The genetic toxicology testing market is a rapidly growing field that involves the identification and evaluation of substances that have the potential to alter the structure or number of genes in an organism or cell DNA or chromosomes. Genetic toxicology testing identifies agents that can damage DNA or chromosomes, which enables determination of human health risks from exposure to environmental or natural substances.
The Global Genetic Toxicology Testing Market is estimated to be valued at US$ 1.41 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period from 2024 to 2031.
Genetic Toxicology Testing Market Size helps in evaluating potentially genotoxic hazards of certain drugs, chemicals, food additives or other agents. It provides critical data for risk assessment and identifying potential human health hazards. The genetic toxicology testing market is driven by stringent regulatory guidelines mandating genotoxicity testing of drug molecules and chemicals before approval. Genetic toxicology tests are required as part of preclinical drug development process and industrial product safety evaluation protocols. The need for such tests is continuously growing with increasing new product launches in pharmaceutical and chemical industries.
Key Takeaways
Key players operating in the genetic toxicology testing market are Thermo Fisher Scientific, Charles River Laboratories, Creative Bioarray, Laboratory Corp. of America Holdings and Eurofins Scientific.
The demand for genetic toxicology testing is growing significantly driven by stringent regulations mandating preclinical genotoxicity assessment of new drugs, agrochemicals, food and industrial products. Growing pharmaceutical & biotechnology industry along with increasing regulatory scrutiny is a major factor fueling the genetic toxicology testing market growth.
The Genetic Toxicology Testing Market Size And Trends is expanding globally with presence of many testing providers in North America, Europe, Asia Pacific and other regions. The leading players are focusing on expansion in emerging markets through collaborations and direct operations to tap the opportunities offered by growing product development activity in these regions.
Market Key Trends
One of the major trends driving the genetic toxicology testing market is the increasing integration of advanced technologies with conventional genetic toxicology assays. Technological advancements are enabling improved sensitivity, automation and high-throughput screening. For instance, integration of microfluidics with assays offers increased throughput for genetic toxicology testing of large number of chemicals. Additionally, advances in automation, liquid handling and data analysis systems are supporting automation and streamlining of various genetic toxicology testing workflows. This technological transformation is expected to support the genetic toxicology testing market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barriers to entry due to widely available technology and testing infrastructure.
Bargaining power of buyers: High bargaining power due to availability of alternative genetic toxicology testing providers.
Bargaining power of suppliers: Low due to availability of substitutable raw material and reagents suppliers.
Threat of new substitutes: Medium threat from alternative pre-clinical testing methods like in-silico toxicology.
Competitive rivalry: Intense competition among existing genetic toxicology testing service providers to gain higher market share.
Geographical Regions
North America accounts for the largest share of the genetic toxicology testing market in terms of value owing to stringent regulatory policies, rising R&D expenditure, and presence of major players in the region.
Asia Pacific is poised to witness the fastest growth during the forecast period. This is attributed to rapidly growing biopharmaceutical industry, increasing awareness regarding toxicology testing, rising healthcare expenditure, and expansion of key players in emerging Asian countries.
Get More Insights On, Genetic Toxicology Testing Market
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
Comments
0 comment