New York, USA, Aug. 18, 2021 (GLOBE NEWSWIRE) -- As per a latest report published by Research Dive, the global organ on chip market is estimated to register a revenue of $697,654.3 thousand by 2028, at a CAGR of 37.6% during the forecast period from 2021 to 2028, increasing from $54,640.0 thousand in 2020. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Market Dynamics
As per the analysts of Research Dive, the growing demand for animal testing alternatives for drug testing and higher level of insights offered by organ on chip technology in terms of drug toxicity and efficacy are the major factors estimated to fuel the growth of the global organ on chip market over the forecast period. Besides, rising trends of organ on chip for drug screening due to its application in rapid sample reviewing and the increasing usage of technology in in-vitro analysis of biochemical and other types of metabolic & genetic activities are predicted to create more growth opportunities in the estimated period. However, the technical complexities in the development of organ on chip along with its high costs are factors that may restrict the market growth in the coming years.
Impact of COVID-19 on the Industry
The outbreak of COVID-19 across the globe has progressively impacted the global organ on chip market. This is majorly because the organ on chip technology plays a vital role in the development of drugs and vaccines that are under clinical trials. The growing need and demand to develop COVID-19 vaccine or drug during the pandemic has skyrocketed the growth of the global organ on chip market. Besides, many government as well as non-government organizations are taking initiatives by coming forward to help societies recover from the crisis.
Kidney-on-a-chip Sub-segment to Grow at Significant Rate
By type, the kidney-on-a-chip sub-segment valued for $9,909.2 thousand in 2020 and is projected to witness the fastest growth during the forecast period. This growth is majorly attributed to the increase in number of patients with kidney damage across the globe. In addition, the growing utilization of kidney on chip technology by researcher to monitor the progress of any drug associated with human kidney is another factor expected to boost the sub-segment’s growth by 2028.
Drug Development Sub-segment to Hold the Largest Market Share
By application, the drug development sub-segment is estimated to account for $334,887.0 thousand by 2028 and hold the majority of market share over the forecast period. It takes almost a year or more to develop a drug development, which is a time-consuming process. Organ on chip help in save years for entering into clinical trials, which is expected to create huge opportunities for the sub-segment’s growth in the coming years.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/8417
North America Region to be Most Dominant
By region, the North America market for organ on chip valued for $26,937.5 thousand in 2020 and is estimated to be most dominant during the forecast period. The substantial growth of the North America market is majorly due to the innovative technological innovations and increase in number of healthcare applications in the region. Besides, the presence of top leading researchers & scientists and the leading organ on chip manufacturers & providers in the region is predicted to fuel the regional market growth by 2028.
Prominent Organ on Chip Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global organ on chip industry are:
- Emulate, Inc.
- Nortis
- Tara Biosystems, Inc.
- CN Bio
- TissUse GmbH
- MIMETAS
- Hesperos, Inc.
- AxoSim Technologies LLC
- Kirkstall
- Insphero AG.
These players are implementing several strategies to gain a chief position in the global industry.
For instance, in September 2020, CN Bio, a leading bioengineering company, and the Imperial College London entered into a collaboration to harness liver-on-chip technology of CN Bio. With this collaboration, the company aims to develop & advance the understanding of the alcoholic hepatitis’s underlying mechanisms and uncover new targets for drug discovery & development.
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