The global organ-on-chip market is anticipated to grow at a CAGR of around 34.1% during the forecast period (2021-2027). The factors that are propelling the growth of the global organ-on-chip market include growing alternatives for animal testing models, rising R&D funds for the development of organs-on-chips, and technological advancements. Besides this, the increase in mergers and acquisitions, partnership collaboration between pharmaceutical industry players, business expansion to increase supply chain are also boosting the growth of the organ-on-chip market. For instance, in December 2020, Yokogawa Electric Corp announced the partnership collaboration with InSphero AG, a pioneer in the development of 3D in vitro technologies for drug discovery and safety. Through this acquisition, both the companies aimed to establish and advance methods for the use of high-content analysis (HCA) in drug discovery and safety assessment.
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Moreover, in September 2020, Javelin Biotech had signed a partnership collaboration with Pfizer Inc. to develop an organ-on-chip platform for the evaluation of ADME (absorption, distribution, metabolism, and excretion) properties of small molecules. The platform provides insight into how drugs perform in humans and supports quantitative decision-making. Apart from this, new products and applications launched by market players also contributing towards the growth of the market. In January 2021, Emulate, Inc. announced an application and service roadmap for organ-on-chip technology for drug development. The application has increased the applicability of organ-on-chip technology throughout the drug discovery and development process and into many additional therapeutic areas. Despite these growth factors that support maintaining the market growth, few factors hamper the growth of the organ-on-chip market such as the high cost of organ-on-chip models, and the complexity of these chips. The new technology advancement and growing research funding can offer lucrative opportunities to the market.
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Market Coverage
· The market number available for – 2020-2027
· Base year- 2020
· Forecast period- 2021-2027
Segment Covered-
· By Organ Type
· By Application
· By End-User
Regions Covered-
· North America
· Europe
· Asia-Pacific
· Rest of the World
· Competitive Landscape- MIMETAS B.V., BiomimX SRL, InSphero AG, Emulate, Inc., Hurel Corp., CN Bio Innovations, Ascendance Biotechnology, Inc., Nortis Inc., TissUse GmbH, Organovo Holdings, Inc, TARA Biosystems, Inc., among others
Global Organ-on-Chip Market Report Segment
By Organ Type
· Lung-on-Chip
· Heart-on-Chip
· Kidney-on-Chip
· Others
By Application
· Drug Discovery
· Toxicology Research
· Others
By End-User
· Pharmaceutical and Biotechnology Industry
· Academic and Research Institutes
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
