Global Organs-on-Chips Market to Grow on the Back of Rising Need Amongst Pharmaceutical Drug Manufacturers to Develop Advanced Drugs; Market to Grow with a CAGR of 36.54% During 2021-2030
Kenneth Research published a report titled “Organs-on-Chips Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global organs-on-chips market in terms of market segmentation by organ type, offering, application, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global organs-on-chips market is anticipated to grow with a CAGR of 36.54% over the forecast period, i.e., 2021 – 2030. The market is segmented by organ type into lung, intestine, kidney, brain, liver, and others, out of which, the lung segment is anticipated to garner the largest revenue of USD 178.79 Million by the end of 2030. Moreover, in the year 2020, the segment generated a revenue of USD 7.71 Million.
The global organs-on-chips market is estimated to garner a revenue of USD 772.72 Million by the end of 2030. Moreover, in the year 2020, the market generated a revenue of USD 31.37 Million. Increasing research and development expenditure in the field of medical sciences, followed by the growing focus of pharmaceutical companies on the discovery of new drugs, and the growing advancements in organs-on-chips technology, are some of the major factors anticipated to drive the growth of the market in the coming years.
Geographically, the global organs-on-chips market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is anticipated to garner the largest revenue of USD 372.61 Million by the end of 2030. Moreover, in the year 2020, the market in the region generated a revenue of USD 18.09 Million.
The research is global in nature and covers detailed analysis on the market 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). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Prevalence of Different Types of Chronic Diseases to Create Opportunities for Market Growth
In one of the statistics by the World Health Organization (WHO), by the end of 2030, it is expected that 78 Million people would have dementia. This is further projected to reach 139 Million by 2050.
Backed by the growing prevalence of different types of chronic diseases worldwide, there is a growing need amongst pharmaceutical organizations to develop advanced drugs to treat these diseases. By the use of organs-on-chips, pharmaceutical organizations detect species-specific toxicity of drugs, which allow more accurate predictions of the effects of drugs on humans. Moreover, with the stringent regulations developed over the years to stop testing drugs on animals, the medical researchers are increasingly opting for alternative methods of drug testing, which is anticipated to drive the market growth in the coming years.
However, the high cost of OOC devices, and the nascent stage of the technology are expected to operate as key restraint to the growth of global organs-on-chips market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global organs-on-chips market which includes company profiling of 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. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global organs-on-chips market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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