Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) — The “ADME Toxicology Testing Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global ADME toxicology testing market is set to exhibit remarkable expansion, projected to grow from $8.37 billion in 2022 to an anticipated $14.05 billion by 2027, charting a compound annual growth rate (CAGR) of 10.9%. Advancing technology such as AI-powered platforms is poised to infuse the sector with innovative solutions, evident from recent industry movements and product launches.
Technological Innovation Fuels Market Growth
In the realm of ADME toxicology testing, cutting-edge technological advancements are rapidly gaining traction. A prime example is the introduction of Logica—an advanced AI-based drug development solution—leveraging the computational power of Valo’s Opal Computational Platform, designed to optimize ADME toxicology testing services. Such innovations are propelling market players towards continued success in a competitive landscape.
Strategic Acquisitions to Enhance Service Offerings
Strategic business moves such as BioIVT’s acquisition of XenoTech benefit the market by broadening the scope of service offerings and enhancing accessibility to ADME toxicology testing services across new geographic regions. These strategic initiatives reflect the market’s dynamic nature and the continual quest for service diversification and geographical expansion among industry leaders.
Regional Market Insights
North America stands as the predominant region within the ADME toxicology testing market, denoting its significant market share in 2022. However, Asia-Pacific is foreseen as the fastest-growing region throughout the forecasted period, indicating the emergence of vibrant new markets and opportunities.
The Surge in Novel Drug Development
A key demand driver for ADME toxicology testing stems from the burgeoning need for novel pharmaceuticals. As regulatory authorities like the US Food and Drug Administration approve an increasing number of novel drugs, ADME toxicology testing becomes crucial to ascertain their safety and effectiveness, further catalyzing market growth.
Market Composition and Scope
The ADME toxicology testing market is composed of diverse services that include drug discovery research, gene expression analysis, and preclinical efficacy testing, all contributing to the revenue streams of this sector. Additionally, the market valuation incorporates sales of ADMET predictors and UV spectrophotometers, quintessential in the service delivery of ADME toxicology testing.
Key Market Players
The market is home to major corporations like AbbVie Inc., Thermo Fisher Scientific Inc., and Laboratory Corporation of America Holdings, among others. These companies are instrumental in shaping the future trajectory of the industry, driving innovation and delivering comprehensive ADME toxicology testing solutions.
Comprehensive Market Analysis
This new ADME toxicology testing market research report delivers an all-encompassing view of the sector, providing insights into market size, trends, opportunities, and future projections, crucial for stakeholders and interested parties to make informed decisions in this evolving landscape.
- Robust technological advancements are elevating the ADME toxicology testing market.
- Strategic company acquisitions are strengthening market offerings and reach.
- Americas leading regional market share while Asia-Pacific surges in growth.
- Novel drug development paves the way for increased demand in ADME toxicity testing.
With an informed perspective on the current market status and future industry direction, stakeholders can navigate the complex ADME toxicology testing environment confidently, leveraging market intelligence to harness growth opportunities and foster development.
For more information about this report visit https://www.researchandmarkets.com/r/lpwbfh
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- Global ADME Toxicology Testing Market