by Genetic toxicology testing helps in the evaluation and identification of chemical and drug-induced genetic risks and mutations that could potentially harm humans. It involves a range of tests that assess a substance’s potential to damage DNA or chromosomes. This includes both in vitro and in vivo testing methods. The increasing adoption of genetic toxicology testing in drug development and stringent regulatory approval are expected to drive the growth of the market.
The global genetic toxicology testing market is estimated to be valued at US$ 3.33 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the genetic toxicology testing market are SGS S.A., Laboratory Corporation of America Holdings, BioReliance Corporation, Charles River Laboratories International, Inc., and Gentronix Limited.
The key opportunities in the Genetic Toxicology Testing Market Demand include increasing R&D spending by biopharmaceutical companies and growing collaborations between CROs and biopharma companies. There is also a rising demand for outsourcing genetic toxicology testing services.
Globally, North America dominates the genetic toxicology testing market due to stringent regulatory requirements. However, Asia Pacific is expected to witness the highest growth over the forecast period owing to increasing pharmaceutical research and growing biotech industry in the region.
Market Drivers
One of the key drivers for the genetic toxicology testing market is the increasing expenditure on drug R&D. According to the Pharmaceutical Research and Manufacturers of America (PhRMA), the biopharmaceutical companies in the U.S. invested nearly US$ 83 billion in 2019 in the search for new treatment and cures. Stringent regulatory guidelines mandating genetic toxicology testing for new drugs and chemicals is another major factor driving this market.
PEST Analysis
Political: Regulations around genetic toxicology testing are becoming stricter, as governments aim to ensure product and chemical safety. New laws may require additional genetically testing.
Economic: As economies grow and consumer spending increases, more new products are launched in industries like pharmaceuticals, chemicals that require extensive safety testing prior to market approval. This is fueling demand.
Social: With greater health awareness, consumers and the public are demanding assurances that new products have undergone rigorous safety evaluation. This has increased social acceptance for genetic toxicology testing.
Technological: Technological advances like high-throughput screening, next-generation sequencing and bioinformatics are allowing more efficient genetic analysis. New in silico models also supplement physical testing.
North America region holds largest share in Genetic Toxicology Testing Market Size And Trends in terms of value, as it has presence of majority of key players. Additionally, strict regulations around product safety and growing pharmaceutical industry drive market growth. The Asia Pacific region is anticipated to witness fastest growth over forecast period. Factors such as rising healthcare spending, growing generics market, and expansion of manufacturing bases of various industries in countries like China and India support market growth.
Genetic toxicology testing is concentrated in regions with strong pharmaceutical and chemicals industries like North America and Western Europe regions in terms of value. The Asia Pacific region specifically China and India is witnessing fastest growth in market backed by rising investments in new product development and increasing outsourcing of clinical research activities to the region by multinational companies.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
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, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
