Artificial Intelligence
In Vitro Toxicology Testing Market Worth $17.1 billion | MarketsandMarkets
CHICAGO, Oct. 27, 2023 /PRNewswire/ — The In Vitro Toxicology Testing industry is poised for a transformative evolution in the near future, driven by advancements in technology, regulatory shifts, and an increasing emphasis on ethical and efficient alternatives to traditional animal testing methods. With the development of more sophisticated cell culture models, organ-on-a-chip systems, and high-throughput screening techniques, in vitro testing is set to provide more accurate, cost-effective, and rapid assessments of chemical and pharmaceutical safety. Additionally, the growing global awareness of animal welfare concerns and the tightening of regulatory requirements will further accelerate the adoption of in vitro toxicology approaches, making them a central pillar of drug development, chemical safety assessments, and risk management strategies across diverse industries.
In Vitro Toxicology Testing Market in terms of revenue was estimated to be worth $10.8 billion in 2023 and is poised to reach $17.1 billion by 2029, growing at a CAGR of 9.5% from 2023 to 2029 according to a new report by MarketsandMarkets. Technological advancements taking place in assays and equipment being used for such studies, along with the increasing R&D expenditure to undertake toxicity studies during the early stages of drug development, are also aiding the adoption of in vitro testing. Stringent regulations have also been implemented across large parts of the globe to minimize animal testing, which has prompted the pharmaceutical and cosmetics industries to shift to in vitro methods for product testing. However, authorities are still reluctant to fully accept safety and efficacy data generated from non-animal methods, which is a major restraint to market growth.
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Browse in-depth TOC on “In Vitro Toxicology Testing Market”392 – Tables51 – Figures415 – Pages
In Vitro Toxicology Testing Market Scope:
Report Coverage
Details
Market Revenue in 2023
$10.8 billion
Estimated Value by 2029
$17.1 billion
Growth Rate
Poised to grow at a CAGR of 9.5%
Market Size Available for
2021–2028
Forecast Period
2023–2028
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Product & Service, Technology, Toxicity Endpoint & Test, Industry, and Method
Geographies Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Increasing focus on predictive toxicology
Key Market Drivers
Growing public resistance against animal testing
The consumables segment accounted for the largest share by product & service in the In vitro toxicology testing market in 2022.
By product and service, the In vitro toxicology testing market has been further categorized as consumables, assays, equipment, software, and services. Consumables accounted for the largest share of the in vitro toxicology testing market in 2022. The large share of this segment can be attributed to the increasing demand for high-quality reagents and the repeated use of media and reagents in in vitro toxicology studies. Additionally, the growing R&D activities in the pharmaceutical industry and the increased initiatives by governments in various countries to strengthen their product safety assessment capabilities are supporting the growth of this market.
The organ toxicity segment is expected to grow at a higher rate during the forecast period.
Based on the toxicity endpoints and tests, the in vitro toxicology testing market has been segmented into absorption, distribution, metabolism, and excretion (ADME), skin irritation, corrosion, and sensitization, genotoxicity, cytotoxicity, ocular toxicity, organ toxicity, phototoxicity, dermal toxicity, and other toxicity endpoints & tests. In 2022, the ADME segment accounted for the largest share of the in vitro toxicology testing market. However, the organ toxicity segment is expected to grow at a higher growth rate during the forecast period of 2023-2028. This can be attributed to increasing regulatory demands for safety assessment and reducing animal testing, continuous advancements in cell culture and tissue engineering technologies, and increasing drug development needs.
The pharmaceutical & biopharmaceutical segment accounted for the largest share of the industry segment in the in vitro toxicology testing market in 2022.
Based on industry, the in vitro toxicology testing market has been segmented into pharmaceutical & biopharmaceutical, consumer care, food, and other industries (including chemical and medical device industries). In 2022, the pharmaceutical & biopharmaceutical industry segment accounted for the largest share of the in vitro toxicology testing market. One of the major factors driving the growth of this segment is the mandate of preclinical safety assessment for the marketing approval of pharmaceutical products. Additionally, the rising investments in discovering new ways to construct molecules to study genetics and proteins and the increasing focus on reducing economic losses due to drug failures in the late stage are expected to increase the demand for in vitro tests to screen potentially toxic molecules during drug development.
The cell culture technologies segment accounted for the largest share of the technologies segment in the in vitro toxicology testing market in 2022.
Based on the technologies, the in vitro toxicology testing market has been segmented into cell culture, high-throughput screening, and toxicogenomics. In 2022, cell culture technologies accounted for the largest share. This can be attributed to the fact that it is the most preferred technique for toxicity testing owing to its capability of mimicking in vivo conditions. Cell and tissue-based technologies are commonly employed for in vitro toxicology testing in pharmacology. Cell cultures, either bacterial or mammalian, can express the same genes and proteins as their in vivo counterparts. Their ability to produce similar testing environments is one of the major factors driving the growth of this segment.
The Europe region catered for the largest share of the in vitro toxicology testing market in 2022.
The in vitro toxicology testing market is segmented into North America, Europe, the Asia Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA). The European region is witnessing increasing investments to develop biologics and advanced dosage forms, with the impending patent expiration of several blockbuster drugs. The need to reduce the time and cost incurred to bring a drug to market—roughly 10 to 12 years, has contributed to the demand for in vitro toxicology testing of drugs.
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In Vitro Toxicology Testing Market Dynamics:
Drivers:
Growing public resistance against animal testingTechnological advancementsResearch and development efforts aimed at early-stage toxicity detectionRestraints:
Resistance of certain regulatory bodies to embrace alternative approaches in toxicology testingFailure to establish intricacies of in vivo conditionsLack of in vitro models to study complex endpointsOpportunities:
Growing focus on drug discovery and personalized medicine using in vitro methodsIncreasing number of toxicology databasesIncreasing focus on predictive toxicologyChallenge:
Lack of data availability and validationComplexity in data analysis and managementKey Market Players of In Vitro Toxicology Testing Industry:
Key players in the in vitro toxicology testing market include Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), Eurofins Scientific (Luxembourg), Laboratory Corporation of America Holdings (US), Charles River Laboratories (US), SGS SA (Switzerland), Bio-Rad Laboratories, Inc. (US), Evotec SE (Germany), Promega Corporation (US), Catalent, Inc. (US), Agilent Technologies, Inc. (US), Intertek Group plc (UK), Revvity (US), Inotiv (US), BioIVT (US), Lonza (Switzerland), Creative Biolabs (US), Shanghai Medicilon Inc. (China), Creative Bioarray (US), Aragen Life Sciences Ltd. (India), Enzo Biochem Inc. (US), Microbac Laboratories, Inc. (US), Vimta Labs Ltd. (India), Pacific BioLabs Inc. (US), and MB Research Laboratories (US).
Recent Developments:
In March 2023, Agilent Technologies, Inc. (US) acquired e-MSion (US). Through this acquisition, Agilent will integrate the e-MSion’s ExD cell into its portfolio of advanced workflows, instruments, and analytical solutions for biotherapeutic characterization and development.In January 2023, Eurofins Scientific expanded its presence in India with the establishment of a new, fully equipped, state-of-the-art laboratory campus in Genome Valley, Hyderabad. The lab will support pharma and biotech companies in the areas of synthetic organic chemistry, analytical R&D, bioanalytical services, in vivo pharmacology, safety toxicology, and formulation R&D.Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=209577065
In Vitro Toxicology Testing Market Advantages:
Ethical Considerations: In vitro testing methods are more humane and align with ethical concerns by reducing or eliminating the need for animal testing, thereby reducing harm to animals.Cost Efficiency: In vitro testing is often more cost-effective than in vivo testing, as it requires fewer resources, less time, and lower maintenance expenses.Rapid Results: In vitro tests can deliver results more quickly, allowing for faster decision-making in drug development, chemical safety assessments, and other applications.High Throughput: In vitro testing methods can be automated and conducted at a high throughput, making them suitable for screening large numbers of compounds or chemicals efficiently.Reduced Variability: In vitro tests offer greater control over experimental conditions, minimizing the variability often associated with in vivo tests.Human-Relevant Data: In vitro models can be designed to mimic human biology more closely, providing more relevant data for predicting human responses to drugs and chemicals.Reduced Safety Risks: In vitro testing reduces the potential risks associated with handling and testing in live animals, improving laboratory safety.Regulatory Acceptance: Regulatory agencies increasingly accept and encourage in vitro toxicology testing data for safety assessments, streamlining the approval process for pharmaceuticals and chemicals.Environmental Benefits: Reduced animal testing leads to fewer ecological impacts, such as reduced use of laboratory animals and fewer waste disposal concerns.Adaptability: In vitro testing can be tailored to specific research needs, enabling customization for different applications and industries.These advantages collectively make in vitro toxicology testing a preferred choice for many researchers, industries, and regulatory bodies, as it offers a more humane, efficient, and cost-effective approach to assessing the safety and potential risks of drugs and chemicals.
Related Reports:
Cell-based Assays Market – Global Forecasts To 2028
High Throughput Screening Market – Global Forecasts to 2028
Flow Cytometry Market – Global Forecasts to 2028
In Vitro Diagnostics Market – Global Forecasts to 2027
Regenerative Medicine Market – Global Forecasts to 2027
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Artificial Intelligence
Overseas Expansion Strategy of K-OTT Introduced in France, KOCCA holds the ‘2024 Korea-France Content Forum’
– The ‘Korea-France Content Forum’ held to establish the Foundation for K-OTT’s oversea expansion
PARIS, May 24, 2024 /PRNewswire/ — The Ministry of Culture, Sports and Tourism (Minister Yu In-chon) and the Korea Creative Content Agency (President, Jo Hyun-rae, hereafter KOCCA) held the ‘2024 Korea-France Content Forum’ on May 24th during the Korea Expo in Paris, France.
The ‘2024 Korea-France Content Forum’ featured a keynote session (K-OTT’s Strategies in Global market) presenting K-OTT’s strategies for international expansion and a roundtable session (Strategies in the Era of Streaming) discussing the growth of OTT platforms and collaborative approaches with production companies.
The forum featured participation from various industry leaders including Kun hee Park (CEO, Wavve Americas), Sangjin Lee (Head of content IP Business, LG U+), Seung ae Sohn (Executive Director, Showbox), Ji ae Sohn (Ambassador for Cultural Cooperation), Moonju Kim (General Director, France Business Center, KOCCA), Isabelle Degeorges (President, Gaumont Television France) which produced the French Netflix original series, participated.
Strategy announcement by Wavve Americas (KOCAWA), the first K-OTT’s launched in Europe
During the Keynote Session, Park Kun Hee – CEO of Wavve Americas, the first domestic OTT Platform to launch services in Europe, Took the stage to discuss the international expansion strategy of KOCOWA, which started offering services in 39 countries including Europe since April of this year. Following this, Lee Sangjin, Head of Content IP Business of LG U+, presented the expansion strategy of LG U+ Mobile TV, encompassing diverse original content.
During the round-table session, participants shared thoughts and solutions regarding the survival strategies of local OTT platforms and production companies amidst the rapid waves of change brought about by the emergence of global OTT platforms.
In particular, through this forum, we were able to observe the proactive implementation of IP protection policies by local production companies in France, aimed at sustainable content creation. Isabelle Degeorges, CEO of Gaumont Television France, noted, “With the introduction of the European Audiovisual Media Services Directive (AVMSD), platforms and production companies can share IPs three years after supplying the content.” Kim Moon-joo, Director of the Korea Creative Content Agency’s France Business Center, participated as a panelist, introducing policies aimed at enhancing the competitiveness of K-OTT and fostering collaboration with production companies.
Park Kun Hee, CEO of Wavve Americas, who participated in the event, stated, “It was a meaningful opportunity to introduce our platform locally in Europe in line with KOCOWA’s expansion into the region”. Additionally, Kyoungbon Koo, Director Broadcasting & Video Content Division at KOCCA commented, “It was a meaningful occasion to not only introduce K-OTT’s strategies to Europe but also to exchange ideas on collaboration between Korea and France. We will continue to focus on activating various forms of collaboration with major international partners in the future”.
KOCCA supports the overseas expansion of excellent domestic OTT content and platforms through the newly established Local OTT Specialized Support Program this year. This initiative aims to enhance the competitiveness of domestic OTT platforms and content by adapting to the changing industrial environment.
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Artificial Intelligence
IoT Node and Gateway Market worth $604.7 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, May 24, 2024 /PRNewswire/ — The IoT Node and Gateway market is projected to grow from USD 424.6 billion in 2024 and is estimated to reach USD 604.7 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the IoT Node and Gateway market is driven by the Provision of increased IP address space through IPv6, Emergence of 5G technology, and Increasing need for data centers.
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Browse in-depth TOC on “IoT Node and Gateway Market”
410 – Tables70 – Figures390 – Pages
IoT Node and Gateway Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 424.6 billion
Estimated Value by 2029
$ 604.7 billion
Growth Rate
Poised to grow at a CAGR of 7.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Hardware, End-use Application and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Requirement for wireless spectrum and licensed spectrum
Key Market Opportunities
Accelerated IoT adoption in healthcare sector
Key Market Drivers
Rising use of wireless smart sensors and networks
By Hardware, the Logic Devices are projected to grow at a high CAGR of IoT Node and Gateway market during the forecast period.
Logic devices can adapt to changing requirements even after deployment. As new features or functionalities are needed, the logic within the device can be reprogrammed to accommodate these changes, extending the useful life of the product and reducing the need for hardware revisions. The integration of FPGA technology into IoT devices further enhances these advantages. The integration of FPGAs into IoT nodes and gateways empowers manufacturers to develop highly optimized, customizable, and scalable solutions that meet the diverse needs of IoT applications. Tesla’s Full Self-Driving (FSD) computer utilizes FPGAs to handle complex neural network computations for autonomous driving algorithms. This allows them to potentially improve their FSD capabilities through software updates that reconfigure the logic within the FPGAs.
BFSI segment in IoT Node and Gateway Market is projected to grow at a highest CAGR during the forecast period.
BFSI sector can use IoT technology to provide more convenient solutions for customers. IoT can be used to perform data collection in real time and for instant communication between devices. For instance, it can facilitate cashless payments using an RFID scanner to identify products in the shopping cart and mobile wallet. The adoption of mobile point of sale (mPOS) systems and kiosks is fundamentally reshaping the landscape of the BFSI market. mPOS facilitates transactions anytime, anywhere, benefiting unbanked populations and enabling temporary service points for events. Kiosks offer convenient banking functionalities, reducing wait times and freeing up staff for complex inquiries. These technologies drive cost savings by requiring less investment and automating routine tasks, allowing resources to be reallocated strategically. They provide rich data for personalized services, fraud detection, and operational optimization. mPOS systems and kiosks promote financial inclusion by extending services to remote areas, fostering economic activity and well-being.
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North America accounts for the largest share in IoT Node and Gateway Industry.
The North American IoT market is poised to grow, driven by government efforts to transition cities into smart urban centers. The growing need for sophisticated IoT solutions, fueled by the widespread availability of high-speed data, will further propel market expansion in this region. Furthermore, North America’s dynamic IoT node and gateway ecosystem features established players like Intel Corporation (US), Texas Instruments Incorporated (US), Dell (US), and Cisco Systems (US), driving competition, innovation, and affordability. Increasing research and development at industry levels is broadening the application areas of IoT in various industries, such as retail, consumer electronics, automotive and transportation, and healthcare, especially in the US. The increased demand for effective solutions and focus on early, accurate, and fast diagnosis of diseases has led to huge investments in technological developments in the healthcare sector.
Key Players
Key companies operating in the IoT Node and Gateway companies are Intel Corporation (US), Qualcomm Technologies, Inc. (US), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), Microchip Technology Inc. (US), Huawei Technologies Co., Ltd. (China), NXP Semiconductors N.V. (Netherlands), Cisco Systems, Inc. (US), Hewlett Packard Enterprise Development LP (US), TE Connectivity Ltd (Switzerland), Advantech Co., Ltd. (Taiwan), Dell Technologies (US), among others.
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IoT Technology Market by Node Component (Sensor, Memory Device, Connectivity IC, Processor, Logic Devices), Software Solution (Remote Monitoring, Data Management), Platform, Service, End-use Application, Geography – Global Forecast to 2029
Industrial IoT Market Size, Share & Industry Growth Analysis Report by Device & Technology, Connectivity Type, Software, Vertical (Manufacturing, Energy, Oil & Gas, Healthcare, Retail, Transportation, Metals & Mining, Agriculture), and Geography – Global Growth Driver and Industry Forecast to 2026
Internet of Robotic Things Market (IoRT) by Component (Sensor, Power, Control), Service (Professional, Managed), Platform (Device, Application, Network), Software (Analytics, Data, Security, Monitoring, Bandwidth), Application – Global Forecast to 2022
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Smart Robots Market Size, Share by Component (Sensors, Actuators, Control Systems), Type, Operating Environment, Mobility, Application (Domestic, Field/Agricultural, Public Relations, Industrial), and Region – Global Forecast to 2025
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact: Mr. Aashish MehraMarketsandMarkets™ INC. 630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected] Our Web Site: https://www.marketsandmarkets.com/Research Insight: https://www.marketsandmarkets.com/ResearchInsight/iot-gateway-market.aspContent Source: https://www.marketsandmarkets.com/PressReleases/iot-gateway.asp
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Artificial Intelligence
atNorth Wins ‘Colocation Provider of the Year’ and ‘Digital Infrastructure Project of the Year’ at Industry Award Events
AtNorth recognized at the Electrical Review & Data Centre Review Awards and the Tech Capital Awards.
REYKJAVÍK, Iceland, May 24, 2024 /PRNewswire/ — atNorth, the leading Nordic colocation, high-performance computing, and artificial intelligence service provider has today announced further acknowledgement in the industry as it wins two significant awards.
The business has been awarded the `Colocation Provider of the Year’ award at the Electrical Review & Data Centre Review Awards. atNorth has undertaken a significant expansion strategy in recent years, that has ensured that the business can offer high performance infrastructure at speed and scale. This award reflects the business’ growth journey as it continues to innovate and adapt to technological advancements and client requirements.
atNorth has also won the `Digital Infrastructure Project of the Year’ at the Tech Capital Awards for its work with client, Shearwater Geoservices. The global marine imaging and processing leader achieved a 92% reduction in CO2 output and an 85% reduction in cost by moving a portion of its UK HPC infrastructure to one of atNorth’s Icelandic data center sites.
Fueled by the abundant renewable power sources of the Nordics, atNorth`s services deliver performance and efficiency for high density workloads in a sustainable way that enables clients to decarbonize their IT footprint and reduce overall costs.
Winners are voted for by a panel of industry experts for both awarding bodies in a process that aims to recognize the outstanding achievements within the digital infrastructure industry.
“We are thrilled to receive these acknowledgments for our data center services”, says Eyjólfur Magnús Kristinsson, CEO at atNorth. “atNorth has experienced significant growth over the last couple of years and this industry recognition is a testament to our dedication to delivering excellence across the board. We are determined to continue decarbonizing the world’s most demanding workloads in an efficient, sustainable, and cost-effective way.”
The news follows atNorth’s announcements of colocation clients Crusoe, BNP Paribas and Advania. The business has also received recent recognition from multiple other awarding bodies including; the Datacloud Global Awards, the Energy Awards, TechRound’s Sustainability60 and the UK Green Business Awards.
About atNorth
atNorth is a leading Nordic data center services company that offers sustainable, cost-effective, scalable colocation and high-performance computing services trusted by industry-leading organizations. The business acquired leading High-Performance Computing (HPC) provider, Gompute, in 2023 enabling a compelling full stack offering tailored to AI and other critical high-performance workloads.
With sustainability at its core, atNorth’s data centers run on renewable energy resources and support circular economy principles. All atNorth sites leverage innovative design, power efficiency, and intelligent operations to provide long-term infrastructure and flexible colocation deployments. The tailor-made solutions enable businesses to calculate, simulate, train and visualize data workloads in an efficient, cost-optimized way.
atNorth is headquartered in Reykjavik, Iceland and operates seven data centers in strategic locations across the Nordics, with additional sites to open in Helsinki, Finland and in Denmark in Q4 2024, as well as its tenth site ready for operation in Kouvola, Finland in 2025.
For more information, visit atNorth.com or follow atNorth on LinkedIn or Facebook.
Press Contact:Caroline BruntonKite Hill PR for atNorth+44 (0) 7796 274 [email protected]
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