Global In Vitro Toxicity Testing Market is Expected to Reach USD 4,114.1 Million in 2018: Transparency Market Research
Albany NY (PRWEB) December 12, 2012
In the overall global market, North America retained the highest share accounting for USD 589.2 million in 2011 followed by Europe which accounted for USD 569.5 million in 2011. However, the highest growth in the forecasted period is expected to be witnessed in the Asian region due to economic growth and rising health awareness in the region.
Toxicity, also called as ‘the science of poisons’ is a method of testing the opposing effect of any drug, chemical or other agent administered in the body. It thus analyses the adverse effects of various toxins on all living organisms. Owing to its ethical and scientific advantages, in vitro toxicity testing has acquired regulatory acceptance worldwide and thus holds huge growth potential in future. The advancements in toxicity testing procedures, strict regulations in different countries and increasing awareness towards animal welfare are the main factors driving this market. Moreover, several animal welfare organizations worldwide are supporting in vitro toxicity testing as it has minimum suffering and pain to animals.
The global in vitro toxicity testing market is expected to reach USD 4,114.1 million in 2018, growing at a CAGR of 15.3% from 2013 to 2018. Animal testing has been in effect since long but the implementation of in vitro toxicity testing is an alternative to animal testing and which is relatively more effective and harmless. Moreover, in vitro toxicity is cost effective to animal testing and the growing ethical concerns worldwide are expected to drive the in vitro toxicity market in the forecasted period. The pharmaceutical companies are, thus, increasingly shifting their focus from animal testing to in vitro toxicity testing.
North America accounted for the largest share, i.e. 40% of the overall in vitro toxicity testing market in 2010 at USD 526.9 million; however, Europe is expected to hold the largest share in 2018 surpassing North America. The primary reason for this has been the ban on animal testing in Europe for the assessment of genotoxic effects of chemicals ingredients intended for cosmetic products. So, it is expected to boost the in vitro toxicity testing market in Europe in the coming future. Among the several segments of in vitro toxicity testing market, cosmetics and personal care represent the largest market sector followed by pharmaceuticals segment.
Some of the major players in the in vitro testing market are Bio-Rad Laboratories, In Vitro Technologies, Gene Logic Inc., HTG Inc., Accelrys Software Inc., Mattek Corporation, Covance Inc., Charles River Laboratories International Inc., Xenobiotic Detection Systems, Xenometrix, among others.