Dublin, April 11, 2019 (GLOBE NEWSWIRE) -- The "Global Organs-on-Chips Market - Growth, Trends and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The organ-on-chip market is expected to register a CAGR of nearly 34.57% during the forecast period, 2019-2024.
The organ-on-chip market is driven by factors, such as a requirement for alternatives for animal testing, need for early detection of drug toxicity, and new product launches and advancements in technology that are also responsible for driving the market.
Furthermore, the surging initiatives by pharmaceutical companies, to invest and investigate drug repurposing utilizing organs-on-chips models, are also expected to drive the growth of the organs-on-chip market.
The demand for personalized medication and the vast applications of organ-on-chip beyond the pharmaceutical industry are the major factors creating growth opportunities for market players.
There are also increasing product launches by several key players, intended to expand their product portfolio, which are further expected to increase their market in the upcoming forecast years.
The market studied is greatly influenced by the launches of new products by the major market players, which is further expected to increase their market shares in the coming years. For instance, in March 2017, InSphero AG launched the 3D InSight Monkey Liver Microtissues, which resulted in the expansion of the company's suite of organotypic 3D liver models for in vitro safety and efficacy testing.
Key Market Trends
Drug Discovery Segment is Expected to Exhibit the Fastest Growth Rate Over the Forecast Period
The drug discovery segment of the organ-on-chip market is expected to hold the largest market share, and is projected to witness a CAGR of 34.72% during the forecast period.
The pharmaceutical industry is facing many challenges due to the rising cost and declining efficiency of drug R&D. Thus, there is a critical need for new testing approaches for generating reliable predictions of drug efficacy. OOC has the potential to serve as a new enabling platform for the identification and validation of efficacy, safety, and durability of potential targets early in the pipeline, thus ncreasing the chances of success in clinical trials.
Eventually, OOC models may play a pivotal role in streamlining the clinical trial processes. For instance, advances in stem cell engineering could be integrated into the OOC technology to develop personalized models to predict patient-specific toxicity and efficacy, which could lead to more efficient human trials with significantly reduced preclinical testing requirements. The OOC technology can be mutually integrated with modeling and analysis tools in the drug discovery process.
Furthermore, the OOC models could be used to validate potential targets identified by genomics and proteomics analyses. These developments have the potential to transform the process of drug discovery and development in the future, which may contribute directly to the growth of the market.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America currently dominates the OOC market owing to factors, such as the availability of a wide range of services offered by major players (which includes customized designing of new chips with specific organ arrangement) and increase in toxicological testing of chemicals on the different types of organ cells.
Huge investments are being made by the public and private institutes for their research. For instance, the Wyss Institute received almost USD 5.6 million in grant money from the US FDA to use its organ-on-chip technology to test human physiological responses to radiation and to evaluate drugs designed to counter those effects.
Competitive Landscape
The organ-on-chip market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market.
The presence of major market players, such as AxoSim Inc., BiomimX SRL, Elveflow, Emulate Inc., Hurel Corporation, InSphero AG, MIMETAS BV, Nortis Inc., Tara Biosystems, and TissUse GmbH, is, in turn, increasing the overall competitive rivalry in the market. Product advancements and improvements in the organ-on-chip platforms by the major players are increasing the competitive rivalry.
Major Players
- AxoSim Inc.
- BiomimX SRL
- Elveflow
- Emulate Inc.
- Hurel Corporation
Key Topics Covered
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Requirement of Alternative for Animal Testing
4.2.2 Need for Early Detection of Drug Toxicity
4.2.3 New Products Launches and Advancements in Technology
4.3 Market Restraints
4.3.1 Complexity of Organ-on-chip Models
4.4 Industry Attractiveness Porter's Five Force Analysis
5. MARKET SEGMENTATION
5.1 By Organ Type
5.1.1 Liver
5.1.2 Heart
5.1.3 Lung
5.1.4 Other Organ Types
5.2 By Application
5.2.1 Drug Discovery
5.2.2 Toxicology Research
5.2.3 Other Applications
5.3 By End User
5.3.1 Pharmaceutical and Biotechnology Companies
5.3.2 Academic and Research Institutes
5.3.3 Other End Users
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Rest of the World (RoW)
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 AxoSim Inc.
6.1.2 BiomimX S.R.L.
6.1.3 Elveflow
6.1.4 Emulate Inc.
6.1.5 Hurel Corporation
6.1.6 InSphero AG
6.1.7 MIMETAS B.V.
6.1.8 Nortis Inc.
6.1.9 Tara Biosystems
6.1.10 TissUse GmbH
List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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