Rockville, July 18, 2023 (GLOBE NEWSWIRE) -- Rising at an exorbitantly impressive CAGR of 30.3% from 2023 to 2033, the global organs-on-chips market size is forecasted to end up at a valuation of US$ 1.45 billion by the end of 2023, reveals this detailed research report by Fact.MR, a market research and competitive intelligence provider.
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Growing prevalence of chronic disorders around the world has resulted in high demand for drug discovery and development, which is projected to influentially favor organ-on-chip sales over the coming years. Rising investments in healthcare infrastructure development, high healthcare expenditure, shortage of organ donors, and increasing number of people requiring organ transplants are other prospects that could potentially alter shipments of organs-on-chips through 2033.
Organs-on-chips is a technology that is still in its nascent stages and has a backlog of research that still needs to be carried out for this healthcare trend to become mainstream. The development and deployment costs associated with organs-on-chips are very high and make it an extremely expensive solution that is inaccessible to most of the general population across the world.
Key Takeaways from Market Study
- In 2023, the global organs-on-chips market stands at a valuation of US$ 103 million.
- Demand for organs-on-chips is projected to expand at a phenomenal CAGR of 30.3% from 2023 to 2033.
- The market is expected to reach a size of US$ 1.45 billion by the end of 2033.
- Rising investments in medical research and development, high healthcare expenditure, ethical concerns regarding animal testing, and growing drug development activity are key market drivers.
- High costs of development and deployment are anticipated to be major challenges for market players.
- The market in North America is projected to account for a dominant share throughout the forecast period.
- Sales of lungs-on-chips are estimated to exceed expectations over the next ten years and beyond.
“Advancements in 3D bioprinting technology and growing availability of novel biocompatible materials could be key to making organs-on-chips affordable for everyone in the years ahead,” says a Fact.MR analyst
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Winning Strategy
New as well as established organ-on-chip manufacturers are focusing on raising capital to fund their research and development efforts and improve their business potential on a global level. Mergers, acquisitions, partnerships, and collaborations are also projected to be widely adopted strategies that companies could deploy and bolster their market presence in the global competitive landscape.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global organs-on-chips market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on organ (liver, heart, lungs, other organs), application (drug discovery, toxicology research, other applications), and end user (pharmaceutical & biotechnology companies, academic & research institutions, other end users), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Key Companies Profiled in organ-on-chip Market Report:
- CN Bio Innovations
- Kirkstall
- Visikol
- SynVivo
- Tara Biosystems Inc.
- MIMETAS
- HemoShear Therapeutics LLC
- Organovo Holdings Inc.
- AxoSim
- Nortis
- Emulate Inc.
- TissUse GmbH
- InSphero
- BioIVT
- Hesperos Inc.
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