Rising Drug Discovery and Development and Growing Number of Well-established Companies Is Anticipated to Drive Inhalation Toxicology Testing Services Market During the Forecast Period 2021-2026

Rising drug discovery and development and growing number of well-established companies is a vital factor driving the Inhalation Toxicology Testing Services Market in the upcoming years. Moreover, 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 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 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 are defined as a process of finding the negative impact on the regular biological functions of an organism. Inhalation toxicology is greatly influenced by increasing commercialisation of systems for exposure, containment and dosimetry. 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.

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.  On the other hand, Asia-Pacific is projected to be the significant-growing market 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.

On the basis of 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. On the other hand, silico method is the fastest growing segment as 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.   

On the basis of Industry, Pharmaceutical & Biotechnology segment registers for the highest Inhalation Toxicology Testing Services market share in 2020. This is mainly owing to rising expenditure on research and development activities, growing preference towards outsourcing preclinical studies to contract research organizations that helped industries to manage their cost on research and development activities and on the other hand, Cosmetic segment is forecasted to register the fastest growing segment. 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.

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 number of companies involved in new drug discovery and development activities is a major factor driving the market growth. Moreover, rising demand for the detection of toxicity of products during their initial stages of development and rise in research and development expenditure which further boosting the growth of Inhalation Toxicology Testing Services Market over the period 2021-2026.

In 23 June 2021, CellLink approved in vitro method for toxicology testing which in turn driving the growth of Inhalation Toxicology Testing Services Market.

The major companies in Inhalation Toxicology Testing Services market include 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. Growing research and development activities among players are increasing the growth of Inhalation Toxicology Testing Services Market.