Organ-on-a-Chip Market Revenue, Growth, Forecast, Segmentation, Industry Analysis | Valuates Reports

Organ On Chip Market Outlook

Due to the COVID-19 pandemic, the global Organ-on-a-Chip market size is estimated to be worth US$ 80 million in 2022 and is forecast to a readjusted size of US$ 581.2 million by 2028 with a CAGR of 39.1% during the review period. Key drivers of the organ on chip market include growing research and development initiatives for replacing animal testing models in drug testing and clinical trials.

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R&D activities for replacing animal testing models

The entire process from drug discovery to development takes place on cell cultures and animal models. The chemical compounds are tested on cells that do not exist in human bodies. This leads to failure in clinical trials and delays in the approval process. Hence government authorities, pharmaceutical companies, and researchers are increasing funding for the development of alternatives such as organ on chips. The chips are byte-sized computer memory that contains human cells dipped into blood vessels and tissues that actually simulate the function of a living organ. This has huge potential to replace conventional lab testing methods. Thus the gradual research expansion will create huge opportunities for the growth of the organ on chip market in the future.

Rise in the number of cardiovascular diseases

The increasing number of cardiovascular diseases has augmented the need for organ on chips. The chips can successfully mimic the human cardiovascular system including the physiological shear stress conditions, mechanical stretching, and electronic stimulation. The heart and vessel-based chips are important assets for approaching customized cardiovascular medications and improving patient care. The ongoing research, drug application, and efficacy testing will drive the growth of the organ on chip market during the forecast period.

Early drug detection and technological advancements

Organ on chips provides the potential for evaluating human-specific information on drug efficacy and toxicity very early on in the development process. This creates huge scope for easy and faster detection. Moreover, the technology is developing at a rapid pace as market players keep on looking for newer models. The chips can cultivate human cells under micro-controlled environments. Multiple organs can be simulated on a single chip giving detailed information of the inner functioning of the human body. These factors are expected to drive the growth of the organ on chip market in the coming years.

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Organ On Chip Market Share Analysis

Based on type, Lung on a chip is expected to dominate in the organ on chip market share during the forecast period. On the other hand, the heart on-chip will grow the fastest during the review period. Based on application, the pharmaceutical and biotechnology companies are expected to grow at a rapid pace in the organ on chip market share during the forecasted period.

Based on region, North America will dominate in the organ on chip market share due to the presence of pharmaceutical companies, government support and funding, and availability of organ on chip technology. However, the Asia-Pacific segment will grow the fastest due to increasing R&D initiatives, investments, and growth in the development of regenerative medicines.

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This release was published on openPR.