Why Is Organ-on-chip Market Expected To Register Huge Progress In Apac During 2018–2025?

By Author: Pramod Kumar
Total Articles: 97
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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.

Report Description: https://www.psmarketresearch.com/market-analysis/organ-on-chip-market

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.

When application is taken into consideration, the organ-on-chip market is classified into physiological model development, drug discovery, ...
... and toxicology research. Out of these, the drug discovery category is predicted to demonstrate the highest growth rate in the market in the upcoming years. Under the end user segment of the market, the main categories are academic research institutes and pharmaceutical and biotechnology companies. Between them, the pharmaceutical and biotechnology companies recorded higher growth in the past.

Thus, it is clear that due to the increasing demand for alternatives to animal models in R&D activities in the medical domain, the mushrooming requirement for effective drug development and drug discovery processes, and the huge investments being made in organ-on-chip research, the market would register substantial growth across the world in the future years.

Pramod has around 7 years of experience in market research and consulting services for healthcare industry. He holds varied experience in market sizing and forecasting with varied models, competition landscape, consumer behavior analysis, opportunity analysis, product/company benchmarking, data mining and others. He has successfully delivered multiple projects on go-to-market strategies, pricing strategy, price point analysis, Business Expansion, market entry and exit, share analysis and others. Prior to joining P&S Intelligence, he worked with different research companies, including Transparency Market Research and MarketsandMarkets Pvt Ltd. Some of the projects delivered by him include Scar Treatment Market, Skin Replacement and Substitutes Market, and Energy-Based Aesthetic Devices Market.