CHICAGO, Sept. 25, 2019 /PRNewswire/ -- According to the new market research report "In-Vitro Toxicology/Toxicity Testing Market by Product & Services, Toxicity Endpoint & Test (Carcinogenicity, Dermal Toxicity), Technology (Cell-based, HTS), Method (Cellular Assays), Industry (Pharmaceutical, Cosmetics), Region-Global Forecast to 2024", published by MarketsandMarkets™, the In-Vitro Toxicology/Toxicity Testing Market is expected 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 major factors driving the growth of this industry are the opposition to animal testing, technological advancements, and increasing R&D expenditure to detect toxicity at an early stage during drug development.
By product & service, the consumables segment is expected to account for the largest share of the In-Vitro Toxicology Testing Market
The consumables segment is estimated to account for the largest In-Vitro Toxicity Testing Market share in 2018. The large share of this segment can be attributed to the increasing demand for high-quality reagents and the repeated use of media and reagents in in-vitro toxicology studies.
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In the toxicity endpoints & tests segment, the organ toxicity segment is expected to grow at the highest CAGR during the forecast period
The organ toxicity segment is expected to grow at the highest CAGR during the forecast period. The growth in this segment can be attributed to factors such as the increasing focus on drug safety and consumer-product safety, along with the need to screen potential drug targets during the early stage of drug development.
Based on technology, the cell culture segment is expected to account for the largest share of the In-Vitro Toxicology Testing Market
The cell culture segment is estimated to account for the largest In-Vitro Toxicity Testing Market share in 2018. The large share of this segment can be attributed to the fact that it is the most preferred technique for toxicity testing, being capable of mimicking in-vivo conditions.
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Asia Pacific is estimated to be the fastest-growing market for in-vitro toxicology testing during the forecast period
The In-Vitro Toxicity Testing Market is projected to register the highest growth during the forecast period for APAC Region. The 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 In-Vitro Toxicology Testing Market in the APAC.
The prominent players in the In-Vitro Toxicology Testing Market include 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).
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