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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