Wilmington, Delaware, United States, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global multiparametric in-vitro cardiotoxicity testing market is projected to flourish at a CAGR of 13.9% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 166.5 million is anticipated for the market in 2031. As of 2023, the market for multiparametric in-vitro cardiotoxicity testing is expected to close at US$ 57.7 million.
Increasing investment in R&D of new therapies due to the rise in prevalence of chronic diseases and high incidence of cardiovascular diseases is estimated to contribute to multiparametric in-vitro cardiotoxicity testing market growth in the next few years.
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Competitive Landscape
The global industry is fragmented, with the presence of a large number of leading service providers.
- Creative Bioarray
- Agilent Technologies, Inc.
- Hemogenix Inc.
- Merck KGaA
- Molecular Devices, LLC.
- Miltenyi Biotec
- FUJIFILM Cellular Dynamics
- Enzo Life Sciences, Inc.
- Axol Bioscience Ltd.
- emka TECHNOLOGIES
- Eurofins Discovery
- Stemina Biomarker Discovery, Inc.
- Evotec
Key Developments in the Multiparametric In-vitro Cardiotoxicity Testing Market
- Eurofins offers a wide range of laboratory testing services, including in-vitro cardiotoxicity testing. They have a global presence and work with pharmaceutical and biotechnology companies in drug development. Recent developments may include the expansion of their portfolio of assays, improved testing platforms, or the acquisition of specialized companies to enhance their cardiotoxicity testing capabilities.
- Axion Biosystems specializes in microelectrode array (MEA) technology for cardiac safety assessment. They provide in-vitro platforms for evaluating cardiotoxicity. Recent developments may involve enhancements to their MEA systems, improved data analysis software, or partnerships for drug screening initiatives.
Increasing advances in in-vitro testing technology have improved the accuracy and predictive power of multiparametric assays. These technologies enable researchers to assess various aspects of cardiotoxicity, including electrophysiological and contractile parameters, in a controlled laboratory environment, driving the market demand during the forecast period.
The increasing global healthcare expenditure, especially in developed countries, has enabled healthcare providers and pharmaceutical companies to invest in advanced cardiac safety assessment methods, including multiparametric testing.
Increasing outsourcing of toxicological studies, it helps to address the limitations of in-house toxicological research, such as a lack of skilled labor, a dearth of sophisticated tools and technologies, and a lack of expertise in regulatory standards. This is likely to boost market expansion in the next few years
Key Takeaways from the Market Study
- As of 2022, the multiparametric in-vitro cardiotoxicity testing market was valued at US$ 50.6 million
- Based on the type of assay, the calcium transient assay segment is anticipated to dominate the industry during the forecast period
- Based on end-user, the contract research organizations (CROs) segment is expected to generate high revenue during the forecast period, Outsourcing in-vitro cardiotoxicity testing to a CRO can be more cost-effective than conducting the testing in-house.
Multiparametric In-vitro Cardiotoxicity Testing Market: Key Trends and Opportunistic Frontiers
- Ongoing innovations in assay methodologies, automation, and high-throughput screening have made multiparametric in-vitro cardiotoxicity testing more accessible and cost-effective for pharmaceutical companies and research institutions.
- The trend toward personalized medicine and tailored treatment approaches requires a better understanding of individual patient responses to drugs. Multiparametric testing can help identify potential cardiotoxic risks in specific patient populations, enabling personalized treatment strategies.
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Multiparametric In-vitro Cardiotoxicity Testing Market- Regional Analysis
- Being a significant hub for pharmaceutical and biotechnology research and development. North America remains a prominent market for multiparametric in-vitro cardiotoxicity testing. Stringent regulatory guidelines by agencies, such as the FDA, for cardiac safety testing during drug development, further drive the demand for advanced testing methods.
- The Asia-Pacific region has been witnessing rapid growth in the pharmaceutical and biotechnology sectors. Emerging economies like China and India are becoming key players in drug development. Increasing research and development activities in the region, along with a growing focus on precision medicine, have contributed to the demand for multiparametric in-vitro cardiotoxicity testing. Regulatory agencies in Asia-Pacific countries have been aligning their guidelines with international standards, fostering the adoption of advanced testing methods.
Multiparametric In-vitro Cardiotoxicity Testing Market – Key Segments
Type of Assay
- Calcium Transient Assay
- Cardiac Marker Detection
- hERG Assay
- Multi-ion Channel Assay
- Others
End-user
- Contract Research Organizations (CROs)
- Pharmaceutical and Biotech Companies
- Others
Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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