Portland, OR -- (SBWIRE) -- 06/19/2017 -- In Vitro Toxicity Testing Market Report, published by Allied Market Research, forecasts that the global market was valued at $2,921 million in 2015, and is expected to reach $7,813 million by 2022, supported by a CAGR of 15.07% during the forecast period 2014 2022.
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Testing for presence of toxic compounds is an important step during the development of new products such as drugs, cosmetics, and food additives, which can save both time and developmental costs as well as reduce the probability of failure during later stages. In vitro toxicity testing is a procedure that helps examine the presence of these toxic compounds over an isolated part of the organism. The increase in number of R&D procedures, which require in vitro testing, ban on animal testing, and increase in awareness about the environmental concerns can boost the market growth.
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Absorption screening dominated the global in vitro toxicity testing market in 2015 and is expected to continue with its dominance throughout the forecast period. This can be attributed to the various applications of absorption screening pharmaceutical, cosmetics, and household products. However, toxic substances screening in IVTT is expected to be the fastest growing segment due to the increase in cases of lead poisoning and cancers that occur due to the mutation caused by the toxic chemicals, registering a CAGR of 15.85%.
Cosmetics and household products segment is the highest revenue contributor to this market owing to increase in adoption in various applications, such as to detect dermal toxicity, systemic toxicity, and ocular toxicity. However, food industry is expected to be the fastest growing segment owing to the high demand in U.S., China, and India, growing at a CAGR of 19.65%.
Presently, North America and Europe have the highest growth potential due to technological advancements and increased R&D initiatives in these regions. However, the market would gain traction in the developing regions of Asia-Pacific, due to the increase in urbanization & disposable income, rise in government funding, and growth in awareness about the advanced technologies. India and China are expected to be the fastest growing regions in the global in vitro toxicity testing market.
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Key findings of In vitro Toxicity Testing Market:
Cosmetics and household products segment is the highest revenue contributor throughout the analysis period.
Food industry segment is estimated to exhibit a CAGR of 19.65%, among the end users.
Asia-Pacific is expected to be the fastest growing segment during the forecast period.
U.S. was the largest economy market in 2015, and is projected to maintain its lead until 2022.
The key players profiled in this report include Agilent Technologies, Inc., BioReliance, Inc., Alere, Inc., Charles River Laboratories International, Inc., General Electric Company, Covance, Inc., Catalent, Inc., Eurofins Scientific, Bio-Rad Laboratories, Inc., and Thermo Fisher Scientific, Inc.
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