New York, Dec. 15, 2022 (GLOBE NEWSWIRE) -- As per a study conducted by Persistence Market Research, the global genetic toxicology testing market is anticipated to secure US$ 1.34 Billion in 2022, whereas, it was valued US$ 1.19 Billion in 2021.
The rising usage of personalized medicines, combined with the development of cell and gene therapy across the globe is enhancing the demand for genotoxicity. Thus, genetic toxicology testing market is expected to secure US$ 4.56 Billion while recording a CAGR of 14% during the forecast period from 2022-2032.
Similarly, the market players are indulging in various strategies to expand their footprint in multiple segments. For instance, in November 2021, Labcorp announced the acquisition of Toxikon, a Contract Research Organization (CRO) with offerings in nonclinical testing services. Through this acquisition, Labcorp is anticipated to strengthen its toxicology business and Toxikon’s location enables Labcorp to engage with known biotech and pharmaceutical companies in the region for non-clinical work.
The rising demand for novel food and its imports is expected to be a contributor to market growth.
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Key Takeaways from the Market Study
- By type, the in vitro segment is expected to hold 53% market share for genetic toxicology testing market in 2022 and is estimated to have similar momentum during the forecasted period.
- By product, the service segment is expected to possess 53% market share in 2022.
- By application, the pharmaceutical and biotechnology segment is expected to possess 45% market share for genetic toxicology testing.
- North America is expected to possess 40% market share in 2022 for genetic toxicology testing market.
- Asia Pacific is projected to expand at a CAGR of 15% over the forecast period
Charles River Laboratories is one of the major players offering toxicology assessments on novel foods. They offer novel food analysis including genotoxicity, which consist of in vivo micronucleus test, Ames study, In Vitro Mammalian Cell Micronucleus, and in the vivo comet assay. Similarly, in January 2021, EFSA published its evaluation of insect-derived food. It is the first kind of assessment conducted by the institution on the insect product as a novel food. Every year, EFSA receives a large number of applications, consisting of herbal products based on algae foods, plants, and non-indigenous fruits.
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Competitive Landscape
Some prominent players in the global genetic toxicology testing market include Thermo Fisher Scientific, Inc, Charles River Laboratories International, Laboratory Corp of America Holdings, Eurofins Scientific, Jubilant Life Sciences Limited, Syngene International Limited, Gentronix Ltd., Inotiv Inc., Creative Bioarray and MB Research Laboratories
- One such development is, in July 2022 Inotiv Inc. announced to continue its expansion of capacity to conduct genetic toxicology studies for in vitro cytogenetics and bacterial assays to support the growing requirement for novel therapeutics.
- For instance, in January 2022, Inotiv Inc. announced to scale up the study of toxicology by buying out Integrated Laboratory System (ILS) for USD 56 Billion. ILS is expected to offer additional capacity coupled with growth opportunities for Inotiv and expansion of in vitro and in vivo toxicology services.
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