inhalation Toxicology Testing Services Market.

Inhalation Toxicology Testing Services Landscape

Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Inhalation Toxicology Testing Services Market. Inhalation Toxicology Testing Services top 10 companies are Laboratory Corporation of America Holdings, Charles River Laboratories, Inc., Eurofins Scientific, Bureau Veritas, Envigo, Evotec AG, Merck KGaA, SGS Group, Pharmaceutical Product Development, LLC (PPD), and WuXi AppTec.

Development

In June 2021, CellLink approved in vitro method for toxicology testing which in turn driving the growth of Inhalation Toxicology Testing Services Market.

Key Takeaways

In 2020, North America dominated the Inhalation Toxicology Testing Services Market owing to rising healthcare expenditure, growing development in pharmaceutical industry and presence of large number of players. Moreover, stringent regulation regarding safety assessment of chemicals and medical devices are driving the market growth.

Growing number of well-established companies and rising drug discovery and development are enhancing the growth of the Inhalation Toxicology Testing Services Market.

Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Inhalation Toxicology Testing Services Market report.

High cost associated with inhalation toxicology is set to create hurdles for the Inhalation Toxicology Testing Services Market.

Related Reports:

A. Biotechnology Market

https://www.industryarc.com/Report/18388/biotechnology-market.html

B. In Vitro Toxicology Market

https://www.industryarc.com/Report/15485/in-vitro-toxicology-market.html

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