NEW YORK, May 03, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, global organ-on-chip market size is forecasted to reach $163.1 million by 2025, the growth in the market will be led by the rising need for effective drug discovery and development, increasing demand for alternatives for animal models in research, increasing drug repurposing approaches, and government grants and funds for research.
The organ-on-chip market has been categorized into product and services, on the basis of offering by the market players. The products are expected to register faster growth in demand, registering a CAGR of 43.8% during the forecast period, due to the advancement in research leading to arrangement of newer organs cells on chips.
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In terms of type, the organ-on-chip market has been categorized as liver-on-chip, lung-on-chip, kidney-on-chip, heart-on-chip, intestine-on-chip, brain-on-chip, and others. Among these, liver-on-chip held the largest share in the global organ-on-chip market, in 2017. The increasing prevalence of chronic liver diseases, and advancement in research for its therapeutic intervention are the key factors for the largest share of the category.
Organ-on-chip products find application in toxicology research, physiological model development, and drug discovery. The application of organ-on-chip for drug discovery is projected to witness fastest growth in demand, registering CAGR of 47.7% during the forecast period. On the basis of end user, the adoption of organ-on-chip by pharmaceutical and biotechnology companies is higher as compared to academic & research institutes, and other end users since a majority of grants and investments for research and development are received by these companies.
The organ-on-chip market in APAC is expected to witness a significant growth during the forecast period. This growth is attributed to factors such as increasing healthcare expenditure, rising government initiatives and funding for healthcare R&D, and increase in the adoption of advanced technologies in the region.
There are many ongoing research to determine the potential of organ-on-chip as a new platform for biological analysis, funded by government organisations such as Chinese Academy of Sciences, and the National Key Scientific Instrument and Equipment Development Project, China. These factors will drive the growth of the APAC organ-on-Chip market in the future.
Browse report overview with 40 tables and 41 figures spread through 111 pages and detailed TOC on "Organ-on-Chip Market by Offering (Services, Products), by Type (Liver-on-Chip, Lung-on-Chip, Kidney-on-Chip, Heart-on-Chip, Intestine-on-Chip, Brain-on-Chip), by Application (Toxicology Research, Physiological Model Development, Drug Discovery), by End User (Pharmaceutical & Biotechnology Companies, Academic & Research Institutes), by Geography (U.S., Canada, Germany, U.K., France, China, Japan) – Global Market Size, Share, Development, Growth and Demand Forecast, 2016–2025" at:https://www.psmarketresearch.com/market-analysis/organ-on-chip-market
The players in organ-on-chip market are launching new and innovative products to enhance their product portfolio. For instance, in July 2017, Hmrel Corporation, launched HuRELviral application. The Hµrelviral microliver testing platform sustains hepatitis B virus (HBV) infection in actual human liver cells for over thirty days. This is expected to equip virologists with unprecedented insight into a drug candidate’s potential to cure chronic HBV.
Some of the other key players operating in the organ-on-chip industry include Emulate Inc., Mimetas B.V., TissUse GmbH, Kirkstall Ltd., CN Bio Innovations Ltd, Ascendance Biotechnology, Inc., Nortis, Inc., and Organovo Holdings, Inc.
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