The global in-vitro toxicology testing market size is expected to reach USD 26.98 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 11.4% during the forecast period. Technological advancements in computational biology along with introduction of novel efficient algorithms help in conduct of efficient stimulation of in-silico animal models. This, in turn, has significantly curtailed the need for animal models for clinical studies, thereby providing a fillip to the market.
Furthermore, scientists are increasingly engaging in enhancing the efficiency of databases that are designed to catalog vast information for toxicity profiling. This, in turn, is anticipated to create ample growth opportunities for the market during the forecast period.
Growing inclination of government toward non-animal test and consequent establishment of guidelines on the use of alternative test assays for pre-clinical research and toxicology testing is expected to bolster the adoption of in-vitro toxicological tests.
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Further key findings from the report suggest:
- The pharmaceutical and cosmetic industries represented considerable cumulative share in 2016. As toxicological testing is the pre-requisite step in the development of any pharmaceutics as well as cosmetic products, these segment held the largest share
- Cell culture technology is estimated to be the largest segment in terms of revenue owing to integral role of cell culture in clinical studies
- Omics technology is anticipated to exhibit the highest CAGR during the forecast period. Rising awareness regarding the merits of the technology such as high accurate and rapid toxicology assessments is supplementing the growth of the segment
- On the basis of application, cellular assays held the leading share in the market owing to constant development in cell culture techniques
- North America dominated the market in 2016. On the other hand, Asia pacific is expected to register a noteworthy CAGR during the forecast period
- Rapid advancements in health care infrastructure coupled with improving economic conditions in Asian countries are expected to drive the market in APAC
- Some of the key participants in the market are Abbott; Bio-Rad Laboratories; and Thermo Fisher Scientific, Inc. These participants are engaged in collaborations with clinical research organizations and pharmaceutical industry.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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