Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Organs on Chip Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The report indicates that the organs-on-chip market is seeing rapid expansion, with projections placing its value at an estimated US$392.621 million by 2028, growing from US$74.827 million in 2021. This remarkable growth is attributed to a compound annual growth rate (CAGR) of 26.72% during the forecast period from 2023 to 2028.
Organ-on-a-chip technology, representing micro-engineered systems that simulate physiological responses of organ tissues, is gaining significant traction as a critical tool in drug discovery and development. An upsurge in demand for reduction in animal testing and increased personalization in medicine are driving factors bolstering market growth.
While this innovative approach has the potential to revolutionize many aspects of medical research, certain challenges such as the intricacy of emulating complex organ functions and high costs could impede market progression. Nevertheless, strategic collaborations and growing investment in R&D are smoothing the way for advancements in the field.
The report encompasses an exhaustive analysis segmented by type, application, offerings, and end-user, alongside regional insights.
- Liver, kidney, lung, heart, and other types of organ-on-a-chip are detailed.
- Utility across drug discovery, toxicity testing, and physiological modeling applications is explored.
- Products and services constitute the market's offering scope.
- End-user analysis covers both research institutes and pharmaceutical companies.
Essential for understanding sector dynamics, the study employs Porter's Five Forces Model and industry value chain analysis. It further delves into market regulations and outlines the regulatory landscape affecting the organs-on-chip industry, assisting stakeholders in comprehending factors influential to market environment.
A section of the study provides a 360-degree view of the demand across varied geographic regions such as the Americas, Europe, the Middle East and Africa, and the Asia Pacific, highlighting country-specific insights.
The competitive landscape is rigorously analyzed, presenting strategies from market leaders, followers, challengers, to niche players, classified within an intricate vendor matrix. This research contributes crucial market insights to executives and interested parties, aiding in strategic decision-making processes.
The extensive report on the organs-on-chip market, armed with detailed insights, is a definitive guide to understanding current trends, growth drivers, and industry challenges from 2023 to 2028. It is an invaluable tool for stakeholders looking to navigate this burgeoning market with confidence.
Market Segmentation Reveals Key Growth Opportunities
- The liver segment is positioned prominently and shows significant growth potential.
- Increased emphasis on drug discovery applications spurs market demand.
- Investment in organ-on-chip service offerings reflects the market's trajectory towards providing comprehensive solutions.
As the organs-on-chip market continues to expand, stakeholders can expect to see a surging influence on the overall landscape of drug development and biomedical research, heralding a new era of personalized medicine and ethical testing practices.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 117 |
| Forecast Period | 2021-2028 |
| Estimated Market Value (USD) in 2021 | $74.83 Million |
| Forecasted Market Value (USD) by 2028 | $392.62 Million |
| Compound Annual Growth Rate | 26.7% |
| Regions Covered | Global |
Companies Mentioned
- AxoSim Inc.
- BiomimX SRL
- CN Bio
- Emulate Inc.
- InSphero AG
- MIMETAS B.V.
- Nortis Inc.
- TissUse GmbH
For more information about this report visit https://www.researchandmarkets.com/r/ux3h5y
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