Global organoid technology market is projected to grow at a CAGR of 28.11% during the forecast period. Organoid technology refers to the growing of organs or ‘mini-organs’ under lab conditions. It is also referred to as 3D cell culture technology which leads to organ formation useful to replace, repair or regenerate any diseased tissue or organs and holds a promising future in cancer and biomedical research.
The organoid technology market is driven by the significant growth in the healthcare industry across the globe. The ethical concerns regarding animal testing is a supportive factor for the market as the technology does not involve any animal testing. Huge investments from the major market players into research and development activities to make the technology more advanced and reliable is augmenting the growth of the market. With the increasing R&D activities in the field of stem cells and regenerative medicine and the advancement in stem cell research is further fueling the growth of the market across the globe. Furthermore, the increasing investment in the pharmaceutical industry for the development of new and innovative products is also attributing to the demand in the forecast period.
However, rising availability for substitutes for organoid technology due to technological advancements may hamper the growth of the market. Moreover, the high cost of drug testing procedures and lack of skilled professionals may also act as a restraining factor in the market.
Geographically, North America holds a significant share owing to the presence of major market players and in the region and their increasing expenditure on R&D. Europe also holds a significantly large share in the global market on account of state-of-the-art research facilities in this region.
In March 2019, JSR Corporation partnered with Hubrecht Organoid Technology (HUB) which will allow the former to access HUB’s highly-characterized tumor organoid biobank.
In March 2018, the MDI Biological Laboratory in Bar Harbour, Maine partnered with Hubrecht Organoid Technology (HUB) to offer a one-week intensive course to offer basics of organoid culture and the most recent developments in the organoid field to both students and researchers.
The major players profiled in the Global Organoid Technology market include Cellesce Ltd, StemCell Technologies, Organoid Technologies GmbH, QGel SA, Trevigen Inc., and CORNING Incorporated among others.
Middle East and Africa
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