Organ-on-a-Chip Market to See 39.9% Annual Growth Through 2023
Industry Boosted by Reduction of Animal Research
WELLESLEY, Mass., September 9, 2019 (Newswire.com) - Reduction of animal-based research and rising demand to enhance the effectiveness of clinical trials are two factors driving growth in the global organ-on-a-chip market, according to a report by BCC Research, “Organ-on-a-Chip: Global Markets.”
The market expects to see a compound annual growth rate (CAGR) of 39.9% through 2023, when it could be worth $60.6 billion.
Major players in the market include Nortis, Kirkstall, Micronit and Tara Biosystems, Inc.
- By type, the heart segment of the organ-on-a-chip market should grow from $2.6 billion in 2018 to $14.4 billion by 2023 at a CAGR of 41.2%
- The liver segment should grow from $2.4 billion in 2018 to $13.4 billion by 2023 at a CAGR of 40.9%.
- By application, drug discovery and development was worth $7.4 million in 2018 and is expected to reach close to $40 million by 2023, growing at a rapid 39.7% annually.
Read the full report here: https://www.bccresearch.com/market-research/biotechnology/organ-on-a-chip-markets-research-report.html
“Organ-on-a-chip is a cellular culture chip containing various channels that allow fluidity, activity, mechanical and physiological simulation of cells,” writes BCC Research report analyst Vijay Laxmi. The main application of organ-on-a-chip in the pharmaceutical industry is cantered on preclinical drugs testing. Other potential applications of organ-on-a-chip are in sectors such as agrochemicals, consumer goods, cosmetics, food and beverages, nutraceuticals, agriculture, chemicals and life science research.”
Innovation in the Organ-on-a-Chip Industry
Drug discovery and development is one the key factors that has increased innovations within the organ-on-a-chip market. Increased concern and strict government regulations for clinical trials in animals such as rats and mice have increased the need for the development of new and innovative techniques. Companies are continuously looking at research and development to enhance the effectiveness of their products which allows them a competitive advantage in the global market.
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Source: BCC Research
Categories: Medical Research