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Aug 30, 2022, 08:59 ET
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Non-animal alternative testing market predicted to grow by 2030 due to rising chronic diseases among elderly population. Pharmaceutical industry sub-segment to have highest growth rate. Market in the North America region to prosper by 2030.
NEW YORK, Aug. 30, 2022 /PRNewswire/ — Research Dive has added a new report to its offering titled, ‘Non-animal Alternative Testing Market by Technology (Cell Culture Technology, High Throughput Technology, Molecular Imaging, and Omic Technology), Method (Cellular Assay, Biochemical Assay, In Silico, and Ex-vivo), End-user (Pharmaceutical Industry, Cosmetics & Household Products, Diagnostics, Chemical Industry, and Food Industry), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2030.’
According to the report, the global non-animal alternative testing market is projected to register a revenue of $29,390.3 million and grow at 13.48% CAGR during the forecast period 2021-2030.
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Dynamics of the Market
Drivers: The high risk of chronic diseases among the millennials, especially the elderly population, along with researchers increasing R&D activities to explore the potential of drug dosing and toxicity are some factors to drive the growth of the global non-animal alternative testing market during the forecast period. Moreover, the growing need for drug development is yet another factor to boost the market growth by 2030.
Opportunities: Strict policies of organizations like PETA and Cruelty-free International that prohibits the torturing or practicing medical examinations or tests on animals along with increasing media campaigns that focus on stopping animal cruelty are some major factors to offer abundant growth opportunities for the global non-animal alternative testing market by 2030. Additionally, rising product portfolio and strategic alliances among market players is also predicted to augment the market development.
Restraints: Lack of awareness about the use of non-animal alternative testing among researchers is the major hindering factor for the market growth.
Covid-19 Impact on the Market
The onset of the Covid-19 pandemic has had a positive impact on the global non-animal alternative testing market due to the surging demand for medicines to strengthen immunity during the deadly times. Many researchers and drug developers restrained from directly operating with animals or humans during pre-clinical trials to curb the spread of the coronavirus that further boosted the market growth. Moreover, the constant need for vaccine development also promoted the alternative methods of testing drugs rather than testing on animals, thus further driving the market growth.
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Segments of the Market
The report has divided the non-animal alternative testing market into a few segments based on technology, method, end-user, and regional analysis.
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Key Market Players
Some key non-animal alternative testing market players are
These players are building several strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to assist the market growth.
For example, in August 2022, the National Institutes of Health, India’s medical research agency, announced its strategic plan to cure hepatitis B and improve vaccination strategies by developing new cell culture systems to stop animal-cruelty in the medical field.
The report also sums up various crucial facets including financial performance of the market players, SWOT analysis, product portfolio, and the latest strategic developments.
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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