New York, USA, July 19, 2021 (GLOBE NEWSWIRE) -- The latest report by Research Dive states that the global organ on chip market is expected to witness a significant rise in revenue from $54,640.00 million in 2021 to over $6, 97,654.30 million by 2028 at a stable CAGR of 37.60%.
Market Dynamics
According to reports, drugs for various purposes are initially tested on animals to determine any side effects. In order to avoid this there has been an increase in demand for more ethical ways to test the efficiency of products. Organ on chip is one of the most accurate methods that can not only work effectively in disease modelling but also provides insight into the toxicity levels and efficacy of the drugs. Additionally, this form of technology makes the process of drug development more economical, hence contributing to the growth of the market.
But, the technical intricacies in the process of production of the organ on chip along with the high pricing of the entire process is expected to create a barrier in the growth of the market.
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On the other hand, there has been a rise in the utilization of the organ on chip technology in various processes such as in-vitro analysis of biochemical as well as metabolic and genetic activities of body cells in tissues. Additionally, several experts of the industry have been working on advancements and strategies that will help in the production of more products. This is predicted to provide an opportunity of growth for the market.
Segmental Analysis
The report classifies the market into various segments – by type and application.
Heart-on-a-chip Type Sub-segment to Gain the Highest Market Share
The heart-on-a-chin type sub-segment is predicted to garner a significant revenue of $1,63,501.80 million by 2028, in the analysis period. This rise in revenue is due to the soaring cases of people being diagnosed with heart issues. As per the WHO, the adoption of a modern lifestyle has been the cause of cardiovascular illnesses among a majority of the population which has in turn led to a demand if heart-on-chips.
Disease Modelling Sub-segment to Dominate the Market
As per the report, the disease modelling sub-segment is expected to witness a rise in revenue from $9,960.20 million in 2020 to over $1,36,766.40 million by 2028. This form of technology is primarily implemented on people diagnosed with central nervous system illnesses, protein-induces lung inflammation, and other such diseases. These factors are predicted to help the market grow.
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Regional Analysis
The North American region is expected to majorly contribute to the growth of the market with an increase in revenue of $3,35,571.70 million by 2028, rising from $26,937.50 million in 2020. The presence of several organ on chip manufacturers as well as the implementation of these innovations into the healthcare sector in the region has added to the growth of the market.
Key Players of the Organ on Chip Market
As per the report, some of the noteworthy brands working on helping the market grow further are:
- Emulate, Inc
- Nortis
- Mimetas
- Hesperos, Inc
- AxoSim Technologies LLC
- Tara Biosystems, Inc
- CN Bio
- TissUse G mbH
- Kirkstall
- Insphero AG
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. For instance, in March 2021, CN Bio, a pioneer in the production of single as well as multi-organ microphysiological systems – also known as organ-on-a-chip declared a new launch. The PhysioMimix OOC Multi-organ MPS is a variant that has the ability to integrate the in vitro 3D liver model whose features imitate in vivo, into other body organs. This can effectively recreate the different organs and its effects that can be observed in man.
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