Technological Advancements in In Vitro Toxicology Testing Market and Business Developments
Market growth influenced due to following factors-
- Growth of this in vitro toxicity testing market are the opposition to animal testing.
- Technological advancements, and increasing R&D expenditure to detect toxicity at an early stage during drug development.
Global market size-
According to the new market research report In Vitro Toxicology Testing Market is expected to reach $14.9 billion by 2025, at a CAGR of 10.3%.
The prominent players in the in vitro toxicology testing market include Thermo Fisher Scientific Inc. (US), Covance (US), Bio-Rad Laboratories, Inc. (US), GE Healthcare (US), Eurofins Scientific SE (Luxembourg), Merck KGaA (Germany), Charles River Laboratories International, Inc. (US), Catalent, Inc. (US), Cyprotex(UK), SGS S.A. (Switzerland), QIAGEN N.V. (Germany), Promega Corporation (US), Gentronix Limited (UK), BioIVT (US), and MB Research Laboratories (US).
Top Market Segments-
The cell culture technologies segment is estimated to account for the largest market share in 2018. The large share of this segment can be attributed to the fact that it is the most preferred technique for toxicity testing, being capable of mimicking in vivo conditions.
The organ toxicity segment is expected to grow at the highest CAGR during the forecast period. The growth in this segment can be attributed to factors such as the increasing focus on drug safety and consumer-product safety, along with the need to screen potential drug targets during the early stage of drug development.
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Geographic Overview -
The APAC in vitro toxicology testing market is projected to register the highest growth during the forecast period. Factors such as emergence of CROs for outsourcing toxicology-related research projects, opposition to animal testing resulting in the use of alternate methods, increasing pharmaceutical drug pipeline, and growing consumer awareness of product safety are some of the key factors driving the growth of the market in the APAC.