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(IT-NEWSWIRE.COM, March 05, 2021 ) According to research report the in vitro toxicology testing market size is projected to reach USD 12.7 billion by 2024 from USD 8.1 billion in 2019, growing at a CAGR of 9.3%.
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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.
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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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Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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