The drug failures in later stages of drug testing due to the toxicity issues have led to heavy financial losses to the companies. This is leading to the increased awareness and adoption of early toxicity testing to avoid such possible financial losses in future.
Portland, OR -- (SBWIRE) -- 12/08/2017 -- Early Toxicity Testing Market accounted for $614 million in 2015 and is anticipated to reach $1,012 million by 2022, registering a CAGR of 7.3% during the forecast period, 2016 to 2022, according to a new report published by Allied Market Research. Among different geographic regions, Europe is the largest contributor toward the early toxicity testing market; whereas, Asia-Pacific is the fastest growing region.
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Early toxicity testing is used during clinical trials, where the toxicity of the compounds present in the test product is evaluated. Different tests are conducted to check the adverse effects of the compound on different aspects of human health. Some tests are also useful to check if the entity has toxic potentials such as genotoxicity, carcinogenicity, neurotoxicity, and systemic toxicity. These toxicity tests are important for the welfare of human health and environment.
The increase in awareness among the regulatory authorities concerning environment and human health welfare is the major factor that fuels the growth of this market. The early toxicity testing market experienced moderate growth in the recent years due to the replacement of in vivo models by in vitro models and technological advancement in in vitro and in silico techniques. However, certain limitations of preclinical trials and limited awareness about the benefits of using early toxicity tests are estimated to hamper the market growth.
In vivo segment dominated the market with maximum share in 2015 and is anticipated to continue being the dominant segment in 2022 in terms of revenue. As the physiological properties of humans and animals are similar, the responses of the animals when exposed to test compounds are similar to the responses of humans. This aspect makes this technique a more reliable method for toxicity testing. In addition, this technique is a cost-effective way to test the toxicity of test entities.
Pharmaceutical industry is expected to be the fastest growing segment throughout the analysis period and accounts for almost two-thirds of the total share of the market in 2022. This is due to the increase in number of clinical trials for drug development. During this process, early toxicity testing can help reduce the risk of later stage failure for drug development, which predominantly fuel the growth of the pharmaceutical industry market.
In 2015, Europe displayed maximum contribution in the early toxicity testing market in total revenue generated that year. Asia-Pacific region observes fast paced growth in the early toxicity testing market registering a CAGR of 8.1%. Rise in disposable income, improvement in healthcare expenditure, and increase in adoption rate of in vitro and in silico techniques are the major reasons for the growth of early toxicity testing market in the Asia-Pacific region.
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Key Findings of the Early Toxicity Testing Market
- Genotoxicity is projected to be the fastest growing segment during the analysis period.
- Pharmaceutical industry was the highest revenue contributor by end users and is expected to continue its dominance throughout the forecast period.
- Europe dominated global early toxicity testing market and is projected to grow at a CAGR of 6.6%.
- China is the fastest growing country in the Asia-Pacific region, registering a CAGR of 15.8% from 2016 to 2022.
- Cosmetic industry segment exhibits fast paced growth rate registering a CAGR of 9.8%.
The major companies profiled in the report include Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., Agilent Technologies Inc., Quest Diagnostics Incorporation, Merck & Co., Inc., Charles River Laboratories International Incorporation, Becton, Dickinson And Company, Danaher Corporation, Evotec Ag, and The Jackson Laboratory.