“Organ on a Chip Market: Global Demand Analysis & Opportunity Outlook 2024”
The global organ on a chip market is segmented into organ such as heart-on-chip, human-on-chip, intestine-on-chip, kidney-on-chip, liver-on-chip and lung-on-chip. Among these segments, lung-on-chip segment captured the largest market in overall organ on a chip market in 2016 and it is expected to continue its dominance during the forecast period. Likely, increasing incidences of lung failure across the globe is envisioned to propel the growth of lung-on-chip segment. Moreover, increasing government initiatives and funding is also positively impacting the growth of organ on a chip market.
Global organ on a chip market is expected to register a notable CAGR over the forecast period. Moreover, the global organ on a chip market is anticipated to reach at noteworthy revenue by 2024. The market is expected to expand on the back of increasing rate of organ transplant coupled with advancement in transplant technology.
In terms of regional platform, North America region captured the largest market of organ on a chip in terms of revenue owing to increasing utilization of organ on a chip in organ transplantation coupled with rising number of organ transplantation. Furthermore, U.S. is the prominent market in the region. Apart from this, Asia-Pacific region is the most lucrative market due to emerging economies such as India and China. In addition to this, increasing adoption of technologically advanced medical devices is expected to positively drive the growth of the market in the Asia Pacific region.
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Rapid Development in Healthcare Infrastructure
Rapid development of healthcare industry in many nations across the globe is anticipated to positively impact the growth of the organ on a chip market. In addition to this, increasing spending on the development of healthcare infrastructure is envisioned to bolster the growth of organ on a chip market. For e.g. U.S. spends 16% of its GDP on healthcare. Similarly, substantial funding for the development of organ on chip is expected to fuel the growth of the organ on a chip market.
Favorable Government Initiatives
Government of various nations are emphasizing on adoption of better healthcare technologies. For instance, government of India has targeted development of 50 new technologies in 2016. Apart from this, technological advancement in organ transplant and favorable government initiatives such as research funding coupled with increasing research activities are anticipated to supplement the growth of organ on a chip market. Although, high cost associated with organ on a chip is expected to limit the growth of organ on a chip market. Moreover, lack of awareness in developing and undeveloped nations is hindering the growth of Organ on a Chip Market.
The report titled “Organ on a Chip Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global organ on a chip market in terms of market segmentation by organ and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global organ on a chip market which includes company profiling of Emulate, Inc., AxoSim Techologies LLC, CN Bio Innovations Ltd., HµREL Corporation, Hepregen Corporation, InSphero AG, MIMETAS B.V, Nortis Inc., TARA Biosystems, Inc. and TissUse GmbH. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global organ on a chip market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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