New York, March 24, 2022 (GLOBE NEWSWIRE) -- With the surge in different types of chronic diseases worldwide, the need for the development of advanced drugs amongst pharmaceutical organizations has grown significantly, thereby contributing to the surge in the total number of drug approvals in recent years. According to the statistics by the United States Food and Drug Administration (FDA), the drug monitoring division of the government agency, i.e., the Center for Drug Evaluation and Research (CDER), approved 50 novel drugs in the year 2021. This was an increase from 22 drug approvals in the year 2016. Moreover, the statistics also stated that during the period 2012 and 2021, an average of 43 novel drug approvals per year had been registered by the organization. In addition to this, in the year 2021, out of the total number of drug approvals, 18 of 50 approvals followed fast-track expedited review programs, while 34 of 50 approvals had a priority review. Additionally, 14 of 50 approvals had a breakthrough therapy, while 14 of 50 had an accelerated approval. On an all, 37 of 50 approvals used one or more of the expedited programs.
Kenneth Research has recently released a report on “Global Organs-on-Chips Market” which includes a detailed analysis of the growth factors, opportunities, recent market trends, and the challenges that are associated with the market growth during the forecast period, i.e., 2021-2030. The market research report further covers the industry risk analysis, along with the impact of COVID-19 on the market growth in the coming years. In addition to this, the report also includes an in-depth analysis of the key players operating in the market along with the analysis of their product offerings.
Backed by the rising drug approvals in the pharmaceutical industry, significant growth in the R&D spending by the pharmaceutical organizations has been witnessed over the past few years. In the year 2020, the total R&D spending in the pharmaceutical industry reached close to USD 200 Billion, up from around USD 140 Billion in the year 2013. On the other hand, according to the statistics by the World Bank, the current health expenditure globally, as a share of GDP, increased from 9.366% in the year 2013 to 9.845% in the year 2019. Despite the growing number of drugs being approved worldwide, one of the major concerns that lie with the pharmaceutical organizations is the process of testing the toxicity of the drug, which is primarily done on animals. According to the statistics by People for the Ethical Treatment of Animals (PETA), over 100 Million animals are killed in the laboratories in the United States every year for medical training, curiosity-driven experimentation, biology lessons, and for drug, food, chemical, and cosmetics testing. Some of the most common animals that are used for testing are rats, frogs, dogs, cats, mice, rabbits, monkeys, guinea pigs, fish, and birds among others. This, as a result, has raised the need to develop alternatives for animal testing, which in turn, is anticipated to drive the demand for organs-on-chips.
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The global organs-on-chips market generated a revenue of USD 31.37 Million in the year 2020 and is further expected to touch USD 772.72 Million by the end of 2030, by growing with a CAGR of 36.54% during the forecast period. The market growth can also be attributed to the increasing research funding by governmental bodies for the development of organs-on-chips, and the growing technological advancements witnessed in the manufacturing of these products. Recently, the U.S. FDA awarded Wyss Institute for Biologically Inspired Engineering at Harvard University an initial contract value of USD 5625079 to test candidate radiation medical countermeasures. In addition to this, a follow-on study value of USD 398000 was also awarded on September 27th, 2018. On the other hand, on October 29th, 2020, the U.S. FDA went into a Cooperative Research and Development Agreement (CRADA) with Emulate, Inc. to evaluate the safety of COVID-19 vaccines and also study the protective immunity against the virus that causes COVID-19, SARS-CoV-2. Besides this, the rising need to lower the detection time of drug toxicity and lower the financial losses due to late-stage drug failure amongst the pharmaceutical organizations is also poised to create numerous opportunities for market growth in the coming years.
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The global organs-on-chips market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among the market in these countries, the market in North America generated the largest revenue of USD 18.09 Million in the year 2020 and is further expected to touch USD 372.61 Million by the end of 2030. The presence of several key pharmaceutical companies that are working on the development of organs-on-chips, followed by the favorable government initiatives in terms of funding and programs for basic drug development and research, along with the increasing availability of advanced models of these chips are some of the major factors anticipated to drive the growth of the market in the region. According to the statistics by the Congressional Budget Office (CBP) of the United States, in the year 2019, a total of USD 83 Billion was spent on R&D by the pharmaceutical industry in the U.S. The statistics also stated that on average, the pharmaceutical companies spent around 1/3rd of their revenues on research and development expenses in the year 2019. The market in the region is further segmented by country into the United States and Canada. Among the market in these countries, the market in the United States is anticipated to generate the largest revenue of USD 30.66 Million by the end of 2022, and further grow with the highest CAGR of 35.27% during the forecast period and also attain the highest market share by the end of 2030.
On the other hand, the organs-on-chips market in Europe generated the second-largest revenue of USD 6.65 Million in the year 2020 and is further expected to touch USD 185.30 Million by the end of 2030. The market in the region is further segmented by country into Germany, United Kingdom, Italy, France, Spain, Russia, Netherland, and the Rest of Europe. Among the market in these countries, the market in the United Kingdom generated the largest revenue of USD 1.50 Million in the year 2020 and is further projected to touch USD 41.54 Million by the end of 2030. Further, the market in Germany is projected to display the second-largest revenue of USD 38.80 Million by the end of 2030, up from a revenue of USD 1.33 Million in the year 2020.
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The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global organs-on-chips market is segmented on the basis of organ type into lung, intestine, kidney, brain, liver, and others. Among these segments, the lung segment generated the largest revenue of USD 7.71 Million in the year 2020 and is further expected to touch USD 178.79 Million by the end of 2030. In North America, the segment is anticipated to garner the largest revenue of USD 86.15 Million by the end of 2030, up from a revenue of USD 4.44 Million in the year 2020. Moreover, in Europe, the segment generated the largest revenue of USD 1.64 Million in the year 2020 and is further expected to touch a revenue of USD 42.90 Million by the end of 2030.
The global organs-on-chips market is further segmented on the basis of application into drug discovery, toxicology research, disease modeling, and others. Among these segments, the toxicology research segment registered the largest revenue of USD 9.91 Million in the year 2020 and is further expected to touch USD 244.66 Million by the end of 2030. In North America, the segment is projected to attain the largest revenue of USD 117.78 Million by the end of 2030, up from a revenue of USD 5.70 Million in the year 2020, while in the Asia Pacific, the segment garnered the largest revenue of USD 1.51 Million in the year 2020 and is further expected to grow with a CAGR of 41.28% during the forecast period.
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The global organs-on-chips market is also segmented on the basis of offering and end-user.
Global Organs-on-Chips Market, Segmentation by Offering
- Product
- Services
Global Organs-on-Chips Market, Segmentation by End-User
- Pharmaceutical & Biopharmaceutical Companies
- Academic & Research Institutes
- Others
Some of the prominent industry leaders in the global organs-on-chips market that are included in our report are Emulate, Inc., CN Bio Innovations Limited, TissUse GmbH, InSphero AG, Elvesys, MesoBioTech, AxoSim, CHERRY BIOTECH, Nortis, Inc., BiomimX S.r.l., MIMETAS B.V., KYODO INTERNATIONAL INC., AGC Inc., and others.
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