Global Organoid Technology Market is projected to boom at a CAGR of 28.11% during the forecast period
Organoid refers to grow organs under lab conditions. It can also be referred to as 3D cell culture technology which leads to the formation of organs that can be used to replace or regenerate any diseased tissue or organs.
This report provides forecast and analysis of the global organoid technology market which is projected to fuel at an impressive CAGR of 28.11% during the forecast period of 2018-2024. The growth of the market is majorly attributed to the significantly growing healthcare industry throughout the globe. The increasing investments in healthcare research coupled with the growth in the biotech industry are also considered as the driving factors for the growth of the market during the forecast period. Moreover, growing ethical concerns regarding animal testing is further leading to a ban on animal testing is also anticipated to positively impact the growth of the market. The global organoid market has been segmented on the basis of type, application, and geography. North America and Europe are projected to hold a major market share on account of increasing investment towards research and development for the organoid technology, and the availability of a well-developed healthcare system coupled with stringent regulations against animal testing which have significantly encouraged the use of organoids for research purposes. Asia Pacific is projected to grow at a noteworthy CAGR throughout the forecast period owing to the growing support of the government for the drug development projects coupled with increasing investments in the healthcare sector and high economic growth.
On the basis of application, the market is segmented on the basis of cancer research, biomedical research, regenerative medicine, personalized medicine. Cancer research is expected to show promising growth as the organoid technology further helps to develop more physiological cancer models which are essential for a more efficient study of cancer and help develop novel treatment regimens for patients with cancer. Furthermore, the rising investments and participation of key players and new partnerships will also play a role in augmenting the market growth. For instance, in July 2019, the UK-based pre-clinical and clinical research services company, Epistem Limited, signed an agreement with Hubrecht Organoid Technology (HUB) to expand its in vitro model portfolio by delivering an increased range of multi-species organoid models. Similarly, in March 2019, Yamaha Motor Co., Ltd entered into a collaborative research project with the Netherlands-based leading organoid research center, Hubrecht Organoid Technology (HUB), to accelerate technology development while jointly analyzing business opportunities in this research field.
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Some of the major players covered as part of the report are Cellesce Ltd, StemCell Technologies, Organoid Technologies GmbH, QGel SA, Trevigen Inc., and CORNING Incorporated among others.
This report segmented the global organoid technology market on the basis following terms:
- North America
- South America
- Middle East and Africa
- Asia Pacific
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