New York, USA, Dec. 26, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global organ on chip market is predicted to grow at a stable CAGR of 37.60%, thereby garnering a revenue of $6,97,654.30 thousand in the 2021-2028 timeframe. This holistic report provides an overarching overview of the nature of the organ on chip market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2021-2028 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Dynamics of the Market
Drivers: Strategic alliances among key market players of the industry predicted to be the primary growth driver of the organ on chip market in the forecast period. Along with this, growing demand for drug screening is anticipated to push the market forward.
Opportunities: Increasing demand for animal testing alternatives is estimated to offer numerous growth opportunities to the market in the forecast period. Moreover, increasing prevalence of organ on chip in drug screening are expected to help the market grow in the analysis timeframe.
Restraints: Architectural complexity in development of chips, however, might prove to be a hindrance in the growth trajectory of the organ on chip market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic has affected millions of lives, directly or indirectly. The lockdowns ordered by various government to curb the spread of the disease has affected numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The organ on chip market, however, has been an exception. The pandemic underlined the importance of integrating latest technologies in healthcare sector; development of vaccines and drugs involved promising technologies such as organ on chip technology. This increasing adoption of the technology helped the market to grow despite the pandemic.
Segments of the Market
The report has divided the organ on chip market into certain segments based on type, application, and region.
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Type: Heart-on-a-Chip Sub-Segment to be the Most Profitable
By type, the heart-on-a-chip sub-segment is predicted to have the most dominant market share and generate a revenue of $1,63,501.80 thousand by 2028. The growing adoption of heart-on-a-chip technology due to growing prevalence of cardiovascular diseases is predicted to be the leading contributor to the growth of this sub-segment.
Application: Disease Modelling to be the Fastest Growing
By application, the disease modelling sub-segment is predicted to have the fastest growing and generate a revenue of $1,36,766.40 thousand by 2028. Disease modelling technology has applications in platforms such as protein-induced lung inflammation, type 2 diabetes, central nervous system disease which is predicted to be the leading factor behind the growth of this sub-segment.
Region: Market in North America Region to be the Most Lucrative
By regional analysis, the organ on chip market in the North America region is poised to become the most dominant sub-segment and is predicted to register a revenue of $3,35,571.70 thousand in the 2021-2028 timeframe. The emergence of innovative technologies and growing expenditure on healthcare are expected to be the two main growth drivers of the market in this region.
Prominent Market Players:
Some prominent market players of the organ on chip market are
- Emulate, Inc.
- MIMETAS
- Kirkstall
- Tara Biosystems, Inc.
- TissUse GmbH
- AxoSim Technologies LLC
- Nortis
- Insphero AG
- Hesperos, Inc.
- CN Bio
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These companies are coming up with various innovations using different scientific approaches to gain a prominent position in the market.
For instance, in September 2022, NETRI, a developer of neuro-organs-on-chips, announced that it was collaborating with Axion BioSystems, a leading biotechnology company. Axion BioSystems is a leading developer of innovative biotechnology platforms; this collaboration will thus help both the companies to integrate their technologies and cater to the demands of the healthcare sector in a more holistic way.
Finally, this report published by Research Dive, also summarizes many crucial aspects of the global market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio. Inquire here to get an access to the key companies’ development strategic Report
More about Organ on Chip Market:
- Organ on a Chip Technology to be Milestone in Novel Drug Discovery
- Prominent Use of the Technology for Drug Testing and Quick Sample Review is Predicted to Assist in the Growth of the Global Organ On Chip Market
