Organ on a chip devices incorporate microfluidic culture platforms containing living human cells that are arranged to model organ- and body-level functions and interactions. These devices enable rapid screening of drug toxicity and efficacy for complex diseases using human cells and tissue in vitro. They have gained significant traction in the pharmaceutical industry as they offer a promising alternative to conventional animal testing by providing more accurate and clinically relevant preclinical data.

The global organ on a chip market is estimated to be valued at US$ 228.24 million in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Increased investments by pharmaceutical companies in R&D activities for drug discovery present a key growth opportunity for the organ on a chip market. Drug development is an expensive process, with costs estimated at over $2.6 billion for bringing a new drug to the market from discovery to FDA approval. Organ on chips have emerged as a valuable tool to reduce drug development costs and improve drug efficacy as they enable testing of new molecules at a very early stage. Major companies are investing to develop customized organ chips to mimic human physiology better and gain early insights into drug safety and efficacy. For instance, Emulate Inc. raised $92 million in 2019 to expand R&D of its organ chip technologies. Increased adoption of organ on chips by pharma companies for drug screening applications is thus expected to drive strong market growth over the forecast period.

Porter's Analysis
Threat of new entrants: Low-to-moderate as the organ on a chip market requires significant R&D investments, specialized equipment and technologies to develop chip-based products.

Bargaining power of buyers: Moderate as major buyers in this market are pharmaceutical and biotechnology companies conducting drug testing and toxicity screenings.

Bargaining power of suppliers: Moderate as key suppliers provide specialized materials and equipment required for chip fabrication.

Threat of new substitutes: Low as there are currently no substitute technologies that can replicate the human physiology on a micrometer scale like organ on chips.

Competitive rivalry: High between major players developing organ chip technologies for various disease models and applications.

SWOT Analysis
Strengths: Mimicking human physiology at a micro-scale is a major strength. It enables faster, less expensive and more predictive testing of drugs and chemicals.
Weaknesses: High costs associated with R&D, specialized infrastructure and technologies. Limited number of organ models currently available.

Opportunities: Growing pharmaceutical outsourcing and rising focus on alternatives to animal testing present significant opportunities.

Threats: Challenges in replicating complex human organ interactions, variability and achieving desired functional outcomes on chips. Long regulatory approval timelines can also threaten commercialization.

Key Takeaways
The Global Organ On A Chip Market Size is projected to witness significant growth at a CAGR of over 3.1% during the forecast period of 2023-2030. North America currently dominates the market attributed to presence of major market players and continuous technological advancements. The global organ on a chip market is estimated to be valued at US$ 228.24 million in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023-2030.

The regional analysis indicates that Asia Pacific is expected to be the fastest growing market for organ on chips owing to rising pharmaceutical R&D outsourcing to countries like China and increasing government support for developing alternatives to animal testing. Factors such as growing biotechnology industry, emerging pharmaceutical hubs and rising aging population will further propel the demand.

Key players operating in the organ on a chip market are Ball Corporation, Crown Holdings, Inc., Trivium Packaging B.V., Mauser Packaging Solutions and CCL Containers. Major industry players are focused on developing multi-organ interaction, reproducibility as well as commercialization of existing organ chip models through collaborations.

 

Get more insights on this topic:
https://www.marketwebjournal.com/organ-on-a-chip-market-insights/

Check below trending articles related to this topic:
https://masstamilan.in/procurement-outsourcing-a-viable-option-to-reduce-costs-and-improve-efficiencies/

Explore more trending article related to this topic:
https://masstamilan.in/shipbuilding-an-ancient-industry-still-dominating-global-trade/