PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1436832
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1436832
The organ-on-chip market is expected to reach USD 631,073 thousand by 2029 from USD 123,285 thousand in 2024, at a CAGR of 38.6% during the forecast period. The key factors driving the growth of the organ-on-chip market include growing awareness towards the development of alternative methods for animal model-based drug testing and increasing funding from government and private institutions for innovating in the organ-on-chip market. Developments in the field of bio fabrication and microfluidics also contribute to the growth of this market.
Scope of the Report | |
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Years Considered for the Study | 2022-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD) Billion |
Segments | Organ type, Model type, Product and Service, Application, Purpose, End-user |
Regions covered | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
The organ-on-chip market has been segmented based on organ type, model type, product and service, application, purpose, and end-user.
"By model type, organ-based model segment accounted for the largest share of the organ-on-chip market"
Based on model type, the organ-on-chip market is categorized into organ-based model and disease-based models. In 2023, organ-based model accounted for the largest share of the market owing to factors such as greater accuracy offered by organ-based organ-on-chip models along with the growing ethical concerns regarding the use of animals for drug testing among other factors.
"By organ type, the liver-on-chip segment accounted for the largest share in the organ-on-chip market"
Based on organ type, the organ-on-chip market is segmented into liver, kidney, lung, heart, intestine and other organs. In 2023, the liver-on-chip segment accounted for a largest share of the organ-on-chip market. Growth in this market segment can be attributed to the significance of liver in drug metabolism and focus of pharmaceutical and biotechnology companies on developing new drugs which are tested for human hepatocytic toxicity on liver-on-chip models.
"North America: accounted for the largest share of the organ-on-chip market"
North America accounted for the largest share of the organ-on-chip market. The large share of the North America region can be attributed to increased government and private institution funding and increasing initiatives to grow awareness and promote adoption of this technology as a substitute to animal testing. Besides, the North America region has a well-established healthcare infrastructure which further supports the growth of this market. Also, presence of several market players in the region is another key factor supporting market growth. Some examples of these players include Emulate, Inc. (US), Obatala Sciences (US), SynVivo, Inc. (US), Nortis, Inc. (US) Axosim (US), among others.
"Europe: The second-largest region in the organ-on-chip market."
The Europe organ-on-chip market is the second largest market for organ-on-chip. This is attributed to one of the major factors including the growing initiatives for advancements of organ-on-chip technologies, increasing use of advanced technologies such as artificial intelligence for drug development and testing. Collaboration and support offered by the government bodies and private institutions also aid in the growth of this market.
Prominent Players
This report provides a detailed picture of the organ-on-chip market. It aims at estimating the size and future growth potential of the market across different segments, such as the organ type, model type, product and service, application, purpose, end user and region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa). The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the organ-on-chip market and its segments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, trends, opportunities, and challenges.
The report provides insights on the following pointers"