DUBLIN--(BUSINESS WIRE)--The "Organs-on-chips Market by Type (Liver, Kidney, Lung, Heart, Intestines, Gut), Offering (Product, Service), Application (Toxicity testing, Physiological model), End User (Academic, Research Institute, Pharma companies) - Global Forecast to 2022" report has been added to ResearchAndMarkets.com's offering.
The organs-on-chips market is expected to reach USD 45.6 Million by 2022 from USD 9.6 Million in 2017, at a CAGR of 36.6%.
The growth of this market is mainly driven by the growing focus on developing alternatives for animal testing models, significant increase in research funding and venture capital investments for the development of organs-on-chips, technological advancements and new products launches, growing number of partnerships and collaborations between pharmaceutical companies and organs-on-chips manufacturers, and growing need for early detection of drug toxicity to minimize financial losses due to late stage drug failure.
In 2017, North America is expected to account for the largest share and also expected to grow at the highest CAGR of the market followed by Europe. The largest share and high growth of this market is attributed to the factors such as the availability of new and advanced organs-on-chips models in the market, favorable government initiatives in terms of funding and programs for basic drug development and research, and the presence of key pharmaceutical companies.
The organs-on-chips market is emerging and competitive in nature, with a number of small players competing for market space (including startups firms). Prominent players in this market include Mimetas (Netherlands), Emulate (US), InSphero (Switzerland), Ascendance Bio (US), CN Bio (UK), TissUse (Germany), Kirkstall (UK), HUREL (HUREL) (US), SynVivo (US), AxoSim (US), and Nortis (US).
Market Dynamics
Drivers
- Growing Focus on Developing Alternatives for Animal Testing Models
- Significant Increase in Research Funding and Venture Capital Investments for the Development of Organs-on-Chips
- Technological Advancements and New Products Launches
- Growing Number of Partnerships and Collaborations Between Pharmaceutical Companies and Organs-on-Chips Manufacturers
- Growing Need for Early Detection of Drug Toxicity to Minimize Financial Losses Due to Late Stage Drug Failure
- Growing Initiatives to Increase Awareness About Organs-on-Chips Technologies
Restraint
- Issues Related to the Incorporation of Organs-on-Chips Technologies Into Existing Workflows
Opportunities
- Increasing Focus on Drug Discovery Activities
- Application of Organs-on-Chips in Oncology Research
- Development of Multiple-Organs-on-A-Chip Models
Challenges
- Complexity of Organs-on-Chips Models
- Dearth of Skilled Professionals
Companies Mentioned
- Ascendance Bio
- Axosim
- CN Bio
- Emulate
- Hurel
- Insphero
- Kirkstall
- Mimetas
- Nortis
- Synvivo
- Tissuse
For more information about this report visit https://www.researchandmarkets.com/research/4w66kx/global?w=4