LONDON--(BUSINESS WIRE)--The global in-vitro toxicity testing market size is poised to reach USD 2.39 billion by 2023, according to a new report by Technavio, progressing at a CAGR of close to 7% during the forecast period.
“Governments, philanthropic organizations, and pharmaceutical companies are increasingly investing in drug discovery research. New drug discoveries require the adoption of in-vitro toxicity testing to identify the harmful effects of the drugs at an early stage. Thus, the increasing investments in drug discovery will drive market growth during the forecast period,” says a senior analyst at Technavio. Request Free Sample Pages
The market is driven by the increasing use of in-vitro toxicity testing by companies to reduce drug failures. In addition, the rising number of awareness programs is anticipated to further boost the In-vitro toxicity testing market during the forecast period.
Toxicity is one of the major factors responsible for the rejection of drugs in the last development phase. Thus, it is essential to adopt in-vitro toxicity testing as it reveals the species, organ, and dose-specific toxic effects of drugs. It also helps avoid adverse effects in patients who consume drugs for stomach pains, weakness, hand tremors, ataxia, diarrhea, dizziness and in rare cases, heart problems. Thus, the use of in-vitro toxicity testing to reduce drug failures will drive market growth during the forecast period.
Government bodies across the world are taking initiatives to improve understanding about the harmful effects of chemicals and substances. These initiatives provide critical information and knowledge to regulatory agencies, decision-makers, and manufacturers to limit the exposure of individuals to such substances and, hence, prevent the likelihood of diseases. Such initiatives are increasing the demand for in-vitro toxicity testing for non-animal tests. Thus, the rising number of awareness programs will drive the growth of the market.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- Abbott Laboratories
- Agilent Technologies Inc.
- Bio-Rad Laboratories Inc.
- CELTHER POLSKA Sp z o.o.
- Charles River Laboratories International Inc.
Market Segmentation by End-User:
The In-vitro toxicity testing market can be broadly categorized into the following end-user segments:
- Pharmaceutical and biotechnology companies
- Academic and research institutions
Key Regions for the In-Vitro Toxicity Testing Market:
Featuring a breakdown of region-wise market shares until 2019.
- North America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
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