In Vitro Toxicology Testing Market is Forecasted to Reach a Figure of US$ 7,750 Mn in 2022 - Persistence Market Research
Global Market Study on In Vitro Toxicology Testing: North America to be the Most Lucrative Market During the Assessment Period (2017 - 2022)
New York City, NY, November 23, 2017 (Newswire.com) - In vitro toxicology testing is done in order to examine the presence or absence of harmful chemicals or toxins in cells of an organism. This testing process is used to recognise dangerous chemical substances and helps in detecting toxicity at the early stages of development of new products like agricultural chemicals, cosmetics, drugs and food additives.
The in vitro toxicology testing is done for evaluating safety in drug development and also to rank the chemicals in terms of their potency. The global in vitro toxicology testing market is witnessing significant growth due to an increase in the number of R&D procedures where in vitro testing is required. Also, ban on animal testing is also significantly contributing to the growth of this market. Another factor boosting the market of in vitro toxicology testing is the growing environmental concerns and to ensure that no toxins via the agricultural chemicals, etc. enter the environment. In addition, advancements in the 3D cell culture is also boosting this market.
According to the assessment of Persistence Market Research, the global in vitro toxicology testing market is forecasted to reach a figure of about US$ 7,750 Mn in 2022 and is poised to exhibit a robust CAGR in the period of assessment.
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North America Market Set to Dominate the Global In Vitro Toxicology Testing Market in Terms of Revenue
The market in North America is set to dominate the global in vitro toxicology testing market in terms of value and this trend is projected to sustain itself throughout the assessment period. North America in vitro toxicology testing market is the most attractive market, growing at a robust CAGR over the forecast period.
Assays Segment Slated to Touch a Value of About US$ 3,300 Mn in 2022
According to the projections of Persistence Market Research, the assays segment is expected to reach a value of about US$ 3,300 Mn in the year 2022. This signifies a moderate CAGR during the forecast period of 2017-2022. The assays segment is estimated to account for nearly half of the revenue share of the product and services segment by the end of the year 2017 and is expected to lose in market share by 2022 over 2017.
Cellular Assays Method Type Segment to Exhibit a CAGR of More Than 5% During the Assessment Period
According to the assessment of Persistence Market Research, the cellular assays method type segment is poised to touch a figure of about US$ 3,700 Mn in the year 2022. This signifies a CAGR of more than 5% during the assessment period from 2017 till the year 2022. The cellular assays method type segment is estimated to account for nearly half of the revenue share of the method segment by the end of the year 2017 and is projected to lose market share by 2022 over 2017.
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The report also profiles companies that are expected to remain active in the expansion of global in vitro toxicology testing market through 2022, which include SGS S.A., Bio-Rad Laboratories, Inc., Charles River Laboratories International, Inc., Eurofins Scientific Se, GE Healthcare Inc., Merck KGaA, Promega Corporation, Qiagen N.V., Thermo Fisher Scientific Inc. and Cyprotex PLC.
Source: Persistence Market Research