The global organs-on-chips market projected to grow at a CAGR of 36.6%

NEW YORK, Jan. 18, 2018 /PRNewswire/ -- The global organs-on-chips market projected to grow at a CAGR of 36.6%.
The organs-on-chips market is expected to reach USD 45.6 million by 2022 from USD 9.6 million in 2017, at a CAGR of 36.6%. Focus on developing alternatives for animal testing models, significant increase in research funding and venture capital investments for the development of organs-on-chips, technological advancements and products launches, growing number of partnerships and collaborations between pharmaceutical companies and organs-on-chips manufacturers, and growing need for early detection of drug toxicity to minimize financial losses due to late stage drug failure are some of the factors driving the growth of the market.



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On the other hand, issues related to the incorporation of organs-on-chips technologies into existing workflows, and complexity of organs-on-chips models may limit market growth to a certain extent in the coming years.

Services segment are expected to hold the largest share of the market in 2017.
Based on offering, the organs-on-chips market is segmented into products and services. The services segment is expected to dominate this market and is also expected to grow at the highest CAGR during the forecast period. The dearth of skilled professionals and the lack of the necessary R&D infrastructure to handle and interpret results obtained by using OOC systems, coupled with the increasing research outsourcing by pharmaceutical and biotechnology companies are driving the high growth of the services segment.

The toxicology research segment is expected to dominate the market during the forecast period.
Based on application, the market is segmented into physiological model development, drug discovery, and toxicology research. The toxicology research segment is expected to dominate the market during the forecast period. The increasing efforts for replacing animal toxicity studies by developing more efficient and accurate alternatives are expected to drive the growth of the toxicology research segment during the forecast period

North America to witness high growth during the forecast period.
In 2017, North America is expected to account for the largest share and also expected to grow at the highest CAGR of the market followed by Europe. The largest share and high growth of this market is attributed to factors such as the availability of new and advanced organs-on-chips models in the market, favorable government initiatives in terms of funding and programs for basic drug development and research, and the presence of key pharmaceutical companies.

The primary interviews conducted for this report can be categorized as follows:
• By Company Type: Tier 1 – 25%; Tier 2 - 30%; Tier 3 - 45%.
• By Designation: C-level- 25%; D-level- 40%; others- 35%.
• By Region: North America-41%; Europe-30%; Asia-24%; RoW: 5%

List of companies profiled in the report
• CN Bio (UK)
• Emulate (US)
• TissUse (Germany)
• Mimetas (Netherlands)
• InSphero (Switzerland)
• Ascendance Bio (US)
• Kirkstall (UK)
• HUREL (US)
• SynVivo (US)
• AxoSim (US)
• Nortis (US)

Research Coverage:
The report provides an overview of the organs-on-chips market. It aims at estimating the market size and future growth potential of this market across different segments such as type, offerings, application, end user, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.

Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them with the closest approximations of revenues for the overall organs-on-chips market and its subsegments. This report will help stakeholders to understand the competitive landscape better and gain insights to position their businesses and help companies make suitable go-to-market strategies. The report also will also help stakeholders understand the pulse of the market and provide them with information regarding key market drivers and opportunities.

Read the full report: https://www.reportlinker.com/p05288519

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