The global organ on chip market ispredicted to witness significant growth in the forecast period. The North America region is predicted to dominate the market. Various key players are working on initiatives to help the market grow further.
NEW YORK, July 14, 2021 /PRNewswire/ -- The latest report published by Research Dive states that the Global Organ On Chip Market is expected to witness a rise in revenue from $54,640.00 million in 2020 to over $6,97,654.30 million by 2028 at a steady CAGR of 37.60% from 2021-2028.
The North American Region experienced a surge in the growth due to the increase in revenue from $26,937.50 million in 2020 to over $3,35,571.70 million by 2028. The region is known for the large number of manufactures who hold expertise in the production of organ on chips. These specialists have also been initiating further innovations within the region which is further predicted to contribute to the growth of the market.
Key Market Segments
By type, the heart-on-a-chin type sub-segment is expected to dominate the market with a significant revenue of $1,63,501,80 million by 2028. In the current times due to the bad lifestyle choices, people have been diagnosed with heart conditions. This increase in patients with cardiovascular diseases has been the primary reason for an increase in the heart on chips segment.
By application, the disease modelling sub-segment is set to gain the highest market share with a revenue collection of $1,36,766.40 million by 2028. People who have been detected with central nervous system illnesses along with issues related to protein-induces lung inflammation require the use of disease modelling. The multiple uses of the segment are expected to boost its growth while also adding to the growth of the market.
As per the report, the disease modelling sub-segment is expected to witness a rise in revenue from $9,960.20 million in 2020 to over $1,36,766.40 million by 2028. This form of technology is primarily implemented on people diagnosed with central nervous system illnesses, protein-induces lung inflammation, and other such diseases. These factors are predicted to help the market grow.
The healthcare sector has been experiencing substantial use of the organ on chip technology for various purposes. It is also a more ethical form of drug testing compared to the animal testing method. The technique is also used to examine the levels of toxicity in drugs while also ensuring they're approved on the bases of safe usage. These factors have led to the growth of the market.
But on the contrary the process of production is complicated and also lies on the more exorbitant side. These are the primary factors that are restraining the growth of the global organ on chip market.
To add further, this technological medium is used not on by the healthcare sector but within the food sector as well. It is utilized to ensure the safety levels of their products. These factors along with further advancement on the product front and multiple initiatives by key players have ensured opportunities of growth for the market.
Top 10 Key Players of Organ on Chip Market and Their New Developments, and Strategies
The report also provides a detailed list of some of the prominent pioneers of the market. Some of them are-
Tara Biosystems, Inc
For instance, in January 2021, Emulate Inc, an expert in the commercialization of organ-on-chips launched a highly advanced organ on chip known as the Emulate Brain-Chip. This variant is known for being a cumulative of the neurovascular unit which also includes the blood-brain barrier. It has the ability to build more model cell-cell interactions which can help in cases of central nervous system disorders.
COVID-19 and its Impact on the Global Organ On Chip Market
The pandemic played a major part in facilitating improvements and advancements within the healthcare sector. This also included developments in the global organ chip market which resulted in its growth over the period of the pandemic. Though the world went into a lockdown, it was necessary to propel it back to normalcy by producing drugs and vaccines faster. The on chip technology tests the vaccines for their levels of toxicity. The pandemic provided assisted in further helping the market grow due to its increased demand in the healthcare sector.
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