Pune, India, July 05, 2021 (GLOBE NEWSWIRE) -- The global genetic toxicology testing market is estimated to value at USD 1.90 billion in 2021 and is expected to grow at a CAGR of 10.0%. Market growth can be due to increased pharmaceutical research activities, opposition to animal testing, and research and development on advanced toxicity detection.
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The rising concentration on drug discovery and personalized medicine utilizing in-vitro procedures, and the increasing demand for humanized animal models, are anticipated to provide remarkable growth opportunities for the players operating in the global genetic toxicology testing market. However, the failure to establish the complexities of in-vivo conditions, the inadequacy of in-vivo models to study complicated endpoints, and the reluctance of regulatory authority to examine alternative procedures for proving security and efficacy are expected to hamper the genetic toxicology testing market growth.
The aim of research and development activities is to raise the overall opportunities of acceptance of phase 1 drug applicants by increasing the acceptance of compounds in the preclinical stages of drug development. This, in turn, handles the demand for genetic toxicology services. Increased 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 also leads to an increase in demand for genetic toxicology services.
Some Noted Developments Considered in the Report:
- In May 2021, Charles River plans to acquire Vigene Biosciences, a leading gene therapy contract development and manufacturing organization (CDMO), offering viral vector-based gene delivery solutions. The acquisition will increase Charles River’s cell and gene therapy CDMO capabilities for plasmid DNA and viral vectors.
- In March 2020, Thermo Fisher Scientific invested more than USD 475 million in new capacity and capabilities 2020. This investment, in addition to those made in the year 2019, brings the complete investment over two years to approximately USD 800 Million across the company’s pharma services business. Thermo Fisher planned to align capacity and capacities around three fields of greatest demand: cell and gene therapy, biologics, and drug development and commercial capabilities.
COVID-19 Impact on Global Genetic Toxicology Testing Market
The QMI team has closely monitored the impact of COVID-19 on the global toxicology testing market, and it is observed that the demand for the genetic toxicology testing market has increased during the pandemic time. It is estimated to continue to grow at a healthy pace from mid-2021. To control the pandemic, many countries across the globe have enforced strict lockdown norms, which have hampered business activities.
COVID-19 mortality and morbidity rates increase dramatically with age and co-occurring health conditions like cancer and cardiovascular disease. Various drugs with unknown effectiveness are being utilized to treat COVID-19 patients, either off-label/compassionately or in clinical investigation. All these factors are mentioned and analyzed in detail in this report.
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Global Genetic Toxicology Testing Market, by Product
Based on product, the market is segmented into reagents and consumables, assays, and services. The services segment is expected to account for the highest market share during the forecast period. The increasing research and development activities in the pharmaceutical industry, increasing government investments in the area of life sciences research, and the rising research being undertaken with combined omics studies, which is leading to increased outsourcing of services to contract research organizations (CROs), are factors associating to the higher share of the segment.
Global Genetic Toxicology Testing Market, by Application
Based on application, the market is segmented into the healthcare industry, food industry, cosmetics industry, and other industries. The cosmetics industry segment is expected to observe the highest growth during the predicted period. The rising utilization of cosmetics due to the increasing disposable incomes and their easy accessibility to the public has driven the industry to invest in the investigation of breakthrough products and develop secure products. All these factors have contributed to the development of the segment.
Global Genetic Toxicology Testing Market, by Region
Based on region, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America holds the highest market share. The large share of this market segment can be associated with the rising development of structure-based drug designs, increasing academic and government investments in proteomics and genomics research. Besides to this, increasing life sciences research funding, high biopharmaceutical research and development expenditure, and the increasing adoption of advanced technologies in North America. The existence of a large number of global players in this zone is another major factor contributing to the high share of this market segment.
Major Findings of the Global Genetic Toxicology Testing Market Report Include:
- Major global market trend and forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth global genetic toxicology testing market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors
- Profiles of the major key market players operating in the global genetic toxicology testing market include Thermo Fisher Scientific, Inc., Charles River Laboratories International, Inc., Creative Bioarray, Laboratory Corp of America Holdings, Jubilant Life Sciences Ltd, Merck KGAA, Fork, Eurofins Scientific., Toxicon Corporation, Gentronix Ltd, Sotera Health LLC, MB Research Laboratories, and Environmental Bio-Detection Products
- Competitive benchmarking, product offering details, growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions includes analysis, along with drivers, restraints, opportunities, and challenges that are prevailing in the global genetic toxicology testing market.
- Impact of COVID-19 on the global genetic toxicology testing market
Browse key industry insights spread across 155 pages with 85 market data tables and 41 figures & charts from the report, “Global Genetic Toxicology Testing Market by Product (Reagents and Consumables, Assays, and Services), Application (Healthcare Industry, Food Industry, Cosmetics Industry, and Other Industries, Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)- Market Size and Forecasting (2021–2030).” in-depth analysis along with the table of contents (ToC).
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