Dublin, June 25, 2024 (GLOBE NEWSWIRE) -- The "In-vitro Toxicology Assays Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
The rising use of cannabis and nicotine-based products, coupled with the introduction of technologically advanced devices, is significantly boosting the demand for in-vitro toxicology assays. With global sales of the In-vitro Toxicology Assays market reaching $2.1 billion in 2024 and projected to soar to $7 billion by 2031, the market is set to grow at a robust compound annual growth rate (CAGR) of 19%.
Historical and Projected Market Trends
Historical data indicates a robust growth pattern for the In-vitro Toxicology Assays market, with North America holding a significant share. The growing teenage population's inclination towards nicotine and cannabis products is a major contributor to this trend. Additionally, the increasing number of countries legalizing medicinal cannabis is expected to further propel market growth in the coming years. This legalization trend is not only driven by the medicinal benefits but also by the potential for substantial tax revenue.
Growth Prospects and Market Expansion
Public awareness of the medicinal benefits of cannabis, such as pain relief and appetite stimulation, is on the rise. This has led to the legalization of medicinal cannabis in various regions, including most states in the United States. As more countries recognize the medicinal and recreational benefits of cannabis, the number of specialized cannabis testing facilities is increasing, enhancing market competition.
Technological advancements in laboratory information management systems (LIMS) are also playing a crucial role in meeting stringent regulatory requirements and managing high sample throughput. These advancements are expected to further drive market growth over the next period.
Regional Market Insights
- Asia-Pacific: A High-Growth Region
- Asia-Pacific is projected to witness the fastest growth in the In-vitro Toxicology Assays market during the forecast period. The legalization of cannabis and nicotine-related products in countries like India is a significant driver. Indian businesses are increasingly embracing CBD and other cannabis-related products, with several local CBD firms emerging in the market.
- North America: Leading the Market
- In North America, the United States is expected to dominate the In-vitro Toxicology Assays market. The country's market growth is attributed to high healthcare spending, a well-established healthcare infrastructure, and stringent FDA regulations. The prevalence of chronic illnesses, cancer, and gastrointestinal disorders, along with increased women's health awareness, are key factors driving the market.
- Europe: A Growing Market
- Europe is anticipated to hold the second-largest revenue share in the In-vitro Toxicology Assays market. The region's growth can be attributed to the presence of key market players, ongoing research and commercialization of novel treatments, and a rising incidence of cancer. Additionally, the adoption of innovative products is contributing to market expansion.
Country-Specific Insights
- United States
- The U.S. market is set to achieve significant growth, driven by numerous approvals and releases of new in-vitro toxicology assay drugs. The high incidence of cancer, chronic renal illness, and gastrointestinal disorders, along with increasing health awareness, are key drivers.
- United Kingdom
- In the U.K., the market is expected to register a high growth rate. The country's focus on advancing healthcare technologies and the increasing prevalence of health issues are contributing to this growth.
- Japan
- Japan's market is also projected to grow significantly, driven by advancements in healthcare technology and a rising focus on public health.
- South Korea
- South Korea is expected to see robust growth in the In-vitro Toxicology Assays market, supported by technological advancements and increasing health awareness.
Global In-vitro Toxicology Assays Market Segmentation
- By Method
- Cellular Assay
- Other Methods
- By Test Type
- Cannabis Testing
- Nicotine Testing
- By Technology
- 3D Cell Culture Technology
- Mass Spectrometry
- Flow Cytometry
- Other Technologies
- By Application
- Genetic Toxicity Testing
- Carcinogenicity Testing
- Cytotoxicity Testing
- Mutagenicity Testing
- Other Applications
- By Region
- North America
- Latin America
- Europe
- APAC
- MEA
Key Market Players Profiled in the Report
- Stemina Biomarker Discovery, Inc.
- Broughton Nicotine Services
- Labstat International, Inc.
- Iontox
- Toxikon
- Integrated Laboratory Systems
- Enthalpy Analytical
- PBR Laboratories, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/f73yt8
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