The In Vitro Toxicology Testing Market Is Driven By An Increasing Dependency On Telemedicine At A CAGR Of 5.6%

New York, United States, 2022-May-03 — /EPR Network/ —

The global In Vitro Toxicology Testing Market market is all set to witness a CAGR of 5.6% in the next decade. It is expected to reach US$ 7,750 Mn Mn by the year 2027. With digitized communication channels making a beeline to the healthcare vertical, the advanced clinics are into virtual consultation mode, and this scenario is expected to continue even going forward. Regulatory approvals for this type of communication are on the way. Close to 70% of the public hospitals worldwide are being asked to adopt digital means. This would be the scene with the healthcare vertical in the subsequent period.

In vitro toxicology testing is carried out to identify the potential toxicity of new compounds when they are at an early stages of development during the discovery and development of new drugs. This type of testing is carried out to identity the presence or absence of certain toxins in drugs, agricultural chemicals and food additives.

There is a sharp increase in R&D procedures which require in vitro toxicology testing and this is boosting the growth of this market along with latest technological developments. Moreover, the ban on animal testing has led to the increasing adoption of in vitro toxicology testing and the governments all across the world are providing increased funding for such type of testing.

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The global in vitro toxicology testing market is slated to touch a value of about US$ 7,750 Mn in the year 2022 and grow at a robust CAGR during the assessment period.

Company Profiles:

• SGS SA
• Bio-Rad Laboratories, Inc.
• Charles River Laboratories International, Inc.
• Eurofins Scientific Se
• GE Healthcare
• Merck KGaA
• Promega Corporation
• Qiagen N.V.
• Thermo Fisher Scientific, Inc
• Cyprotex PLC
• Others.

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4 Forecast Highlights on Global In Vitro Toxicology Testing Market

• As per the forecast of Persistence Market Research, the services segment is slated to touch a value of nearly US$ 2,400 Mn in the year 2022. This represents a robust CAGR growth during the assessment period of 2017-2022. The services segment is estimated to account for nearly one-third of the revenue share of the product & services type segment by the year 2017 and is forecasted to gain market share by 2022 over 2017.
• As per the forecast of Persistence Market Research, the biochemical assays segment will reach a value of about US$ 1,800 Mn in the year 2017. This represents a robust CAGR growth during the forecast period. The biochemical assays segment is forecasted to account for nearly one-third of the total revenue share of the method segment by the end of the year 2017 and is expected to lose in market share by 2022 as compared with the year 2017.
• As per the forecast of Persistence Market Research, the pharmaceutical and biopharmaceutical industry segment is slated to reach a value of nearly US$ 3,500 Mn in 2022. The pharmaceutical and biopharmaceutical segment is expected to gain market share by the end of the year 2022. The largest share is contributed by the North America region in the pharmaceutical and biopharmaceutical segment.
• Persistence Market Research forecasts the cell culture technologies segment to exhibit a compound annual growth rate (CAGR) of 5% from 2017 to 2022.

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The report has also included the profiles of some of the leading companies in the in vitro toxicology testing market like Promega Corporation, Charles River Laboratories International, Inc., SGS S.A., Qiagen N.V., Cyprotex PLC, Bio-Rad Laboratories, Inc., Merck KGaA, GE Healthcare Inc., Thermo Fisher Scientific Inc. and Eurofins Scientific Se.

Report Highlights:

• Detailed overview of parent market
• Changing market dynamics of the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and product offerings
• Potential and niche segments/regions exhibiting promising growth
• A neutral perspective towards market performance
• Must-have information for market players to sustain and enhance their market footprint

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