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Genetic Toxicology Testing Market Opportunities, Size And Analysis By 2033
Genetic Toxicology Testing Market Opportunities
According to The Business Research Company's, The genetic toxicology testing market size has grown rapidly in recent years. It will grow from $1.48 billion in 2023 to $1.63 billion in 2024 at a compound annual growth rate (CAGR) of 10%. The growth in the historic period can be attributed to rising public health crises, increasing globalization, increased focus on personalized medicine, rising demand for rigorous testing solutions, and an increasing number of drugs.
The genetic toxicology testing market size is expected to see rapid growth in the next few years. It will grow to $2.4 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to rising demand for testing novel foods, rising concerns about potential risks, rising environmental and health concerns, increasing regulatory scrutiny, increasing use of in vitro testing methods, and the rise of high-throughput screening platforms. Major trends in the forecast period include advances in precision medicine and toxicogenomics, comprehensive risk communication, genetic toxicology testing methodologies, advancing risk assessment methodologies, integration of omics technologies, and advancements in genomics and molecular biology.
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Market Drivers and Trends:
The increasing demand for personalized medicine is expected to propel the growth of the genetic toxicology testing market going forward. Personalized medicine is a medical model that tailors healthcare decisions, practices, interventions, and products to the individual patient based on their predicted response or disease risk. The personalized medicine market has experienced a positive wave due to genetic breakthroughs, increased understanding of diseases, the availability of biomarker-based diagnostics, value-based healthcare initiatives, and integration into clinical practice and research. Genetic toxicology testing contributes to personalized medicine by providing essential information about genetic variability, susceptibility to genotoxic agents, and treatment response. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, in 2023, the FDA approved 16 new personalized medicines for rare disease patients, a rise from six in 2022. Therefore, the increasing demand for personalized medicine drives the genetic toxicology testing market.
Major companies operating in the genetic toxicology testing market are focused on developing innovative drug screening platforms such as phenotypic drug screening, to improve accuracy and efficiency in identifying potential genetic toxins. Phenotypic drug screening is an approach used in drug discovery where compounds are tested based on their ability to produce a specific cellular or physiological response in a whole organism or a relevant cell system. For instance, in August 2022, Creative Biogene, a US-based biotechnology company, launched zebrafish disease models to support drug discovery and toxicology research. These models are designed to mimic human genetic diseases in zebrafish, providing insights into disease pathogenesis, drug discovery, and toxicology. Creative Biogene's zebrafish models offer a valuable platform for assessing drug toxicity, predicting the safety of new compounds, and supporting the drug development process.
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Major Key Players of the Market:
F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Abbott Laboratories, Merck KGaA, Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Eurofins Scientific SE, SGS SA, WuXi AppTec, Intertek Group plc, Charles River Laboratories International Inc., PerkinElmer Inc., Bio-Rad Laboratories Inc., Fraunhofer ITEM, Jubilant Life Sciences Limited, Evotec SE, Inotiv Inc., Promega Corporation, Syngene International Limited, Nelson Laboratories LLC, Instem, Frontage Laboratories Inc., Creative Bioarray, Creative Biolabs Inc., Gentronix Limited, MB Research Laboratories
Genetic Toxicology Testing Market 2024 Key Insights:
• The genetic toxicology testing market size is expected to see rapid growth in the next few years. It will grow to $2.4 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%.
• Driving Factors For Growth Of Genetic Toxicology Testing Market In The Era Of Personalized Medicine
• Innovative Phenotypic Drug Screening Platforms Revolutionizing Genetic Toxicology Testing Market
• North America was the largest region in the genetic toxicology testing market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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