DUBLIN, Dec. 31, 2019 /PRNewswire/ -- The "In-vitro Toxicity Testing Market by End-users and Geography - Global Forecast and Analysis 2019-2023" report has been added to ResearchAndMarkets.com's offering.
In-vitro toxicity testing is designed to identify toxic components in biological samples. The in-vitro toxicity testing market analysis considers sales to the pharmaceutical and biotechnology companies, academic and research institutions, and others. The analysis also considers the provision of in-vitro toxicity testing in Asia, Europe, North America, and ROW. In 2018, the pharmaceutical and biotechnology companies segment held the highest market share, which is expected to remain prevalent over the forecast period. Factors such as increasing costs of developing new drugs, rising number of drug rejection cases, and long duration required to get drug approval are prompting pharmaceutical and biotechnology companies to opt for in-vitro toxicity testing of drugs. As a result, the segment will maintain its leading market position over the forecast period. Also, the global in-vitro toxicity testing report has observed market growth factors such as increasing use of in-vitro toxicity testing by companies to reduce drug failures, presence of toxic substances, and rising number of awareness programs. However, challenges such as limitations of preclinical studies, a limited number of skilled professionals, and presence of stringent regulations may hamper the growth of the in-vitro toxicity testing industry over the forecast period.
In-vitro toxicity testing is essential for pharmaceutical companies, as the technique will allow them to reduce the rejection rate of drugs in the last development stage and save cost. The testing is crucial to eliminate toxic effects in drugs that will enhance patient compliance, which, in turn, will increase sales of drugs. As a result, the demand for in-vitro toxicity testing kits and devices will increase. Consequently, the in-vitro toxicity testing market is expected to record a CAGR of almost 7% during 2019-2023.
Constant advances in the field of toxicology, which is one of the key market trends, are prompting vendors to improve and innovate their products. The field of toxicology has been recording various technological advances such as cell culture technologies, cellular imaging technologies, and toxicogenomic. Vendors have come up with advanced techniques such as in-silico techniques that can identify smaller toxic molecular compounds. Moreover, these techniques do not require biological samples and function on computer simulation, reducing operational cost for end-users. These factors will have a positive impact on the in-vitro toxicity testing market during the forecast period.
With the presence of a few major players, the global in-vitro toxicity testing market is concentrated. The robust vendor analysis is designed to help clients in improving their market positions, and in line with this, this report provides a detailed analysis of few leading vendors.
Also, the in-vitro toxicity testing market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies in strategizing and leveraging on all forthcoming growth opportunities.
- Abbott Laboratories
- Agilent Technologies Inc.
- Bio-Rad Laboratories Inc.
- CELTHER POLSKA Sp z o.o.
- Charles River Laboratories International Inc.
- Eurofins GSC Lux Sarl
- Evotec AG
- General Electric Co.
- Merck KGaA
- Thermo Fisher Scientific Inc.
For more information about this report visit https://www.researchandmarkets.com/r/idr4gs
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