The North America Genetic Toxicology Testing Market would witness market growth of 11.9% CAGR during the forecast period (2022-2028).
The growing demand for imported novel foods is driving a surge in the genetic toxicity testing industry. Food imports are forcing regulatory organizations to strengthen testing as well as other safety evaluation. Ethnic variety, accelerating globalization, and novel nutrient sources, as stated by the European Food Safety Authority (EFSA), are the main drivers of novel food imports.
Food that is manufactured with the aid of technology, food that has new components or substances added to it, and food that comes from new sources are all examples of novel foods. In 2019, a significant increase in innovative foods was observed as compared to previous years. The need for genetic toxicology is therefore expected to increase in the upcoming years.
Key firms are investing more money in the genetic toxicology testing market to expand their lab space. This tactic expedites the service's availability and accessibility in the market. For instance, the UK-based contract research business sought funding to expand its lab space and increase its ability to conduct genetic, ocular, and skin toxicity tests.
In North America region, computational toxicology is gaining pace as a means of reducing the requirement for testing on animals and human clinical trials. Additionally, current approaches and implementations of in silico genotoxicity evaluations all across the pharmaceutical industry are being surveyed. There are public initiatives to utilize high screening innovations to address the lack of toxicity assessment for the stockpile of multitudes of manufacturing chemicals in the environment.
The US market dominated the North America Genetic Toxicology Testing Market by Country in 2021; thereby, achieving a market value of $636.1 million by 2028. The Canada market is experiencing a CAGR of 14.1% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 13.8% during (2022 - 2028).
Based on Product, the market is segmented into Services, Reagents & Consumables and Assays. Based on Type, the market is segmented into In Vitro and In Vivo. Based on Application, the market is segmented into Pharmaceutical & Biotechnology, Food Industry, Cosmetics Industry and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Genetic Toxicology Testing Market is Predict to reach $2.4 Billion by 2028, at a CAGR of 13.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Thermo Fisher Scientific, Inc., Charles River Laboratories International, Inc., Laboratory Corporation of America Holdings, Eurofins Scientific Group, Jubilant Pharmova Limited., Syngene International Limited, Gentronix Ltd., Inotiv Inc., Creative Bioarray and MB Research Laboratories.
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