Dublin, June 25, 2024 (GLOBE NEWSWIRE) -- The "Genetic Toxicology Testing 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.
This comprehensive analysis of the global Genetic Toxicology Testing market projects a significant expansion at a Compound Annual Growth Rate (CAGR) of 15%, from 2024 to 2031. With a standing value of US$ 1.6 billion in 2024, the industry is expected to flourish to an estimate of US$ 4.56 billion by the end of 2031.
The market is experiencing dynamic growth due to the upsurge in drug development activities and the integration of pharmacogenomics in disease management. The demand for genetic toxicology testing is surging with its broad applications across various sectors, including pharmaceutical, biotechnology, food, and cosmetics. Investments in improving facilities and the availability of funds are also propelling the upward trend in the genetic toxicology testing space.
North America Takes Lead
North America stands as a market leader in genetic toxicology testing, primarily attributed to the robust output from the United States. The region is envisaged to maintain its dominance over the forecast period, backed by considerable investments in drug development and the proximity of key market players. Advanced infrastructure and high levels of digital literacy in the region are further fuelling the growth of the market.
Embracing Cloud and Mobile Technologies
The market for genetic toxicology testing is evolving with the adoption of modern technologies such as cloud computing and mobile technologies. Continuous investments by industry leaders are focusing on intensifying lab capacities, thus enhancing the accessibility and service availability. Cloud-based solutions are becoming increasingly vital for laboratory informatics, making the integration of cloud and Software as a Service (SaaS) platforms essential for market competitiveness.
Market Opportunities
The COVID-19 pandemic, while overwhelmingly disruptive, has generated significant opportunities in the realm of genetic toxicology testing. The field has been neutral in vaccine development, but toxicity studies have been pivotal in uncovering the implications of virus mutations. Research using genetic toxicology testing has been instrumental in analyzing the effects of drugs concerning COVID-19.
Challenges in the Landscape
Despite the forecasted growth, the market confronts challenges such as the high cost of testing procedures and the protracted durations required to yield results. Insurance coverage inconsistences further exacerbate the challenges, posing constraints on market expansion.
Preference Shift: From In Vivo to In Vitro
Due to the ethical, financial, and scientific concerns of using animals in toxicology testing, there is a growing preference for in vitro testing methods that offer cost-effectiveness and expedited results. Research propelled by these considerations is opening new avenues in the genetic toxicology testing market.
Market Segmentation Overview
The report segments the market into in vitro and in vivo testing types, with further classifications into products such as reagents, consumables, assays, and services. Applications span across pharmaceuticals, biotechnology, the food industry, cosmetics, and others. Geographically, the market analysis covers North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa, revealing comprehensive insights into the genetic toxicology testing landscape.
A selection of companies mentioned in this report includes, but is not limited to:
- 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
- MB Research Laboratories
For more information about this report visit https://www.researchandmarkets.com/r/7yy8l6
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