Genetic Toxicology Testing Market: Trends, Opportunities, And Forecasts For 2018-2028
anujmyorbisAccording to TechSci Research report, “Genetic Toxicology Testing Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F”, the global genetic toxicology testingmarket is anticipated to grow at an impressive rate in the forecast period 2024-2028. This can be ascribed to the increasing development of novel drugs and vaccines for the treatment of chronic diseases. Additionally, growing application of genetic toxicology testing in various end use industries like cosmetic, food and others, especially in the developed countries in the North America and Europe, is expected to create lucrative opportunities for the market growth in coming years. Besides, increasing approval of novel drugs by regulatory bodies and increasing investments by government, are further expected to support the market growth.
Moreover, growing popularity of humanized mice model in various biomedical research applications is expected to drive the market growth in the coming years. Various grants and fundings are being offered to companies, academic & research institutions who are working to develop humanized mice models which accurately represent human responses to cancer and different cancer therapies.
However, lack of trained professionals can restrict the market growth. Similarly, the high cost associated with research and development may hamper the genetic toxicology testingmarket growth during the forecast period. Also, lack of in vitro models to study complex endpoints and approval duration of the drug delivery process in emerging countries, can further restrict the growth of global genetic toxicology testingmarket. Besides, ethical concerns of testing on animals can further slowdown the market growth, since various non-governmental organizations and animal care committee’s raise a lot of concern regarding the same.
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Global genetic toxicology testingmarket can be segmented by instrument type, by site, by application and by region.
Based on component, the global genetic toxicology testingmarket can be segmented into Reagents & Consumables, Assays, and Services. The services segment dominated the market in 2022 and is expected to continue maintaining its dominance throughout the forecast period. This can be ascribed to growing research and development activities in the pharmaceutical industry, along with the growing government investments in the field of life sciences.
Based on application, the market can be segmented into Pharmaceutical & Biotechnology, Cosmetics, Food, and Others. The cosmetics industry segment is expected to dominate during the forecast period on account increasing use of cosmetics, owing to the rising disposable incomes along with easy availability to the public.
Major companies operating in global genetic toxicology testingmarket are:
- Thermo Fisher Scientific, Inc.
- Eurofins Scientific SE
- Jubilant Life Sciences Limited
- Syngene International Limited
- Gentronix Ltd.
- Inotiv Inc.
- Charles River Laboratories International, Inc.
- Merck KGaA
- Toxikon Corporation
- Gentronix Limited
Various companies operating in the market are following strategies such as mergers & acquisitions, new product launches, partnerships & collaborations, etc in order to stay competitive and have an edge over the other players in the market. For instance, In 2020, Merck KGaA invested USD21.32 million in a new Life Science Laboratory in Switzerland.
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“The North America is expected to dominate in the global genetic toxicology testingmarket on account of increasing development of structure-based drug designs across the region. Furthermore, rising investments by academic and government organizations in the genomics and proteomics research is further contributing to the demand for genetic toxicology testing. Besides, rising life sciences research funding, increasing high biopharmaceutical research and development expenditure along with adoption of advanced technology are further expected to create lucrative opportunities for the market growth” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“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 (Pharmaceutical & Biotechnology, Cosmetics, Food, Others), By Region and Competition”, has evaluated the future growth potential of global genetic toxicology testing market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global genetic toxicology testing market.
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TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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