The global organ-on-chip market reached a revenue of $11.0 million in 2017. Furthermore, the market would exhibit a CAGR of 40.1% from 2018 to 2025 and generate a revenue of $163.1 million in 2025.
The progress of the market is being driven by the growing requirement for effective drug development and discovery processes and the ballooning need for alternatives to the conventionally used animal models in research and development (R&D) activities.
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Additionally, the increasing toxicological testing of chemicals on various types of organ cells, rising drug repurposing approaches, and the provision of funds and grants by the governments of various countries for R&D projects are also fueling the growth of the market. As per reports, a research grant of as much as $2 million was awarded by the National Center for Advancing Translational Sciences (NCATS) to Emulate, Inc. in July 2017.
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Many pharmaceutical companies are also making huge investments in the investigations of drug repurposing processes using organ-on-chip models. This is, in turn, causing the boom of the organ-on-chip market. Depending on offering, the market is bifurcated into services and products. Of these, the products category is predicted to exhibit faster growth in the market in the future years. This is because of the rapid advancements in research and the subsequent arrangement and sorting of newer organ cells on chips.
Across the globe, the organ-on-chip market would demonstrate the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years, according to the forecast of P&S Intelligence, a market research company based in India. The key factors causing the surge of the market in this region are the rising healthcare expenditure, increasing implementation of favorable government initiatives regarding healthcare and R&D funding in the medical domain, and the growing adoption of advanced technologies in healthcare operations in the region.
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