Genetic Toxicology Testing Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Fairfield Market Research’s latest report on the Genetic Toxicology Testing market reveals a promising growth trajectory. The market is projected to expand at a CAGR of 15% from 2024 to 2031, reaching US$ 1.6 Bn by 2024 and US$ 4.2 Bn by 2031.

Drivers of Market Growth

The growth of the Genetic Toxicology Testing market can be attributed to the increasing development and discovery of drugs, along with the rising use of pharmacogenomics. These factors are fueling the demand for genetic toxicology testing. Furthermore, the market has seen significant applications in sectors such as food, cosmetics, pharmaceuticals, and biotech, boosting the demand for genetic toxicology data. The ability to assess compounds that can induce genetic mutations or chromosomal damage is a key factor driving market growth. Additionally, the expansion of facilities and accessibility of funding worldwide are considerable growth determinants in the genetic toxicology testing industry.

Historical Market Trends and Future Outlook

Between 2016 and 2021, the Genetic Toxicology Testing market grew at a CAGR of 9%. The adoption of genetic toxicology testing is set to rise, with the market expected to grow at a CAGR of 13% during the forecast period. By 2031, the market is anticipated to accumulate a value of US$ 4.56 Billion, driven by increasing drug development and the rising use of pharmacogenomics.

Regional Insights: North America at the Forefront

North America leads the Genetic Toxicology Testing market, with significant contributions from the US. The region is projected to experience robust growth due to the increasing development of drugs and strong investments in pipelines. The presence of key players in North America facilitates the accessibility of genetic toxicology testing services for pharmaceutical and biotech companies. Additionally, the region benefits from high digital literacy and advanced infrastructure, promoting market growth.

Increasing Adoption of Cloud and Mobile Technologies

The adoption of cloud and mobile technologies is accelerating the demand for genetic toxicology testing solutions. The market is witnessing increasing investments by key players to expand lab facilities, which enhances the accessibility and availability of these services. As the cloud becomes the standard for laboratory informatics software, service providers must implement cloud and SaaS strategies to remain competitive.

Prevailing Opportunities in the Genetic Toxicology Testing Market

The COVID-19 pandemic has highlighted the importance of genetic toxicology testing, creating lucrative opportunities. While the pandemic had a devastating impact on society and economies, genetic toxicology testing played a neutral role in vaccine development. However, toxicity studies were crucial in understanding virus mutations, and numerous researchers used genotoxicology to assess drug effects against COVID-19.

Challenges Faced by the Genetic Toxicology Testing Market

Despite its growth potential, the Genetic Toxicology Testing market faces challenges, including the expensive nature of testing and the time required to obtain results. The cost of genetic testing ranges from under USD 100 to over USD 2,000, depending on the complexity of the test. Insurance coverage varies, and the lack of uniformity in terms of coverage and payout poses a challenge for market growth.

Category Insights: Limitations of Vivo Tests Increasing Preference Towards Vitro Tests

The ethical, scientific, and financial concerns associated with the use of animals in toxicology testing have accelerated interest in mechanistic in vitro testing approaches. For instance, a group of researchers in November 2021 assessed a testing strategy with in vitro techniques for genotoxicity, resulting in lower costs and faster results.

Key Market Players:

• Thermo Fisher Scientific, Inc.
• Charles River Laboratories International
• Laboratory Corp of America Holdings
• Eurofins Scientific
• Jubilant Life Sciences Limited
• Syngene International Limited
• Gentronix Ltd.
• Inotiv Inc.
• Creative Bioarray
• MB Research Laboratories

Market Segments Covered in Genetic Toxicology Testing Market Analysis:

Type

• In Vitro
• In Vivo

Product

• Reagents & Consumables
• Assays
• Services

Application

• Pharmaceutical & Biotechnology
• Food Industry
• Cosmetics Industry
• Other

By Region

• North America
• Latin America
• Europe
• APAC
• MEA