In Vitro Toxicity Testing Market to Reach $59.14 Bn, Globally, by 2030 at 12.0% CAGR

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.

Download Sample PDF at: https://www.alliedmarketresearch.com/request-sample/1523

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.

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.

Specific Requirement on COVID-19? Ask to Our Industry Expert: https://www.alliedmarketresearch.com/purchase-enquiry/1523

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.

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Toll Free: +1-800-792-5285
Int'l: +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of 'Market Research Reports' and 'Business Intelligence Solutions'. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

This release was published on openPR.