Genetic Toxicology Testing Market worth $2.0 Billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 14, 2020 /PRNewswire/ -- According to the new market research report "Genetic Toxicology Testing Market by Product (Assays, Reagents & Consumables, Services), By Application (Healthcare Industry, Food Industry, Cosmetics Industry, Agriculture Industry), COVID-19 Impact - Global Forecast to 2025", published by MarketsandMarkets™, the Genetic Toxicology Testing Market is projected to reach USD 2.0 billion by 2025 from USD 1.2 billion in 2020, at a CAGR of 10.2% during the forecast period.
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The Growth in this market is primarily driven by the increased pharmaceutical research activities, opposition to animal testing, and R&D on early toxicity detection. The increasing focus on drug discovery and personalized medicine using in vitro methods, and the rising demand for humanized animal models, are expected to offer significant growth opportunities for the players operating in the global genetic toxicology testing market.
The COVID-19 outbreak has boosted research activity due to efforts to understand the dynamics of the infection. We estimate that the genetic toxicology testing adoption, along with personalized medicine, will grow at a stable pace in the next five years. Due to the increase in research activity, both the availability of funding for research and the demand for high-throughput assays are expected to grow.
The services segment is expected to grow at the highest CAGR during the forecast period
Based on product, the genetic toxicology testing market is segmented into reagents & consumables, assays, and services. The services segment is projected to witness the highest growth in the market during the forecast periods (2020-2025). Growth in this segment is driven mostly by the growing R&D activities in the pharmaceutical industry, growing government investments in the field of life sciences research, and the increasing research being undertaken with integrated omics studies, which is leading to increased outsourcing of services to contract research organizations (CROs).
The healthcare industry segment is expected to account for the largest share of the genetic toxicology testing market
Based on application, the market is segmented into the healthcare industry (pharmaceutical & biotechnology), food industry, cosmetic industry, and others (agriculture and chemical industries). The healthcare industry segment accounted for the largest share of the market in 2019. One of the major factors driving this segment's growth is the mandatory preclinical safety evaluation for drug registration, coupled with the rising investments in the research of new molecules to meet the current and future healthcare challenges. Additionally, drug failures in the late stages, which result in huge economic losses, are also expected to increase the demand for in vitro tests to screen potentially toxic molecules during drug development.
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Asia Pacific is expected to account for the highest CAGR for players operating in the genetic toxicology testing market
The Asia Pacific market is expected to grow at the highest CAGR from 2020 to 2025. Factors such as increasing investments by regional governments and industries, growing gene-based research, and rising awareness about personalized therapeutics are expected to drive the growth of this regional market during the forecast period. Furthermore, the increasing focus on Asia Pacific countries due to their low-cost manufacturing is expected to provide growth opportunities for manufacturers.
The prominent players in this genetic toxicology testing market are Thermo Fisher Scientific, Inc. (US), >Charles River Laboratories International, Inc. (US) Laboratory Corp Of America Holdings (US) Eurofins Scientific (Germany), Jubilant Life Sciences Limited (India), Merck KGaA (Germany), Toxikon Corporation (US), and Gentronix Limited (UK).
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Browse Adjacent Markets: Biotechnology Market Research Reports & Consulting
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In Vitro Toxicity Testing Market by Product (Assay (Western Blot, Tissue Culture),Equipment, Assay Reagent, Software), Toxicity Endpoints (ADME, Skin Irritation, Corrosion),Industry (Pharmaceutical, Cosmetics)-COVID-19 Impact - Global Forecast to 2025
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Animal Genetics Market by Products & Services (Live Animals (Poultry, Porcine, Bovine, Canine) Genetic Material (Semen (Bovine, Porcine), Embryo (Bovine, Equine)) Genetic Testing (DNA Testing, DNA Typing, Genetic Disease Testing)) - Forecast to 2023
https://www.marketsandmarkets.com/Market-Reports/animal-genetic-market-12462093.html
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