In Vitro Toxicity Testing Market to Reach $59.14 Bn, Globally, by 2030 at 12.0% CAGR: Allied Market Research
Rise in awareness of regulatory authorities about environmental welfare and increase in demand for in vitro methods for cancer diagnosis drive the growth of the global in vitro toxicity testing market.
PORTLAND, Ore., April 26, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "In Vitro Toxicity Testing Market by Type (Absorption, Toxic Substances, Dose), by Techniology (Cell Culture Technologies, High Throughput Technologies, Toxicogenomics), by End User (Cosmetics and Households Products, Pharmaceuticals Industry, Food Industry, Chemicals Industry): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global in vitro toxicity testing industry generated $18.56 billion in 2020, and is expected to reach $59.14 billion by 2030, witnessing a CAGR of 12.0% from 2020 to 2030.
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Drivers, Restraints, and Opportunities
Rise in awareness of regulatory authorities about environmental welfare, the emergence of new approaches to 3D cell culture, and increase in demand for in vitro methods for cancer diagnosis drive the growth of the global in vitro toxicity testing market. However, reduction in adoption rate of testing methods and incapability to determine autoimmunity and immuno-stimulation restrain the market growth. On the other hand, technological advancements and development of new in vitro models present new opportunities in the next few years.
Covid-19 Scenario
- The demand for in vitro testing increased as the development activities of vaccines for Covid-19 increased significantly. However, the demand from the cosmetics, food, and chemicals industries decreased considerably.
- Owing to lockdown measures and economic uncertainties, R&D activities were disrupted in various sectors. This impacted the demand and overall revenue of the market. However, the demand is estimated to recover post-lockdown.
The absorption segment to maintain its leadership status during the forecast period
Based on type, the absorption segment held the highest market share in 2020, contributing to nearly half of the global in vitro toxicity testing market, and is projected to maintain its leadership status during the forecast period. This is due to increase in adoption of absorption screening to determine the toxicity for its cost-effectiveness and time-saving benefits along with widely application in pharmaceutical, cosmetics, and household products industries. However, the dose segment is expected to manifest the highest CAGR of 16.4% from 2021 to 2030, owing to high demand in the field of diagnosis and adoption of computerized dose screening methods.
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The cosmetics and households products segment to maintain its lead position by 2030
Based on end user, the cosmetics and households products segment contributed the highest market share in 2020, accounting for around half of the global in vitro toxicity testing market, and is expected to maintain its lead position throughout the forecast period. This is attributed to stringent government norms and ban on animal testing along with benefits such as cost-effectiveness, less time consumption, and enhanced efficiency to detect toxicity. However, the pharmaceuticals industry segment is expected to witness the largest CAGR of 15.7% from 2021 to 2030, owing to usage of in vitro toxicity testing to detect carcinogenicity and toxicity present in the products.
North America to maintain its dominance in terms of revenue by 2030
Based on region, North America accounted for the highest market share in terms of revenue in 2020, accounting for around two-fifths of the global in vitro toxicity testing market, and is expected to maintain its dominance in terms of revenue by 2030. This is due to rise in demand to determine toxicities in cosmetic & household products and stringent government regulations regarding experiments on animals. However, LAMEA is estimated to register the fastest CAGR of 16.6% during the forecast period, owing to rise in investments by key players in emerging countries and increase in adoption in industries such as cosmetics, household, food, and pharmaceuticals.
Leading Market Players
- General Electric Company
- Thermo Fisher Scientific, Inc.
- Laboratory Corporation of America Holdings
- Acacia Pharma Group Plc
- Tesaro Inc.
- Helsinn Holding S.A.
- Heron Therapeutics, Inc.
- AstraZeneca Plc
- Catalent, Inc.
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