LONDON, June 30, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the global organ-on-chip market, OOCs can be used in every aspect of drug discovery and development, commonly for preclinical ADME/Tox testing and for lead identification, but the technology is evolving and is finding its way into space research. Five grants have been awarded by the US Center for the Advancement of Science in Space (CASIS) and the National Center for Advancing Translational Science (NCATS) to research focused on human physiology and disease onboard the International Space Station (ISS) U.S. National Laboratory. Data from this research is expected to help scientists develop and advance novel technologies to improve human health. NCATS will provide initial funding of about $6 million to use tissue chip technology for this research.
Again, the University of Washington School of Pharmacy and UW Medicine researchers, in collaboration with Novartis, a Seattle-based OOC company, are developing a “kidney-on-a-chip” model to be used in space for drug, toxin and environmental exposures, and to understand how microgravity and other factors affect kidney health. This project is funded by NCATS with $3 million grant, and CASIS will contribute the space flight, time in station, and space station crew costs, for an in-kind total of $8 million.
The global organ on chips market size reached a value of nearly $50.8 million in 2020, having increased at a compound annual growth rate (CAGR) of 59.5% since 2015. The market is expected to grow from $50.8 million in 2020 to $177.8 million in 2025 at a rate of 28.5%. Organs-on-chips market growth is then expected to be at a CAGR of 14.6% from 2025 and reach $350.8 million in 2030.
The Business Research Company’s report titled Organ-On-Chips Market - By Models (Lung-On-Chip, Heart-On-Chip, Liver-On-Chip, Intestine-On-Chip, Kidney-On-Chip And More), By Applications, And By Region, Opportunities And Strategies – Global Forecast To 2023 covers major organ-on-chip companies, OOC market share by company, OOC manufacturers, OOC market size, and organ-on-chip market forecasts. The report also covers the global organ-on-chip (OOC) market and its segments.
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Organ-on-a-chip technology is still a relatively new technology; the pharma industry is still in the testing and evaluation phase. In order to move on from animal studies, OOC manufacturers must be able to demonstrate and provide the comparable quality data of OOCs with current animal studies for the purpose of safety evaluation. The food and drug administration can then determine whether such a shift is practically possible based on the data. The technology is still in nascent stage, and there is lack of proper evidence to support its real-time uses. A defective OOC could indirectly harm patients, as pharmaceutical manufacturers would rely on the data generated by said defective OOC, and OOC manufacturers might be subject to legal actions. It is important that FDA and the European commission set guidelines for bringing OOC devices into the market. Currently, there is no OOC system used in any regulatory approval path.
North America is the largest market for OOC, accounting for 55.7% of the global market in 2020. It was followed by Europe, Asia and then rest of the world. Going forward, Asia will be the fastest growing region in the OOC market, where growth will be at a CAGR of 34.1% during 2020-2025. It will be followed by Europe and North America, where the markets are expected to grow at CAGRs of 28.5% and 26.9% respectively.
Going forward, the adoption of OOC technology by major pharmaceutical companies such as Roche and AstraZeneca among many others, increasing drug repurposing approaches in the OOC industry, and rising healthcare expenditure will drive growth in the forecast period.
Organ-On-Chips Market - By Models (Lung-On-Chip, Heart-On-Chip, Liver-On-Chip, Intestine-On-Chip, Kidney-On-Chip And More), By Applications, And By Region, Opportunities And Strategies – Global Forecast To 2023 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market.
The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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