In Vitro Toxicity Testing Market Expected to Reach $58.9 Billion by 2030—Allied Market Research

The in vitro toxicity testing market size was valued at $18.6 billion in 2020, and is estimated to reach $58.9 billion by 2030, growing at a CAGR of 12% from 2021 to 2030. 

In vitro toxicity testing market size is expected to witness notable growth in the coming years due to the advantages offered by IVTT, such as enhanced accuracy, efficiency, and reliability as compared to other traditional methods. Furthermore, increase in applications of IVTT in food and chemical industries, are the in vitro toxicity testing market trends. Moreover, stringent government regulations aimed at reducing the cruelty while performing experiment on animals, increase illicit drug abuse, and enhanced efficiency of IVTT in diagnosis are the major driving factors for the growth of the market. The impact of these drivers is expected to increase significantly due to increase in awareness about the benefits of IVTT. Some of the restraints associated with the IVTT market are decrease adoption rate of IVTT and incapability of IVTT to detect toxicities due to autoimmunity & immunostimulation. With the advancement in the technology, the challenges of IVTT are expected to reduce in the coming years. A rise in need for testing in various industries such as pharmaceuticals, food, and others, which drives the growth of the in vitro toxicology testing market.

The in vitro toxicology testing market is segmented into type, technology, end users, and region. By type, the market is categorized into absorption, toxic substances, and dose. Currently, the absorption segment dominates the global in vitro toxicity testing market growth.

On the basis of end users, the market is categorized into pharmaceuticals, cosmetics & household products, chemicals industry, and food industry. The cosmetics and households products segment is dominant among end users, followed by the pharmaceutical industry.

On the basis of technology, the in vitro toxicity testing market is segmented into cell culture technologies, high throughput technologies, and toxicogenomics. The cell culture technologies have the highest in vitro toxicity testing market share in 2020.

On the basis of region, the in vitro toxicity testing market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America is the highest revenue growth, followed by Europe. LAMEA is predicted to grow faster than Asia-Pacific with a CAGR of 16.7% during the forecast period. The LAMEA segment is expected to dominate the in vitro toxicity testing market.

The key players operating in this market include, Acacia Pharma Group Plc., AstraZeneca Plc, GlaxoSmithKline Plc, Helsinn Holdings S.A., Heron Therapeutics Inc., Inc., General Electric Company, EISAI Pharmaceutical Pvt Ltd., Catalent, Inc., Laboratory Corporation of America Holdings., and Thermo Fisher Scientific, Inc.

Major players are adopting product launch and acquisition as key developmental strategies to improve the product portfolio of warehouse robots. For instance, in April 2019, Thermo Fisher acquired Brammer Bio for approximately $1.67 billion in cash. Brammer Bio is a leading viral vector contract development and manufacturing for company for gene and cell therapies.

Several manufacturers in the global in vitro toxicity testing market stopped their business activities in 2020 due to lockdowns implemented in developed and developing countries, owing to ban on industrial activities due to the COVID-19 pandemic. This halt in production activities impacted the revenue of the in vitro toxicity testing manufacturing companies. For instance, net sales of General Electric Company dropped by 2.2% from January 2021 to December 2021. In addition, lack of man power and raw materials affected the supply chain of the global in vitro toxicity testing market. However, the market is projected to cover from the 1st quarter of 2023, due to reduced restrictions and reopening of the global in vitro toxicity testing industry. Moreover, in 2021, with the availability of vaccine against COVID-19, the in vitro toxicology industry re-opened at full pace with a start of 2022.

 KEY FINDINGS OF STUDY

• The report provides an extensive analysis of the current and emerging global in vitro toxicity testing market trends and dynamics. 
• By type, the absorption segment dominated the market in terms of revenue in 2020.
• On the basis of technology, the cell culture technologies segment generated the highest revenue in 2020.
• By end-user, the cosmetics and households products segment dominated the market in terms of revenue in 2020.
• The report provides an extensive analysis of the trends and emerging opportunities of the market. 
• In depth, the global in vitro toxicity testing market analysis is conducted by constructing estimations for the key segments between 2020 and 2030.