Seattle, WA -- (SBWIRE) -- 11/11/2019 -- Organ-on-a-chip is expected to cater to wide range of applications ranging from disease modelling to patient stratification and phenotypic screening. Most of the demand is expected to be generated from lung-based organ culture, followed by kidney application. The technology offers better clinical examinations compared to petri dishes and animal testing – helping scientists and companies to better understand the functioning of internal organs such as the brain and lungs.
Funding and government initiatives are projected to further boost market growth in the near future. Though the market is expected to create substantial opportunities, high cost and early stage in R&D are some of the factors leading to slow growth of the market. Market is expected to witness rampant commercialization post-2020.
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North America spends over 16% of its GDP on healthcare. Moreover, various research activities are carried out in the region, which is home to some of the leading players in the market. Also, organ transplant rate is high in the region. Growth of the Europe market is expected to be primarily driven by rising demand for organ-on-chip in Germany, U.K., and France.
Asia Pacific is a lucrative market for companies engaged in organ-on-a-chip industry. However, commercialization is not expected to take place in early years. As market is still in its early stage, it would take a few years before companies can expect return on profit. Japan and China are key markets in Asia Pacific. These countries account for over half of the pharmaceutical market in Asia Pacific. Also, these countries are well equipped with technologically advanced medical devices and research centers.
Key Developments
Major players in the market are focused on various business strategies such as merger and acquisition, in order to enhance their market presence. For instance, in March 2018, BioIVT acquired Ascendance Biotechnology to expand its drug safety testing and toxicology portfolios.
Major players in the market are focused on various business strategies such as merger and acquisition, in order to enhance their market presence. For instance, in November 2018, BioIVT acquired Biological Specialty Corporation (BSC), which will expand its ability to offer fresh blood products.
Major players in the market are focused on various business strategies such as hosting conferences, events, and research symposium, in order to showcase recent research advances in the market. For instance, in August 2019, BioIVT, a provider of research models for drug and diagnostic development hosted research symposium titled, '"Innovation in Immuno-oncology: Breaking Down the Barriers' at Massachusetts, U.S. This event highlighted research advances with implication for clinical practices and drug discovery of immune-oncology.
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Competitive Landscape
Organovo, Hepregen, Hurel Corporation, Nortis, TissUse, Tara Biosystems, and AxoSim are some of the players engaged in organ-on-a-chip market. These companies are located in North America, with most being start-ups albeit with major funding and are expected to attain major commercial success in the near future.
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