Global Organ-On-Chip Market
Posted by geeta narwade on November 12th, 2019
Global Organ-On-Chip Market was valued US$ 11.4 Mn in 2017 and is expected to reach US$ 135.7 Mn by 2026, at CAGR of 36.29% during forecast period.
Global Organ-On-Chip Market
The growth of Organ-On-Chip market is mainly driven by rise in the demand for alternatives for animal models in research, research funding and venture capital investments, technological advancements, products launches, and M&A between pharmaceutical industries and organs-on-chips manufacturers. Factors such as advancement in healthcare devices and increasing rate of an organ transplant are expected to boost the demand for organ on a chip. Healthcare expenditure across the globe and increasing death rate due to chronic diseases, advancement in healthcare devices and organ transplant are expected to boost the demand for organ on a chip.
Further, in support to promote research activities, government agencies provide grants to companies. For instance, in July 2017, the National centre for Advancing Translational Sciences (NCATS) awarded a research grant of million to Emulate, Inc., to use its human Brain-Chip system and develop a completely automated research platform, to conduct experiments on the International Space Station. At the same time, 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. Also, the lack of adoption of innovative technology in underdeveloped nations is believed to hinder the growth of organ on a chip market.
In 2016, the lung-on-chip segment accounted for the highest share in the market, because of the Shortage of donor's lungs for transplantation has led to a significant number of patient deaths. Thus, the rise in demand to develop laboratory-engineered, functional organs is anticipated to supplement the growth of the market. Recellularized solid organs can perform organ-specific functions for short span of time, which indicates the potential for clinical use of engineered solid organs in the future. Furthermore, the heart-on-chip segment is anticipated to witness the highest growth rate from 2017 to 2026, due to an increase in applications of organ-on-chip devices for the cure of several cardiac diseases such as heart failures.
North America was expected to dominate the market followed by Europe, in 2017 and it is expected to continue during the forecast period. North America is attributed to factors such as the availability of new and advanced organs-on-chips in the market, the presence of key pharmaceutical companies. Also, favourable government initiatives in terms of funding and programs for basic drug development and research. Many key players in the region are working to better, costly, time-consuming drug discovery procedure by innovating and adapting organ-on-chip technologies. Huge investments are being made by the public and private institutes for 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 assess drugs designed to counter those effects.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding the Global Organ-On-Chip Market dynamics, structure by identifying and analysing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the Global Organ-On-Chip Market.
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About the Authorgeeta narwade
Joined: September 2nd, 2019
Articles Posted: 100
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