Genetic Toxicology Testing Market Report 2023: Growing Demand for Personalized Medicine Boosts Sector
Dublin, March 30, 2023 (GLOBE NEWSWIRE) -- The "Genetic Toxicology Testing Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented by Component (Reagents & Consumables, Assays, Services), By Type (In Vitro v/s In Vivo), By Application, By Region" report has been added to ResearchAndMarkets.com's offering.
Global genetic toxicology testing market is anticipated to witness impressive growth during the forecast period.
This can be ascribed to the growing focus on drug discovery, and the development of new treatments or therapies for various diseases. Additionally, the growing use of personalized medicine in various in vitro procedures is expected to drive market growth in the coming years. Besides, the increasing demand for humanized animal models for conducting different research is expected to create lucrative opportunities for market growth in the coming years. Additionally, the presence of numerous players operating in the market working in the genetic toxicology testing industry is expected to drive market growth in the forecast period.
Additionally, the growing geriatric population across the globe which is susceptible to different kinds of chronic diseases is further expected to increase the demand for genetic toxicology testing, thereby fuelling the market growth through 2028. Besides, the growing application of genetic toxicology testing across various end-user industries including food, cosmetics, and pharmaceutical, among others is expected to support the genetic toxicology testing market during the forecast period. The increasing drug development and discovery activities are further supporting the market growth.
Also, the rising popularity of pharmacogenomics is expected to create lucrative opportunities for market growth in the coming years. Furthermore, the increasing adoption of advanced technology in emerging countries is further expected to increase the demand for genetic toxicology testing, thereby supporting market growth. In 2015, 42 percent of all drugs, in development, had the potential to be personalized medicines, while 73 percent of oncology drugs had the potential to be personalized medicines in the United States.
Growing Demand for Personalized Medicine
Increasing demand for personalized medicine for the treatment of different diseases is expected to propel market growth in the forecast period. The advancement of molecular medicine has resulted in the novel concept of pharmacogenomics where personalized medicine can provide better medication selection and targeted therapy.
Additionally, it helps to reduce the side effects along with improving patient experience. Increasing research and development investments in the early stages of drug development are also expected to increase the utilization of in-vivo toxicology techniques before the drug reaches the high-cost clinical stages. This increases the demand for genetic toxicology services.
For many genetically modified food, drugs, chemicals, pesticides, and vaccines, several countries' government requires toxicology testing as a pre-requisite for imports and exports. Between 2006 and 2010, investment in personalized medicine in the United States grew by 73 percent, as per reports.
Increasing R&D activities
Increasing the approval of various drug candidates and increasing acceptance of compounds in the preclinical stages is expected to grow the genetic toxicology testing market over the years. To achieve the main goal of drug discovery, intensive research, and development activities are conducted in the early stages of drug development.
This, in turn, enhances the demand for genetic toxicology services in the forecast period. Different companies operating in the food, cosmetic, and healthcare sector are adopting genetic toxicology leading to a rise in demand for genetic toxicology services, thereby fuelling the growth of the market. Federal government spending for health care grew 36.0% in 2020, significantly faster than the 5.9% growth in 2019.
In this report, global genetic toxicology testing market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Genetic Toxicology Testing Market, By Component:
Reagents & Consumables
Genetic Toxicology Testing Market, By Type:
Genetic Toxicology Testing Market, By Application:
Pharmaceutical & Biotechnology
Genetic Toxicology Testing Market, By Region:
Middle East & Africa
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
5. Global Genetic Toxicology Testing Market Outlook
6. North America Genetic Toxicology Testing Market Outlook
7. Europe Genetic Toxicology Testing Market Outlook
8. Asia-Pacific Genetic Toxicology Testing Market Outlook
9. South America Genetic Toxicology Testing Market Outlook
10. Middle East and Africa Genetic Toxicology Testing Market Outlook
11. Market Dynamics
12. Market Trends & Developments
13. Competitive Landscape
14. Strategic Recommendations
A selection of companies mentioned in this report includes
Thermo Fisher Scientific, Inc.
Eurofins Scientific SE
Jubilant Life Sciences Limited
Syngene International Limited
Charles River Laboratories International, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/q5eu6e
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