The global market for OOCs was valued at $20 million in 2016. It is expected to grow at a compound annual growth rate (CAGR) of 70% to reach $284 million by 2021
LONDON, August 8, 2018 /PRNewswire/ -- Scientific advances in cell biology, microfabrication and microfluidics have led to the development of Organ-on-Chips (OOCs).OOCs are microfluidic 3D cell culture devices that closely mimic the key physiological functions of body organs.
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These chips are not designed to biomimic an entire organ, but simulate the physiology of a single functional unit of an organ system.
These microchips are one of the most exciting areas of scientific research as they have the distinguishing characteristic of emulating the human micro environment in vitro. This unique feature of OOCs is made possible by integrating biology with advanced engineering technologies.
OOC technology is still at an initial stage of research, development and commercialization.The players in the market are primarily university spinoffs involved in the commercialization of OOC prototypes developed in the universities.
The key players include Emulate, CN-Bio Innovations, InSphero, Mimetas, TissUse, Hµrel and Nortis. Currently OOCs are marketed primarily through sales agreements with end-users that involve collaboration of both parties in tailoring the OOCs to meet the end-user's requirements.
The global market for OOCs was valued at $20 million in 2016.It is expected to grow at a compound annual growth rate (CAGR) of 70% to reach $284 million by 2021.
The small size of the market is mainly due to the fact that OOCs have not yet been fully commercialized.They are still in the research and development phase and are primarily being used by a limited number of end-users.
The OOC market is expected to rise at this high CAGR due to an increase in the number of collaborative sales agreements between the pharmaceutical companies and university spin-offs and the entry of new advanced models of OOCs into the market. The anticipated launch of advanced organ-specific models and human-on-chip models is expected to further increase the growth rate of this market in future.
Further improvements in the design and manufacture of OOCs will probably replace animal models as subjects in preclinical drug evaluations in future. Overall, they have the potential to break an impasse in in-vitro drug discovery and development.
Why this report?
Timely And Critical:
- Increasing government support and funding of the research and development of organ-on-chip
- Initial stage of the OOC technology, which has net been yet commercialized
- Increase in the number of collaborative sales agreements between the pharmaceutical companies and university spin-offs
- Ability of OOC models to cut drug development costs drastically
- Increasing evolvement of the OOC in the human physiology in space
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