Market growth influenced due to following factors-
- The opposition to animal testing.
- Technological advancements.
- Increasing R&D expenditure to detect toxicity at an early stage during drug development.
Global market size-
According to research report the in-vitro toxicology testing market size is projected to reach $12.7 billion by 2024, growing at a CAGR of 9.3%.
Leading Players-
Thermo Fisher Scientific Inc. (US), Covance (US), Bio-Rad Laboratories, Inc. (US), GE Healthcare (US), Eurofins Scientific SE (Luxembourg), Merck KGaA (Germany), Charles River Laboratories International, Inc. (US), Catalent, Inc. (US), Cyprotex (NASDAQ:UK), SGS S.A. (Switzerland), QIAGEN N.V. (Germany), Promega Corporation (US), Gentronix Limited (UK), BioIVT (US), and MB Research Laboratories (US) are some key players in this market. These companies are focusing on increasing their presence in high-growth markets through both organic as well as inorganic growth strategies such as product launches, acquisitions, and expansions.
Thermo Fisher Scientific was one of the leading players in the in-vitro toxicology testing market in 2018. The company is a global manufacturer of analytical instruments, laboratory equipment, software, consumables, reagents, and services for the in-vitro toxicology testing market. Owing to its strong sales and distribution network, the company has a significant global footprint. The company leverages the advantage of three well-established brands—Thermo Scientific, Fisher Scientific, and Unity Lab Services.
Merck is a leading science and technology company with a strong global presence in more than 120 countries. The company has a portfolio of more than 300,000 life science products that support a broad customer base. Merck majorly focuses on expansions in key geographies to increase its customer base. The firm focuses explicitly on the high-growth Asia Pacific region to increase its market share and revenue.
For Details, Download PDF Brochure
Geographic Overview –
The APAC market is projected to register the highest growth during the forecast period. Factors such as emergence of CROs for outsourcing toxicology-related research projects, opposition to animal testing resulting in the use of alternate methods, increasing pharmaceutical drug pipeline, and growing consumer awareness of product safety are some of the key factors driving the growth of the in vitro toxicology testing market in the APAC.
