Dubai, UAE, July 06, 2023 (GLOBE NEWSWIRE) -- As per the latest research report published by Extrapolate, the global Organ on Chip Market was valued at USD 103.4 million in 2021 and is anticipated to reach USD 173.3 million by 2028, exhibiting a robust CAGR of 31.5% during the forecast period. A significant surge in research funding allocated towards the development of organ-on-chip technology, an increase in partnerships and collaborations between pharmaceutical companies and product manufacturers, and a rising demand for early drug detection are some of the major factors driving the growth of the organ-on-chip market.
Microfluidics and tissue engineering are combined in the potentially game-changing technology known as organ-on-chip. These technologies are anticipated to offer efficient solutions to ongoing issues in drug discovery and targeted illness treatment. The organ-on-chip market dramatically benefits from its vital role in medication development investigations. The demand for drug screening, lung-based organ culture, and kidney applications, as well as the growth in demand for organ-on-chip technology, will likely drive the market growth.
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Competitive Landscape
Key players operating in the global organ-on-chip market focus on several growth strategies such as partnerships, product development, mergers and acquisitions, and investments in R&D activities to gain a competitive edge and increase their market share.
Leading companies operating in the global organ on chip market include:
- Altis Biosystems
- AxoSim Inc.
- Bi/ond
- BiomimX SRL
- Elveflow
- Emulate Inc.
- Hesperos
- Hurel Corporation
- Allevi Inc.
- InSphero AG
- MIMETAS BV
- Kirkstall Ltd
- NETRI
- Nortis Inc.
- TARA Biosystems Inc.
- TissUse GmbH
Global Organ On Chip Market Segmentation:
By Organ Type
- Lung
- Liver
- Heart
- Kidney
- Others
Development of Lab-Engineered Lung Chips to Bolster Organ on Chip Market
The lung segment is anticipated to dominate the global organ-on-chip market share throughout the projection period. The segment's growth can be attributed to the limited availability of lung transplants, which has prompted the development of laboratory-engineered chips that mimic the functions of the lungs. These chips are utilized for drug screening purposes, particularly in the context of respiratory illnesses. As a result of the use of modern tissue engineering and micromanufacturing methods, lung-on-chip technology enables a distinctive in vitro method for drug screening by replicating the intricate mechanical and biochemical behaviors of a human lung.
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By Application
- Drug Discovery
- Disease Modelling
- Customized Medicines
- Toxicology Research
- Others
By End User
- Pharmaceutical
- Biotechnology
- Academic
- Research Institutes
- Others
Surging Applications of Drug Discovery in Pharmaceuticals to Support Organ-on-Chip Market Growth
The pharmaceutical segment is anticipated to lead the global organ-on-chip market share during the forecast period due to rising drug discovery applications in pharmaceuticals, including target validation, biomarker identification and validation, compound optimization, and preclinical safety assessment.
Increasing Demand for Electronic Chip Miniaturization to Fuel Organ-On-Chip Market Growth
Microchips are becoming more prevalent due to technological advancements driving the demand for medical equipment. The quantity of materials needed to build and maintain the system is reduced via miniaturization. Microfluidic chips play an essential role in organ-on-a-chip systems as they enable the growth of miniature tissues that closely mimic natural tissues. The basic idea is to produce an in vitro setting at the micron size that matches the behavior or composition of an organ.
Accelerating Healthcare Expenditure in Developed Countries to Drive Organ-on-Chip Market Growth
The aging patient population and increased prevalence of chronic diseases are anticipated to increase product demand. In addition, rising healthcare costs across the globe are anticipated to fuel market growth in the near future. According to a World Health Organization (WHO) report on global health expenditure, for instance, it was noted in February 2019 that healthcare spending is on a rapid upward trajectory. This is especially evident in low- and middle-income countries, where healthcare expenditure is increasing on average by 6% annually, compared to 4% in high-income countries.
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High Cost of Organ-on-Chip Devices to Hamper Market Growth
The expensive organ chip device and the early stage of organ-on-chip (OOC) technology are expected to hamper market development. Additionally, it is anticipated that the prohibitions placed by some nations on cosmetic research on animals can impede the growth of the global organ-on-chip market. Additionally, the government's ban on the use of animal experimentation for domestically produced cosmetics serves as a further constraining factor for market growth.
Impact of the Covid-19 Pandemic
The organ-on-chips market has experienced the fastest growth due to the COVID-19 crisis. A number of biotechnology and pharmaceutical firms have changed their organizational structures to increase hospital applications for COVID-19 patients. Organ-on-chip technology, however, gained popularity during the COVID-19 pandemic as a potential tool for developing drugs and vaccines that were being investigated and tested for the virus. It had a tremendously positive effect during the pandemic as a result.
The need for home healthcare services is additionally growing among the elderly population, who are more vulnerable to illness and cannot travel to a healthcare facility for treatment. Governments across the globe have established rules, laws, and procedures that businesses must abide by to address this challenge, which has further promoted the market's growth.
Presence of Major Pharmaceutical Companies in North America to Dominate the Regional Market Growth
North America is anticipated to dominate the global organ-on-chip market share in the upcoming years due to the presence of major pharmaceutical companies and the readily available advanced and innovative chip models. Favorable government initiatives concerning funding and basic drug research and development programs further fuel the regional market growth. Moreover, an increase in the occurrence of specific disorders such as UI, bladder obstruction, urine retention, benign prostatic hyperplasia (BPH), and bladder cancer has supported market growth. As a result, an increase in the number of BPH-related surgical procedures and an increase in the incidence of bladder cancer are driving the market in North America.
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Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Organ on Chip Market
Chapter 5. Global Organ on Chip Market Overview, By Offering, 2015 - 2028 (USD Million)
Chapter 6. Global Organ on Chip Market Overview, By Organ Type, 2015 - 2028 (USD Million)
Chapter 7. Global Organ on Chip Market Overview, By Application, 2015 - 2028 (USD Million)
Chapter 8. Global Organ on Chip Market Overview, By End User, 2015 - 2028(USD Million)
Chapter 9. Global Organ on Chip Market Overview, By Geography, 2015 - 2028(USD Million)
Chapter 10. North America Organ on Chip Market Overview, By Countries, 2015 - 2028(USD Million)
Chapter 11. Europe Organ on Chip Market Overview, By Countries, 2015 - 2028(USD Million)
Chapter 12. Asia Pacific Organ on Chip Market Overview, By Countries, 2015 - 2028 (USD Million)
Chapter 13. Middle East & Africa Organ on Chip Market Overview, By Countries, 2015 - 2028 (USD Million)
Chapter 14. South America Organ on Chip Market Overview, By Countries, 2015 - 2028 (USD Million)
Chapter 15. Competitive Landscape
Chapter 16. Key Vendor Analysis
Chapter 17. Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 18. Marketing Strategy Analysis, Distributors/Traders
Chapter 19. Market Effect Factors Analysis
...TOC Continued
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