In-vitro Toxicology Assays Market: Witnessing Moderate Growth during the Forecast Period [2021-2031]
The global in-vitro toxicology assays market is expected to witness moderate growth during the forecast period between 2021 and 2031.
In-vitro toxicology assays are deployed to understand and determine the potential of novel food, and pharmaceutical additives that could be harmful to human beings.
Some of the industries which have extensively deployed in-vitro toxicology assays include pharmaceutical and biopharmaceutical, food, chemicals, and cosmetic and household products.
The outbreak of the COVID-19 pandemic reduced the revenue-generating opportunities for the global in-vitro toxicology market players. With increasing cases globally, medical supplies and other equipment suffered a shortage in supply owing to the shutting down of manufacturing facilities.
This led to the reduced demand for in-vitro toxicology assays and affected the growth in the overall market.
In-vitro Toxicology Assays Market - Trends and Opportunities
Rising demand for products containing cannabis and nicotine is the key growth driver for the global in-vitro toxicology assays market.
Also, growing adolescent population in leading economies globally is expected to increase the demand for cannabis and nicotine-containing products which could, in turn, create revenue-generating opportunities for the global in-vitro toxicology assays market, in future.
In addition to this, increasing awareness about the medical benefits offered by cannabis such as helping reduce eye pressure and pain management could trigger the growth in the global market, in the years ahead.
Development of leading players in the mhealth could play a key role in the growth of the overall in-vitro toxicology assays market, in the coming years.
Nicotine testing segment is expected to make the largest contribution, in terms of revenue, to the overall market because of efficient regulations concerning the safe deployment of products rich in nicotine.
In-vitro Toxicology Assays Market - Competitive Landscape
The global in-vitro toxicology assays market has several well-established players, many of whom have become successful owing to years of delivering consistent results and are expected to account for a large share in the overall market, in future.
Research and development undertakings to produce improved quality of products could be a key revenue-generating growth strategy for well-established market players, in the coming years.
Prominent in-vitro toxicology assays market players could engage in growth strategies such as novel product launches in a bid to gain a competitive edge over other players.
Leading in-vitro toxicology assays market players could sign collaborative agreements with smaller players in a bid to expand their market presence and increase their revenue shares.
A few well-established players in the global market include IONTOX, Labstat International Inc., Broughton Nicotine Services, Stermina Biomarker Discovery Inc., and TOXIKON.
In-vitro Toxicology Assays Market - Regional Assessment
North America is expected to be the dominant region in the global in-vitro toxicology assays market because of the presence of large number of well-established market players in countries such as US and Mexico.
Leading market players in these countries could also make huge investments in the mhealth segment, thereby playing a key role in the growth and development of the segment in the region.
Asia Pacific is expected to offer lucrative revenue-generating opportunities for the overall market because of the legalization of cannabis and nicotine in countries such as India and China, contributing to market growth in the region.
With the expansion in the deployment of cannabis products, leading market players could establish cannabis testing laboratories in Asia Pacific countries owing to ease of availability of key resources such as land and labor.
Europe is anticipated to witness strong growth in the global market due to the presence of developed healthcare infrastructure facilities in countries such as Germany and UK.
It is anticipated that the mhealth segment could be the fastest-growing segment in these countries, in future owing to increased investments by healthcare infrastructure facilities in the development of the segment.
Other regions of the world such as Latin America and Middle East and Africa are anticipated to witness moderate growth in the overall market, in the years ahead.
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