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(IT-NEWSWIRE.COM, April 12, 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%.
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Growth in this market is driven majorly by the technological advancements, opposition to animal testing and increasing R&D expenditure to detect toxicity at an early stage during drug development.
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 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.
In the toxicity endpoints and tests market, the organ toxicity segment is expected to grow at the highest CAGR during the forecast period
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.
COVID-19 Impact on the market
According to our findings, the in vitro toxicology market is expected to grow at an approximately CAGR of 9.0%-11.0% for next two years. According to our analysis, the below factors are playing a key role in shaping the growth of the global market;
The outbreak of COVID-19 has been increasing at an exponential level in the US. This has led to a decline in regular patient visits to hospitals and clinics and has also led to a decline in the number of profiling studies being conducted under normal circumstances. This is expected to inhibit market growth to a certain extent.
With the increase in demand for faster testing and research being conducted in the field, the demand for in vitro toxicology technologies has also increased, especially diagnostic assays and PCR. The FDA has approved various in vitro diagnostic kits such as In vitro diagnostic assays and PCR testing panels and drugs for emergency use in COVID -19 testing and diagnostics.
Due to the rapid spread of COVID-19, the medical supplies and equipment are at the risk of supply shortage, due to the temporary lockdown of manufacturing sites in areas affected by COVID-19 or travel restrictions impacting shipments. Beyond transportation-related delays arising from travel restrictions and some driver shortage issues, COVID-19 hasn’t hugely impacted supplies of raw materials for in vitro toxicology technologies.
The normalization of the global economy will slowly increase the diagnostic procedures kept on hold of or other pipeline drugs, which will, in turn, lead to market growth from the first quarter of 2021.
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).
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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.
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MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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