Seattle, WA -- (SBWIRE) -- 09/26/2019 -- Organ-on-a-chip Market Overview
Increasing regulatory measures on animal testing and growing complexity in therapeutic applications has led to high adoption of organ-on-a-chip technology in the healthcare sector. Organ-on-a-chip technology is a unique cell culture process that uses biomimetic microsystem as a platform. Organ-on-a-chip devices are fabricated using silicone. The technology finds application in organ transplantation and other therapeutics.
Organ-on-a-chip Market Dynamics
Major institutes are focused on development and commercialization of new products. For instance, Harvard's Wyss Institute is focused on developing lung-on-chip device. Some companies such as Mimetas is currently focused on developing kidney-on-a-chip devices. This technology reduces the amount of testing carried out on animals and offers highly accurate results, which increases adoption of the technology. Moreover, major players in the market are focused on adopting collaboration and partnership strategies with universities. Such activities are expected to boost growth of the market over the forecast period.
The organ-on-a-chip technology finds application in disease modelling, patient stratification, phenotypic screening, and other applications. Majority of the demand is expected to be generated from lung-based organ culture, followed by kidney application. The organ-on-a-chip technology provides better clinical outcomes compared to petri dishes and animal testing, which can aid researchers and companies in effectively assessing the functioning of internal organs such as the brain and lungs.
Increasing funding and government initiatives are expected to contribute to the market growth over the forecast period.
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However, high cost associated with the technology and early stage in R&D is expected to restrict growth of the market. However, the market is expected to witness rapid growth post-2020.
Organ-on-a-chip is expected to cater to wide range of applications ranging from disease modelling to patient stratification and phenotypic screening. Most of the demand is expected to be generated from lung-based organ culture, followed by kidney application. The technology offers better clinical examinations compared to petri dishes and animal testing – helping scientists and companies to better understand the functioning of internal organs such as the brain and lungs.
Funding and government initiatives are projected to further boost market growth in the near future. Though the market is expected to create substantial opportunities, high cost and early stage in R&D are some of the factors leading to slow growth of the market. Market is expected to witness rampant commercialization post-2020.
Organ-on-a-chip Market - Regional Analysis
North America and Europe are expected to dominate the overall organ-on-a-chip market throughout the forecast period. The regions are early adopters of newly developed technology. Moreover, demand is expected to be further propelled by large consumer base in these regions. North America spends over 16% of its GDP on healthcare. Moreover, various research activities are carried out in the region, which is home to some of the leading players in the market. Also, organ transplant rate is high in the region. Growth of the Europe market is expected to be primarily driven by rising demand for organ-on-chip in Germany, U.K., and France.
Asia Pacific is a lucrative market for companies engaged in organ-on-a-chip industry. However, commercialization is not expected to take place in early years. As market is still in its early stage, it would take a few years before companies can expect return on profit. Japan and China are key markets in Asia Pacific. These countries account for over half of the pharmaceutical market in Asia Pacific. Also, these countries are well equipped with technologically advanced medical devices and research centers.
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Organ-on-a-chip Market - Competitive Landscape
Organovo, Hepregen, Hurel Corporation, Nortis, TissUse, Tara Biosystems, and AxoSim are some of the players engaged in organ-on-a-chip market. These companies are located in North America, with most being start-ups albeit with major funding and are expected to attain major commercial success in the near future.
Key Developments
1. Major players in the market are focused on various business strategies such as merger and acquisition, in order to enhance their market presence. For instance, in March 2018, BioIVT acquired Ascendance Biotechnology to expand its drug safety testing and toxicology portfolios.
2. Major players in the market are focused on various business strategies such as merger and acquisition, in order to enhance their market presence. For instance, in November 2018, BioIVT acquired Biological Specialty Corporation (BSC), which will expand its ability to offer fresh blood products.
3. Major players in the market are focused on various business strategies such as hosting conferences, events, and research symposium, in order to showcase recent research advances in the market. For instance, in August 2019, BioIVT, a provider of research models for drug and diagnostic development hosted research symposium titled, '"Innovation in Immuno-oncology: Breaking Down the Barriers' at Massachusetts, U.S. This event highlighted research advances with implication for clinical practices and drug discovery of immune-oncology.
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