The Global Organ on Chip Market Anticipated to Generate a Revenue of $6,97,654.30 Million growing at a CAGR of 37.60% from 2021 to 2028 - Research DiveDownload Sample Reports Overview
The global organ on chip market is estimated to be valued at $6,97,654.30 thousand by 2028, surging from $54,640.00 thousand in 2020 at a noteworthy CAGR of 37.60%.
Impact Analysis of COVID-19 on the Organ on Chip Market
The global market for organ on chip is expected to experience a high growth during the COVID-19 pandemic. The growth of market is mainly attributed to its use in development of drugs and vaccines that are under clinical trials for covid infection. Therefore, demand of organ on chip is projected to witness a rise.
Furthermore, in December 2020, University of Melbourne and CN Bio announced that they are in collaboration and the main aim of the collaboration is advancement in lungs on chip technology for post covid patients that are suffering from respiratory complications. All such factors are predicted to positively impact the global organ on chip market amid the pandemic.
Global Organ on Chip Market Analysis
The enormous growth of the global organ on chip market is mainly attributed to increasing demand for animal testing alternatives for drug testing. Also, animal testing is time consuming, costly, and inefficient of proving the efficiency of any type of treatment on humans. Moreover, many drugs pass the testing phase on animals and reveal to be ineffective to humans. These are some of the factors creating awareness among people to adopt organ on chip, thus fueling the market growth.
There are certain restricting factors that can hamper the growth of global organ on chip market such as higher cost and complex procedure.
The increasing adoption of organ on chip for drug screening may create huge opportunities for the market in the future. The main aim of using organ on chip for drug screening will help in quick sample review. Also, researchers are using organ on chips to scan the possible impacts of medicines in body and therefore this will benefit the market's growth.
Furthermore, the companies involved in the global organ on chip market are following effective steps and strategies for launching of innovative products to grow in the market. For instance, in March 2021, Emulate, a U.S. based biotechnology company announced that they have launched Emulate Colon Intestine-Chip. The main aim of this chip is to study intestinal diseases and understand the mechanisms of inflammation and drug-target interaction. Such type of advancements in the market may lead to enormous market opportunities in the upcoming years.
Global Organ on Chip Market, Segmentation
The global organ on chip market is segmented based on type, application, and region.
The type segment is further classified into liver-on-a-chip, kidney-on-a-chip, lung-on-a-chip, heart-on-a-chip and others. Among these, the heart-on-a-chip sub-segment is anticipated to have a dominant growth and surpass $1,63,501.80 thousand by 2028, with an increase from $13,095.90 thousand in 2020.
The market growth can be attributed to increasing cardiovascular disease (CVD) and it is the major cause of death across the globe. Moreover, company innovations in organ on chip technology will drive the global organ on chip. For instance, in November 2019, TARA Biosystems, Inc. announced that their heart on chip technology can measure in vivo cardiac performance for development of drugs. These factors may create a positive impact on the segment throughout the forecast period.
The application segment is further divided into drug development, disease modelling, molecular biology and OOC and R & D. The disease modelling is fastest growing sub-segment in the global market and register a revenue of $1,36,766.40 thousand during the analysis timeframe. This growth is projected to increasing adoption of organ on chip for disease modelling. These type aspects may bolster lucrative revenue for the market throughout the forecast period.
The organ on chip market for the North America region is projected to witness rapid growth. This market generated a revenue of $26,937.50 thousand in 2020 and is further projected to reach up to $3,35,571.70 thousand by 2028.
The organ on chip market is surging in North America region specifically because of introduction of new technologies and policies, advancements in medical science, rising healthcare sector and increasing life expectancy. All such factors are anticipated to boost the market in the European region.
Key Players in the Global Organ on Chip Market
Some of the leading global organ on chip market players are –
- Emulate, Inc.
- Tara Biosystems, Inc.
- Nortis, CN Bio
- TissUse GmbH
- Hesperos, Inc.
- AxoSim Technologies LLC
- Insphero AG.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Organ on Chip Market
- Bargaining Power of Suppliers: The suppliers involved in the market are extensive in number. Thus, manufacturers and companies have several options and alternatives to handle expensive supplies. Moreover, unpredictable demands in supplier pricing may impact company profitability. Hence, there will be low threat from the supplier side.
Thus, the bargaining power of the suppliers is moderate.
- Bargaining Power of Buyers: Buyers have high bargaining power, primarily because of the huge number of organ on chip systems that are offered in low prices. The buyers can hence choose the organ on chip system that best fits their preferences.
Hence, the bargaining power of buyers is high.
- Threat of New Entrants: Startups entering this market are providing innovative organ on chip to the customers. However, companies that are in the organ on chip are much more globalized.
Thus, the threat of the new entrants is moderate.
- Threat of Substitutes: There are not many substitutes available.
Therefore, the threat of substitutes is low.
- Competitive Rivalry in the Market: The ventures operating in the global organ on chip market are opting for various businesses deployment strategies to hold their position in the market. Several companies are launching their value-added services in the international market and strengthening the footprint worldwide.
Therefore, competitive rivalry in the market is high.