(PharmaNewsWire.Com, August 14, 2021 ) According to the new market research report In Vitro Toxicology Testing Market is expected to reach USD 14.9 billion by 2025 from an estimated USD 9.1 billion in 2020, at a CAGR of 10.3%.
The opposition to animal testing, technological advancements, and increasing R&D expenditure to detect toxicity at an early stage during drug development are the primary growth factors for this market. Also, the increasing focus of the pharmaceutical and cosmetics industries on using in vitro methods for product testing along with the improving in silico methods for predictive toxicology studies are expected to offer significant opportunities for market growth in the coming years.
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) are some key players in this market. These companies are focusing on increasing their presence in the high-growth markets through both organic as well as inorganic growth strategies such as product launches, acquisitions, and expansions.
Thermo Fisher Scientific was one of the leading players in the in vitro toxicology testing market in 2019. The company is a global manufacturer of analytical instruments, laboratory equipment, software, consumables, reagents, and services for the in vitro toxicology testing market. Owing to its strong sales and distribution network, the company has a significant global footprint. The company leverages the advantage of three well-established brands—Thermo Scientific, Fisher Scientific, and Unity Lab Services. In February 2014, Thermo Fisher acquired Life Technologies (US), thereby adding another brand name to its business. Under the four brands mentioned above, the company has a very strong product portfolio for instruments, reagents, and services for life science research.
Merck is a leading science and technology company with a strong global presence in more than 120 countries. The company has a portfolio of more than 300,000 life science products that support a broad customer base. Merck majorly focuses on expansions in key geographies in order to increase its customer base. The firm specifically focuses on the high-growth Asia Pacific region to increase its market share and revenue. In the last three years, the firm opened life science centers in China, India, South Korea, and Singapore in order to facilitate the supply of its products in the region. Targeted acquisitions to complement or boost its strengths form another key strategy for the company.
The consumables segment is estimated to account for the largest market share in 2019. The large share of this segment can be attributed to the increasing demand for high-quality reagents and the repeated use of media and reagents in in vitro toxicology studies.
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.
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
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 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.
Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 sales@marketsandmarkets.com
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
