The market research report on the global organoid technology market predicts the market to grow at a CAGR of 28.11% during the 2018-2024 period. Organoid technology refers to the growing of organs or a miniaturized version of the organs which shows realistic microanatomy. Growing innovations in the field of healthcare, combined with the increasing investments by key market players is estimated to be the main drivers of the market to grow in the years to come.
Increasing expenditure on healthcare research coupled with the growing biotech industry is expected to drive the organoid market growth during the forecast period. Moreover, the ban on animal testing in various regions and the growing ethical concerns over animal source usage is further expected to provide the necessary impetus to the market growth. However, the high initial cost in the industry due to the nascent advances in organoid technology and the strict government regulations owing to its application in healthcare will restrain the growth of the market.
Growing Investments in Pharmaceutical R&D:
The deteriorating healthcare conditions and development of the increasing prevalence of many common and uncommon diseases have resulted in increased pressure on the research and development of a range of pharmaceuticals to treat them. According to PhRMA (Pharmaceutical Research and Manufacturers of America), R&D spending by the member companies increased from US$48.6 billion in 2011 to US$71.4 billion in 2017. Similarly, as per EFPIA (European Federation of Pharmaceutical Industries and Associations), R&D expenditure is estimated to increase from €17.849 billion in 2000 to US€35.200 billion in 2017.
Additionally, rapid investments to curb the development and manufacturing time of drugs is also one of the focuses of the key market players in drug development. Such steps and actions are thus estimated to positively impact the demand for newer drug development technologies such as organoid technology, thus further instigating the demand for the same.
Organoid Technology Market Analysis By Application:
By application, the global organoid technology market is segmented as cancer research, biomedical research, regenerative medicine, and personalized medicine. Organoid technology for cancer research is estimated to witness a staggering increase in demand over the coming years owing to increasing emphasis on the development of newer cancer treatment methods. For example, in March 2019, JSR Corporation partnered up with Hubrecht Organoid Technology (HUB) allowing JSR to access the HUB’s highly characterized tumor organoid biobank.
Furthermore, the growing prevalence of cancer all around the world has resulted in further pressure on the healthcare sector, which is further anticipated to fuel the demand for organoid technology in the coming years. According to the World Health Organization, global cancer prevalence has risen to 18.1 million new cases and 9.6 million deaths in 2018.
In addition to that, the personalized medicine segment is also anticipated to witness good growth in the coming years owing to the increasing cases of medicinal ineffectiveness to certain patients, and increasing demand for improved treatment solutions. Furthermore, biomedical research and regenerative medicine are also anticipated to hold a good share in the market and grow at a decent pace in the years to come.