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(IT-NEWSWIRE.COM, February 09, 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 improvement in silico methods for predictive toxicology studies are expected to offer significant opportunities for market growth in the coming years.
Opportunity: Increasing focus on drug discovery and personalized medicine using in vitro methods
Over the years, there has been a certain decline in the pharmaceutical industry’s productivity due to growing development costs and the decreasing profitability of new medical entities launched. One of the highest challenges faced by the pharmaceutical industry today is the failure of promising new drug candidates due to adverse effects revealed during preclinical animal safety studies and clinical trials. The development of methods to show or predict efficacy and toxicity in humans, before drugs move to clinical trials, could greatly help lower the failure rate of new medications.
Challenge; Derth of skilled professionals
IVT comprises sophisticated methods to study biological entities within a laboratory setup. It involves labor-intensive methods to perform experiments and requires skilled professionals such as researchers and technicians to set up and run tests and trials, make observations, obtain results, and analyze data. A lack of knowledge about the underlying scientific principles and the right choice of technique may result in numerous direct and indirect expenses and, thereby, increase the workload and time pressure on researchers and service providers. Thus, there is a need for highly skilled personnel for method development, validation, operation, and troubleshooting activities
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 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 2018. 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.
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 to increase its customer base. The firm focuses explicitly on the high-growth Asia Pacific region to increase its market share and revenue.
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Eurofins Scientific is a key competitor in the in-vitro toxicology testing market, offering a unique range of analytical testing products and services. The company has an elaborate service portfolio and a strong product profile in ADME testing. It offers over 100 assays for profiling drug toxicity in the in-vitro toxicology testing market.
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raviraj.tak@marketsandmarkets.com
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