As per the recently published report by MarketsandMarkets™, The report "Organ-On-Chip Market by Organ Type (Liver, Kidney, Intestine, Lung, Heart), Products (Instruments, Consumable, Software), Services (Standard, Custom), Model Type, Application (Toxicology, Drug Discovery, Stem Cell), Purpose - Global Forecast to 2029", is expected reach USD 631,073 thousand by 2029 from USD 123,285 thousand in 2024, at a CAGR of 38.6% during the forecast period.
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Some of the prominent key players are:
- MIMETAS
B.V. (Netherlands),
- TissUse
GmBH (Germany),
- Netri
(France),
- Emulate,
Inc. (US),
- CN
Bio Innovations Ltd (UK),
- Insphero
AG (Switzerland),
- SynVivo,
Inc. (US), and many more......
Mergers
& acquisitions, investments & expansions, partnerships &
collaborations, and new product developments are some of the major strategies
adopted by these key players to enhance their positions in
the Organ-On-Chip Market.
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- Among
the model type subsegments, the market is segmented organ-based model and
disease-based models. In 2023, the disease-based model segment accounted
for the highest growth rate in the organ-on-chip market by model type. The
high growth of this segment can be attributed to the growing adoption of
disease based models for progressing studies associated with several
conditions along with an application of these models in personalized
medicine development.
- Among
the organ type subsegment, the organ-on-chip market is segmented into
liver, kidney, lung, heart, intestine and other organs. In 2023,
liver-on-chip segment accounted for the fastest-growing market of the
organ type segment of organ-on-chip market. The high growth of this market
segment can be attributed to the growing focus on animal-free drug
discovery and development methods and increasing preclinical research to
evaluate drug hepatotoxicity
- The
European market is the second-largest organ-on-chip market globally,
mainly due to factors such as advancements in biofabrication technology
and use of artificial intelligence in drug discovery and testing. The
increased collaboration and partnership between private companies and
government institutes along with increased awareness of the organ-on-chip
technology are other important factors responsible for the size of the
market.
Growth in the organ-on-chip market can mainly
be attributed to the increasing government initiatives to reduce drug testing
on animal models. Additionally, factors such as advancements in biofabrication
technologies and greater acceptance of organ-on-chip technology by pharma and
biotechnology companies also contributes to the growth of this market. However,
technical complexities of the organ-on-chip models along with low throughput of
current organ-on-chip technology pose challenge for the market growth to a
certain extent.
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