In vitro toxicology and toxicity testing market to exhibit CAGR of 9.3 percent
The worldwide market for in vitro toxicology and toxicity testing is predicted to be worth $12.7 billion by the end of the forecast period.
A report has revealed that the global in vitro toxicology and toxicity testing market will increase at a CAGR of 9.3 percent in the forecast period 2019 to 2024.
The research, conducted by MarketsandMarkets, revealed that this year the market was valued at $8.1 billion but by the end of the forecast period it is predicted to be worth $12.7 billion.
According to the report, the major factors driving the growth of the industry are the opposition to animal testing, technological advancements and increasing R&D expenditure to detect toxicity at an early stage during drug development.
Asia Pacific is expected to be the fastest growing market during the forecast period, with the emergence of Contract Research Organisations (CROs) for outsourcing toxicity-related research projects being one of the key factors driving this growth.
Within the in vitro toxicity testing market, the consumables segment is projected to account for the largest share. This can be attributed to the increasing demand for high-quality reagents and the repeated use of media and reagents in studies.
Asia Pacific is expected to be the fastest growing market during the forecast period”
For the in vitro toxicology market, the cell culture segment is predicated to account for the largest portion, because it is considered as the preferred technique for toxicity testing, able to mimic in vivo conditions.
Some of the key players listed by the report in this market include Thermo Fisher Scientific, Catalent and Merck.