Organ on Chip Market Predicted to Garner a Revenue of $6,97,654.30 Thousand in the 2021-2028 Timeframe, Growing at a Healthy CAGR of 37.60%

The global organ on chip market is expected to grow significantly by 2028, primarily due to the strategic alliances among key market players of the industry. The North America region is expected to be the most lucrative in the 2021-2028 timeframe.

Press Release:

According to Research Dive's newly published report, the global organ on chip market is predicted to grow at a stable CAGR of 37.60% and garner a revenue of $6,97,654.30 thousand in the 2021-2028 timeframe.

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Dynamics of the Market

Drivers: Increasing demand for animal testing alternatives for drug testing and the growing prevalence of organ on chip in drug screening are expected to help the market grow in the analysis timeframe.

Restraints: Architectural complexity in development of chips, however, might prove to be a hindrance in the growth trajectory of the organ on chip market.

Opportunities: Strategic alliances among key market players of the industry and the growing demand for drug screening are anticipated to create massive growth opportunities for the organ on chip market.

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Impact of COVID-19 on the Market

The COVID-19 pandemic has affected millions of lives, directly or indirectly. The lockdowns ordered by various government to curb the spread of the disease has affected numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The organ on chip market, however, has been an exception. The pandemic underlined the importance of integrating latest technologies in healthcare sector; development of vaccines and drugs involved promising technologies such as organ on chip technology. This increasing adoption of the technology helped the market to grow despite the pandemic.

Segments of the Market

The report has divided the organ on chip market into certain segments based on type, application, and region.

By type, the heart-on-a-chip sub-segment is predicted to have the most dominant market share and generate a revenue of $1,63,501.80 thousand by 2028. The growing adoption of heart-on-a-chip technology due to growing prevalence of cardiovascular diseases is predicted to be the leading contributor to the growth of this sub-segment.

By application, the disease modelling sub-segment is predicted to have the fastest growth and generate a revenue of $1,36,766.40 thousand by 2028. Disease modelling technology has applications in platforms such as protein-induced lung inflammation, type 2 diabetes, central nervous system disease which is predicted to be the leading factor behind the growth of this sub-segment.

By region, the North America organ on chip market is poised to become the most dominant sub-segment and is predicted to register a revenue of $3,35,571.70 thousand in the 2021-2028 timeframe. The emergence of innovative technologies and growing expenditure on healthcare are expected to be the two main growth drivers of the market in this region.

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Prominent Market Players

The key players of the organ on chip market are Emulate, Inc., MIMETAS, Kirkstall, Tara Biosystems, Inc., TissUse GmbH, AxoSim Technologies LLC, Nortis, Insphero AG, Hesperos, Inc., and CN Bio, among others. These companies are coming up with various innovations using different scientific approaches to gain a prominent position in the market.

For instance, in September 2022, NETRI, a developer of neuro-organs-on-chips, announced that it was collaborating with Axion BioSystems, a leading biotechnology company. Axion BioSystems is a leading developer of innovative biotechnology platforms; this collaboration will thus help both the companies to integrate their technologies and cater to the demands of the healthcare sector in a more holistic way.

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