Organ on a chip is defined as microfluidic 3D cell culture devices. Organ on a chip mimic the activities, mechanics and physiological response of entire organs. Organ on a chip are usually transparent, flexible and the size of the chip is almost the computer memory stick. It is also known as biomimetic microsystem.
Market Size and Forecast
The global Organ on a Chip Market is expected to grow at a robust growth over the forecast period i.e. 2017-2024. Further, growing prevalence of chronic diseases such as heart failure, respiratory disease and others are envisioned to bolster the growth of organ on a chip market across the globe. Further, rising awareness among the population towards healthcare devices is believed to foster the demand for organ on a chip.
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On the basis of organs, the global organ on a chip market is segmented into heart-on-chip, human-on-chip, intestine-on-chip, kidney-on-chip, liver-on-chip and lung-on-chip. Further, lung-on-chip is expected to project a highest CAGR by the end of 2024.
In terms of regional platform, the most prominent regional markets are North America and Europe. North America region is expected to dominate the market during the forecast period aided by U.S. Additionally, rising technological advancement and increasing research and development activities related with organ on a chip are believed to bolster the growth of organ on a chip market in this region. Moreover, presence of major key players of organ on a chip in North America region is also predicted to bolster the growth of organ on a chip market over the forecast period.
Europe region accounted the second largest market of organ on a chip in terms of revenue in 2016. Additionally, rising demand for healthcare devices and growing adoption of advanced healthcare technology are believed to foster the growth of organ on a chip market. Asia-Pacific region is the fastest growing organ on a chip market during the forecast period. Likely, rising number of population affected with chronic diseases along with increasing government investment for better healthcare facilities are projected to flourish the growth of organ on a chip market in this region.
Leading Key Players of Global Market:
Emulate, Inc., AxoSim Techologies LLC, CN Bio Innovations Ltd., HµREL Corporation, Hepregen Corporation, InSphero AG, MIMETAS B.V, Nortis Inc., TARA Biosystems, Inc., TissUse GmbH, Scope and Context
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Growth Drivers and Challenges
Factors such as rising healthcare expenditure across the globe and increasing death rate due to chronic diseases are believed to be the dynamic factor behind the rapid growth of organ on a chip market. Further, rising research and development activities by major key players to enhance the healthcare infrastructure is envisioned to foster the growth of organ on a chip market by the end of 2024. Likely, advancement in healthcare devices and increasing rate of organ transplant are expected to boost the demand for organ on a chip.
Moreover, favorable government initiatives regarding healthcare infrastructure in developing and underdeveloped nation and rapid urbanization are anticipated to elevate the organ on a chip market. Additionally, positive GDP growth of developed and developing nations such as U.S., China and others and growing adoption of innovative technology to cure chronic disease are predicted to fuel the growth of organ on a chip market.
However, high cost associated with organ on a chip and lack of adoption of innovative technology in underdeveloped nations is believed to hamper the growth of organ on a chip market by the end of 2024.
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