Research Nester released a report titled “Organoids Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers a detailed overview of the global organoids market in terms of market segmentation by product, by application, and by region.
The intestinal and neural organoid segments are anticipated to witness the highest growth over the forecast period on account of rising incidences of cancers. These raise the requirement of organoids for research and development activities. As per the National Cancer Institute, the total funding on cancer research amounted to USD 5,636.4 million in 2017, which was a significant increase from the research funding of USD 5,206.2 million in 2016 by the institute.
Organoids are tissue-like structures artificially produced in labs for research purposes. They are three-dimensional tissues created to mimic the functioning of human organs in order to carry out various clinical trials. The market for organoids is projected to record a significantly high CAGR during the forecast period, i.e., 2019-2027. The market is segmented by product, by application, and by region, out of which, the product segment is further segmented into intestinal organoid, neural organoid, hepatic organoid, pancreatic organoid, and others.
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Geographically, the organoids market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The highest growth is estimated to be observed by the market in Europe as a result of growing research activities and increasing funding by the government in this region on healthcare. Moreover, the rising technological advancements in Germany and United Kingdom are further anticipated to raise the market growth.
Growing Research and Development Activities in the Field of Cancer to Propel the Market Growth
The demand for organoids is predicted to increase significantly in the coming years as their use at research institutes and organizations is growing globally. Organoids are increasingly being used for clinical trials and as a replacement for animal testing in the cosmetic and pharmaceutical industries. As a result of these factors, the organoids market is anticipated to undergo significant growth over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global organoids market which includes company profiling of Hubrecht Organoid Technology (HUB), DefiniGEN, Cellesce Ltd, QGel SA, OcellO B.V., Trevigen Inc., Corning Incorporated (NYSE: GLW), STEMCELL Technologies Inc., Path Bioanalytics and Merck KGaA (ETR: MRK). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
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Henry Lucas is an experienced Industry researcher with more than 10 years of experience and he has a great interest and knowledge about the Business industry in research Strategy, Strategic Planning, new innovations and technology.