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(Health-NewsWire.Net, April 24, 2021 ) The growth of this market is mainly driven by the growing focus on developing alternatives for animal testing models, significant increase in research funding and venture capital investments for the development of organs-on-chips, technological advancements and products launches, growing number of partnerships and collaborations between pharmaceutical companies and organs-on-chips manufacturers, and growing need for early detection of drug toxicity to minimize financial losses due to late stage drug failure.
The Organs-on-chips Market is expected to reach USD 45.6 million by 2022 from USD 9.6 million in 2017, at a CAGR of 36.6%.
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Market Segmentation: -
Based on type, the organs-on-chips market is segmented into liver, lung, heart, kidney, and other organs-on-chips. In 2017, the accessories segment is expected to account for the largest share of the organs-on-chips market. The large share of this segment can be attributed to the simplicity of this model and the ability of on-chip hepatic tissues to maintain metabolic activity and phenotype similar to the in vivo environment.
Based on application, the organs-on-chips market is segmented into physiological model development, drug discovery, and toxicology research. The drug discovery segment is expected to register the highest CAGR during the forecast period. The increasing focus on drug discovery, rising need for more predictive in vitro tools for drug development among pharmaceutical companies, and growing preference for alternatives to conventional cell culture and animal models are some of the factors that are driving the growth of the drug discovery segment.
Key Market Drivers :-
1 Growing Focus on Developing Alternatives for Animal Testing Models
2 Significant Increase in Research Funding and Venture Capital Investments for the Development of Organs-on-Chips
3 Technological Advancements and New Products Launches
4 Growing Number of Partnerships and Collaborations Between Pharmaceutical Companies and Organs-on-Chips Manufacturers
5 Growing Need for Early Detection of Drug Toxicity to Minimize Financial Losses Due to Late Stage Drug Failure
6 Growing Initiatives to Increase Awareness About Organs-on-Chips Technologies
Regional Analysis: -
In 2017, North America is expected to dominate the market followed by Europe. The large share of this geographical segment is attributed to factors such as availability of new and advanced organs-on-chips in the market.
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Top key Players:-
The organs-on-chips market is emerging and high growth potential market with the presence of several small players and startups firms. Some of the players in the organs-on-chips market include Emulate (US), CN Bio (UK), TissUse (Germany), Mimetas (Netherlands), InSphero (Switzerland), Ascendance Bio (US), Kirkstall (UK), HUREL (HUREL) (US), SynVivo (US), AxoSim (US), and Nortis (US).
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Mr. Aashish Mehra
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