The global genetic toxicology testing market garnered a market value of US$ 1.34 Billion in 2022 and is expected to accumulate a market value of US$ 4.56 Billion by registering a CAGR of 13% in the forecast period 2022-2032. Growth of the genetic toxicology testing market can be attributed to increasing drug development and discovery, along with the rising use of pharmacogenomics. The market for genetic toxicology testing registered a CAGR of 9% in the historical period 2016-2021
Which are Some Prominent Drivers of Genetic Toxicology Testing Market?
The global genetic toxicology testing market is booming as a result of the rising demand for imports of novel food. Increasing imports of foods are compelling regulatory bodies to tighten the testing and other safety evaluation. According to the European Food Safety Authority (EFSA), ethnic diversity, rising globalization, and innovative sources of nutrients are the contributing factors to novel food imports. Novel foods include food that is produced with the assistance of technology, food with the addition of new ingredients/substances, and food through new sources. The list of novel food applications increased from four in 2010 to 39 in 2019. As a result, the requirement for genetics toxicology is anticipated to grow in the coming years.
Get Sample Copy of this Report@ https://www.persistencemarketresearch.com/samples/33213
The genetic toxicology testing market is witnessing increasing investments by key players for the expansion of lab facilities. This strategy accelerates the accessibility and availability of the service in the market.
The average cost of genetic testing ranges from under USD 100 to over USD 2,000, depending on the complexity and nature of the test. The cost accelerates with the number of testing or requires a sample from multiple family members to draw a meaningful test result. The results could take weeks to receive. In some cases, health insurance plans cover the genetic testing cost, when recommended by professionals. However, health insurance providers have different policies and coverage. Hence, genetic toxicology testing lacks uniformity in terms of insurance coverage and payout.
For the entire list of market players, request for Table of Content here @ https://www.persistencemarketresearch.com/market-research/genetic-toxicology-testing-market/toc
Drug discovery and development leading to extensive use of genetic toxicology testing
The widespread use of genotoxicity testing in drug discovery and development is anticipated to be a contributing factor to the growth. As of May 2022, over 20,000 drugs are under active development, which is approximately an 8.22% increase from 2021.
Novartis AG reports for 213 products, while Takeda, Pfizer, Roche, and BMS, accumulatively account for around 1,000 products. Genetic toxicology testing is employed during the preclinical stage. According to the report of Pharma Intelligence UK Limited, several drugs in the preclinical stage experienced exceptional growth of 11%, that is from 10,223 in 2021 to 11,351 in 2022.
Furthermore, the pharmaceutical and biotechnology segment is reported to witness the fastest growth during the forecast period. Since the testing is a requirement for all levels of drugs and chemicals. Also, the strategy of testing is needed to be customized based on the applicable regulatory guidelines and outcomes observed in vitro. Thus, the pharmaceutical and biotechnology segment is expected to possess 45% market share for genetic toxicology testing.
Market Competition
Major players are designing and executing several strategies including increasing geographical footprint through mergers and acquisitions, leveraging economies of scale for developing products, and strategic collaborations to inflate their market presence. Some prominent players in the global genetic toxicology testing market include Thermo Fisher Scientific, Inc, Charles River Laboratories International, Laboratory Corp of America Holdings, Eurofins Scientific, Jubilant Life Sciences Limited, Syngene International Limited, Gentronix Ltd., Inotiv Inc., Creative Bioarray and MB Research Laboratories
- In July 2021, Inotiv Inc. announced the acquisition completion of MilliporeSigma’s BioReliance’s important genetic toxicology assets, including historic control data, standard operating procedures, client lists, and stock cultures. The contract research organization believes that this acquisition will assist in offering comprehensive solutions in human clinical trials to their clients.
- In November 2021, Gentronix, a UK-based contract research organization, announced to raise funding of USD 854,000 (£700 thousand) for the expansion of its lab facilities by enhancing its capacity for ocular, genetic, and skin toxicology testing.
Buy Full Report Now and Get Up to 20% Discount @ https://www.persistencemarketresearch.com/checkout/33213
About us: Persistence Market Research
Contact us:
Persistence Market Research
Address – 305 Broadway, 7th Floor, New York City,
NY 10007 United States
U.S. Ph. – +1-646-568-7751
USA-Canada Toll-free – +1 800-961-0353
Sales – [email protected]