According to a new market report by Transparency Market Research, the global In vitro toxicity testing market was worth $1,518.7 million in 2011 and is expected to reach $4,114.1 million in 2018, growing at a CAGR of 15.3 percent from 2013 to 2018.
Animal testing is a particularly hot topic for the cosmetics industry and the implementation of alternatives in terms of in vitro toxicity testing is in demand now than ever as regulation becomes tighter and ethical concerns and consumer awareness grows.
It is factors like the aforementioned, and advancements in testing procedures that the market researcher says will drive the in vitro toxicity market to expand considerably on a global basis.
Toxicity, also known as 'the science of poisons' is a method of testing the opposing effect of any drug, chemical or other agent administered in the body.
According to the market researcher, owing to its ethical, cost effective and scientific advantages, in vitro toxicity testing has acquired regulatory acceptance worldwide and thus holds huge growth potential in future.
The report ‘In Vitro Toxicity Testing Market - Global Industry Size, Share, Trends, Analysis and Forecast, 2012 - 2018,’ highlights North America as retaining the highest share accounting for $589.2 million in 2011 followed closely behind by Europe with $569.5 million.
The highest growth in the forecasted period according to the market researcher is expected to come from the Asia Pacific region due to economic growth factors and a rise in health awareness.
The report also covers the performance of in vitro toxicity testing types and application in different regions of the world with their market estimated and forecast from 2011 to 2018, along with their compound annual growth rate.
Since the implementation of Amendment 7 mandate or ban on animal testing for ingredients in cosmetics took effect for one subset of the standard safety testing - including skin corrosion, skin irritation and ocular irritation, calling for alternative methods.
Currently, Europe is very much focused on validating and developing internal data sets that will accurately predict the safety of a finished product as well as its ingredients before the complete ban is rolled out in 2013.
While in the US, well known toxicologist Jim McKim says focus is more on improving safety testing strategies by using human based cell models and relevant end points or understanding the mechanisms of toxicity.
It is now, more then ever that Dr. McKim reckons cosmetic companies are under the gun to identify, validate and use alternative methods for safety testing.