(IT-NEWSWIRE.COM, October 21, 2022 ) Major Growth Driving Factors:
The major factors driving the growth of In Vitro Toxicology Testing Market are the technological advancements, opposition to animal testing, and increasing R&D expenditure to detect toxicity at an early stage during drug development are the primary growth drivers for this market.
Projected Surge in Revenue:
The global in vitro toxicology testing market is expected to reach USD 18.6 billion by 2027 from an estimated USD 11.2 billion in 2022, at a CAGR of 10.8%.
Impact of COVID19 on Global Industry Growth:
Due to covid-19 outbreak it is expected to propel the in vitro toxicology research field in the coming years. On the other hand, estimation of the major share of diagnostic assays and molecular testing of Covid-19, along with personalized medicine will grow at a stable pace in the coming years. There is a huge increase of manufacturers that have taken key steps to increase patient access for diagnostic testing, vaccine and drug development in laboratories, hospitals, and other testing sites across the globe to guide patient care and protect public health.
By product and service, the consumables segment is expected to account for the largest share of the in vitro toxicology testing market
The consumables segment is estimated to account for the largest market share in 2021. Due to the increasing demand for high-quality reagents and the repeated use of media and reagents in vitro toxicology studies, the segment is attributed to grow.
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During the forecast period in the toxicity endpoints and tests market, the organ toxicity segment is expected to grow at the highest in the market.
During the forecast period the organ toxicity segment is expected to grow at the highest in the market. Primary factors responsible for the growth in this segment are the increasing focus on drug safety and consumer-product safety.
Based on the technologies used in the in vitro toxicology testing, the cell culture technologies segment is expected to account for the largest share of the in vitro toxicology testing market
In 2021, the cell culture technologies segment is estimated to account for the largest market share. The cell culture technologies technique is the most preferred technique for toxicity testing, being capable of mimicking in vivo conditions and this the main reason that it will drive the largest market share.
Geographical Growth Dynamics:
Asia Pacific is estimated to be the fastest-growing market for in vitro toxicology testing during the forecast period
The APAC market is projected to register the highest growth during the forecast period. Factors such as, opposition to animal testing resulting in the use of alternate methods, emergence of CROs for outsourcing toxicology-related research projects, growing consumer awareness of product safety, and increasing pharmaceutical drug pipeline, are some of the key factors driving the growth of the in vitro toxicology testing market in the APAC.
Global Leading Companies:
The prominent players in the in vitro toxicology testing market include Thermo fisher Scientific, Inc. (US), Laboratory Corporation of America Holdings (US), Bio-Rad Laboratories, Inc. (US), General Electric Company (US), Eurofins Scientific (Luxembourg), Merck KGaA (Germany), Charles River Laboratories International, Inc. (US), Catalent, Inc. (US), Evotec (UK), SGS S.A. (Switzerland), QIAGEN (Germany), Promega Corporation (US), Gentronix Limited (UK), BioIVT (US), and MB Research Laboratories (US).
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Mr. Aashish Mehra