Global organ-on-chip market size is forecasted to reach $163.1 million by 2025. The growth in the market will be led by the rising need for effective drug discovery and development, increasing demand for alternatives for animal models in research, increasing drug repurposing approaches, and government grants and funds for research.
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The organ-on-chip market in APAC is expected to witness a significant growth during the forecast period. This growth is attributed to factors such as increasing healthcare expenditure, rising government initiatives and funding for healthcare R&D, and increase in the adoption of advanced technologies in the region.
There are many ongoing research to determine the potential of organ-on-chip as a new platform for biological analysis, funded by government organisations such as Chinese Academy of Sciences, and the National Key Scientific Instrument and Equipment Development Project, China. These factors will drive the growth of the APAC organ-on-Chip market in the future.
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The players in organ-on-chip market are launching new and innovative products to enhance their product portfolio. For instance, in July 2017, Hmrel Corporation, launched HuRELviral application. The Hµrelviral microliver testing platform sustains hepatitis B virus (HBV) infection in actual human liver cells for over thirty days. This is expected to equip virologists with unprecedented insight into a drug candidate’s potential to cure chronic HBV.
Some of the other key players operating in the organ-on-chip industry include Emulate Inc., Mimetas B.V., TissUse GmbH, Kirkstall Ltd., CN Bio Innovations Ltd, Ascendance Biotechnology, Inc., Nortis, Inc., and Organovo Holdings, Inc.
Source: P&S Intelligence