by The global Genetic Toxicology Testing market, which was valued at USD 1.3 billion in 2021, is poised for remarkable growth, with a projected compound annual growth rate (CAGR) of 10.5% during the forecast period. Genetic toxicology testing plays a critical role in assessing substances that cause chromosomal damage or genetic abnormalities, particularly in light of the rising prevalence of chronic diseases and an aging population.
Expanding Market Categories: In-Vitro and In-Vivo Testing
The Genetic Toxicology Testing market can be categorized into in-vitro and in-vivo testing. In-vitro testing finds applications in drug discovery and personalized therapy, while in-vivo research employing humanized models is gaining traction. Leading companies are actively developing new animal models to meet the growing demand for in-vivo testing. For example, Creative Biogene introduced its Zebrafish illness model in July 2022, contributing to medication development and toxicological testing.
Aging Population Spurs Demand for Preventive Diagnostics
According to a report by the World Health Organization (WHO) in October 2021, the global population aged 60 and above is set to double by 2050, reaching 2.1 billion individuals. The aging population is more susceptible to chronic illnesses, driving the need for preventive diagnostics, particularly genetic testing. However, the cost of genetic testing varies widely, ranging from $100 to over $2,000, depending on complexity and type. Insurance coverage for genetic toxicology tests lacks consistency, creating disparities in access to these vital services.
COVID-19 Impact and Drivers
The COVID-19 pandemic has impacted the genetic toxicology testing market. The demand for genetic toxicology services surged, driven by the need for rapid COVID-19 testing and diagnostics. However, disruptions in regular patient visits to healthcare facilities and supply chain challenges due to lockdowns and travel restrictions have limited the markets growth.
Drivers of Market Growth
- Increased R&D Activity in the Pharmaceutical Industry: Pharmaceutical companies are intensifying research and development efforts in the early stages of drug development to improve the likelihood of drug approval. This has led to a higher demand for genetic toxicology services.
- Growing Demand for Humanized Animal Models: Humanized animal models are increasingly used in biomedical research to understand the effects of drugs on humans and study human-specific diseases, therapies, and immune responses.
Market Restraints
- Insufficient Verified In-Vitro Models for Complex Endpoint Research: Current in-vitro models have limitations in assessing complex immunological endpoints, autoimmune responses, and long-term effects, necessitating animal testing in drug development.
Segment Overview
The in-vitro category dominates the market due to ethical and budgetary considerations and is expected to continue its steady growth. In-vitro testing offers cost-effective and time-efficient alternatives to in-vivo testing.
The pharmaceutical and biotechnology sector accounts for the largest revenue share due to extensive use of genotoxicity testing in drug research and development.
Regional Landscape
North America is expected to dominate the market, driven by rising medication development, high R&D investments, and the adoption of cutting-edge technologies. Multiple international competitors and accessibility to genotoxicology testing further contribute to North Americas substantial market share.
Competitive Landscape
Leading players in the Genetic Toxicology Testing market include Gentronix Ltd., Inotiv Inc., Thermo Fisher Scientific, Inc., Laboratory Corp of America Holdings, Charles River Laboratories International, Jubilant Life Sciences Limited, Eurofins Scientific, Syngene International Limited, Creative Bioarray, and M.B. Research Laboratories.
The markets growth is propelled by innovations, acquisitions, and collaborations, such as Inotiv Inc.s recent acquisition of MilliporeSigmas BioReliance assets, further enhancing their comprehensive solutions for human clinical studies.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/genetic-toxicology-testing-market
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This press release first seen on Brilad
COMTEX_442430657/2840/2023-10-25T09:54:56
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.