Organ-on-Chip Market Worth $631,073 thousand | MarketsandMarkets™.

CHICAGO, Feb. 21, 2024 /PRNewswire/ -- Organ-on-Chip Market in terms of revenue was estimated to be worth $123,285 thousand in 2024 and is poised to reach $631,073 thousand by 2029, growing at a CAGR of 38.6% from 2024 to 2029 according to a new report by MarketsandMarkets™. Growth in the organ-on-chip market is mainly driven by factors such as growing emphasis on animal free drug testing, and an increase in the adoption of organ-on-chip technology by pharma and biotech companies for drug discovery and development. However, due to the limited scalability and low throughput of the current organ-on-chip technology, the use of this technology is restricted only to the pre-clinical drug development phase.

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Organ-on-Chip Market Scope:

Disease-based model subsegment is the fastest-growing of the organ-on-chip market by model type

Among the model type subsegments, the market is segmented organ-based model and disease-based models. In 2023, the disease-based model segment accounted for the highest growth rate in the organ-on-chip market by model type. The high growth of this segment can be attributed to the growing adoption of disease-based models for progressing studies associated with several conditions along with an application of these models in personalized medicine development.

Liver-on-chip is the fastest-growing segment of the organ-on-chip market by organ type

Among the organ type subsegment, the organ-on-chip market is segmented into liver, kidney, lung, heart, intestine and other organs. In 2023, liver-on-chip segment accounted for the fastest-growing market of the organ type segment of organ-on-chip market. The high growth of this market segment can be attributed to the growing focus on animal-free drug discovery and development methods and increasing preclinical research to evaluate drug hepatotoxicity

Europe: The second-largest region in the organ-on-chip market.

The European market is the second-largest organ-on-chip market globally, mainly due to factors such as advancements in biofabrication technology and use of artificial intelligence in drug discovery and testing. The increased collaboration and partnership between private companies and government institutes along with increased awareness of the organ-on-chip technology are other important factors responsible for the size of the market.

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Organ-on-Chip Market Dynamics:

Drivers:

1. Increasing demand for animal-free testing
2. Ethical concerns regarding use of animal models in drug development
3. Growing drug discovery & development initiatives
4. Development of personalized medicines
5. Advancements in microfluidics and bioengineering
6. Increased government and private funding
7. Greater adoption of OOC technology by pharma & biotech companies

Restraints:

1. Limitation of use restricted to preclinical trials
2. Limited scalability and throughput

Opportunities:

1. Development of human-on-a-chip models
2. Increasing applications in diverse industries
3. Developing hybrid business model providing both products and services

Challenge:

1. Lack of standardization
2. Mimicking complex tissues and organs

Key Market Players of Organ-on-Chip Industry:

Prominent players in the organ-on-chip market of Europe are MIMETAS B.V. (Netherlands), TissUse GmBH (Germany), Netri (France), Emulate, Inc. (US), CN Bio Innovations Ltd (UK), Insphero AG (Switzerland), SynVivo, Inc. (US), Nortis, Inc. (US), AxoSim, Inc. (US), Dynamic42 GmBH (Germany), React4Life (Italy), Obatala Sciences (US),  AlveoliX AG (Switzerland), BeOnChip S.L. (Spain), Initio Cell (Netherlands), Netri SAS (France), Hesperos, Inc. (US), Lena Biosciences (US), RevivoCell (UK), Altis Biosystems (US), Bi/ond (Netherlands), Biomimx S.R.L (Italy), Cherry Biotech (France), Fluigent (France), Elvesys (France)

The primary interviews conducted for this report can be categorized as follows:

• By Respondent: Supply Side- 70% and Demand Side 30%
• By Designation: Managers - 45%, Directors- 30%, and Executives - 25%
• By Country: North America- 40%, Europe- 30%, Asia Pacific- 20%, Latin America- 5%, and Middle East and Africa- 5%

Recent Developments of Organ-on-Chip Industry:

• In September 2023, CN Bio Innovations Ltd (UK) and LifeNet Health LifeSciences (US) partnered to provide validated human cells for CN Bio's Organ-on-a-Chip systems.
• In June 2023 TissUse GmbH (Germany) and PMI (US) entered a collaborative agreement to leverage PMI's InHALES technology along with TissUse's Multi-Organ-Chip (MOC) platform.

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Organ-on-Chip Market - Key Benefits of Buying the Report:

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:

• Analysis of key drivers (development of alternative drug testing methods), opportunities (Development of multi-organ-chips and extended application in cosmetic and food industry), restraint (limited use of technology in preclinical phase) and challenges (low throughput and scalability) influencing the growth of the organ-on-chip market.
• Product Development/ Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the organ-on-chip market.
• Market Development: Comprehensive information about lucrative markets- the report analyses the organ-on-chip market across varied regions.
• Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the organ-on-chip market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies and product and service offerings of leading players.

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