Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has published a research report titled "In Vitro Toxicity Testing Market - Global Industry Size, Share, Trends, Analysis And Forecast 2012 - 2018". The report chronicles the developments that have occurred in the global in vitro toxicity testing market since the end of the last decade. It then proceeds to present a compilation of market forecasts that etch the market's future till 2018.
The global in vitro toxicity testing market is currently estimated to grow at a CAGR of 15.3% from 2013 to 2018. The market in 2011 was worth US$1,518.7 million. According to the report, the estimated CAGR should lead the market to a value of US$4,114.1 million by 2018.The report also plots the geographical distribution of the global in vitro toxicity testing market, stating that North America was the dominant region in 2011 with market revenue of US$589.2 million. However, it also says that the region with the fastest current growth in the global in vitro toxicity testing market is Asia Pacific. Key drivers for the latter's rapid growth have been the economic growth of emerging nations and the increasing number of health-conscious and informed people.
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The report explains how the growing pressure on testing laboratories to stop using animals for toxicity testing purposes is driving the global in vitro toxicity testing market. It provides a reportedly feasible alternative to animal testing that is relatively harmless and more effective."Apart from the fact that animal testing is quickly being banned all around the world," said a TMR analyst, "the other reason that the global in vitro toxicity testing market is currently flourishing is its high cost-effectiveness. We now see large numbers of pharmaceutical companies shifting their focus towards in vitro toxicity testing due to the many financial advantages that it offers."
The key reason for Europe's rise in the global in vitro toxicity testing market lies in the testing of cosmetic products. Bans on animal testing have caused researchers to avail the global in vitro toxicity testing market for the assessment of genotoxic effects.Nearly 40% of the market was held by North America in 2010, which amounted to US$526.9 million. The region has continued its growth and dominance along the forecast period, but will eventually be overtaken by Europe. The latter is expected to hold the largest market share in 2018.
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The report also lists the top players that operate in the global in vitro toxicity testing market and creates a company profile for each top one. The report's list includes Xenometrix, Xenobiotic Detection Systems, Charles River Laboratories International Inc., Mattek Corporation, Covance Inc., Accelrys Software Inc., Gene Logic Inc., In Vitro Technologies, HTG Inc., and Bio-Rad Laboratories.
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Source:Transparency Market Research