Global Organoid Technology Market: Market Research by Knowledge Sourcing Intelligence
The global organoid technology market is expected to grow at a CAGR of XX.XX% to reach a total market size of US$XX.XX million by 2023, increasing from US$XX.XX million in 2017. Organoid technology refers to the growing of organs or ‘mini organs’ under lab conditions. It leads to the organ formation which is useful to replace, repair or regenerate any diseased tissue or organs and also holds a great promise in cancer research. These mini organs reproduce out of stem cells have the power to regenerate themselves into a full organ or mass of cells or tissue of a specific type. With a lot of research and commercial growth in the field of stem cells and regenerative medicine, organoid technology stands out to have a significant market. The increased expenditure on healthcare research coupled with other factors like the growth of the biotech industry is expected to drive the 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 contribute to market growth. However, the high initial costs in this industry due to the lack of maturity of organoid technology and the strict government regulations owing to its application in healthcare will restrain the growth of the market.
The organoid technology has gained a significant focus of both government and private players owing to its ability to provide more physiologically relevant and accurate data for the various in-vivo test. They are widely being used in various application such as disease pathology, tissue morphogenesis, and engineering, gene and protein expression, regenerative medicine, and others. This has led to increased investment in healthcare research and development in the field of Organoid technology which is expected to be the major driving force for this market.
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| Sample View of Global Organoid Technology Forecast, US$ Million, 2017 To 2023 |
Global Organoid Technology Market by Geography:
The North America organoid technology market is projected to grow from US$XX.XX million in 2017 to US$XX.XX million in 2023 at a CAGR of XX% during the forecast period. There is increasing support of organoid testing in North America on account of its ability to enhance the understanding of medical science. In fact, the healthcare expenditure as a percentage of GDP increased from 12.774% in 2000 to 16.515% in 2014 (Source: World Bank) in the region. In fact, in January 2014, HUB Foundation for Organoid Technology signed an agreement with STEMCELL Technologies Inc. for the manufacture and distribution of cell culture media for growing organoids. In November 2017, Cincinnati Children’s Hospital Medical Centre launched center for stem cell and organoid medicine. Nova heart Limited filed a provisional patent application with the United States Patent and Trademark Office for a versatile bioreactor platform that is used to the culture, stimulate, and monitor the function of multiple engineered human-tissue organoids. Simultaneously, the number of drug development projects in the region is also increasing which is also anticipated to push the market for organoid technology. Moreover, the development of organoid technology also allows the understanding and better design of the treatment packages which is affordable in the region due to a robust health insurance sector and growing disposable income. Thus, continuous investment in the development of organoid technology will lead to the growth of the organoid technology market in North America.
Geographically, the global organoid technology market is segmented as North America, South America, Europe, Middle East and Africa, and the Asia Pacific. North America and Europe hold a significant share in the global market owing to the increasing investment in research and development activities for organoid technology. The market in the Asia Pacific is expected to grow rapidly over the projected period on account of increasing government support for drug development projects. The market research provides a detailed analysis of global organoid technology market on the basis of the various segment like- by geography, by type, etc.
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| Sample View of Global Organoid Technology Market Share by Geography |
Global Organoid Technology Market by Type:
The global organoid technology market for cerebral organoid is projected to grow at the CAGR of XX% during the forecast period to reach a total market size of US$XX million in 2023 from US$XX million in 2017. The cerebral organoid possesses a certain feature of a human brain in the first trimester of development. This allows the possibility of understanding basic brain activities as well as the causes of severe mental diseases. In August 2015, Ohio State University developed a nearly complete human brain or cerebral organoid for the testing of experimental drugs. Similarly, in February 2018, Weizmann Institute of Science developed a mini-brain to understand the physical and biological factors causes the brain to wrinkle. The development of brain organoid will facilitate the understanding of various diseases such as schizophrenia, epilepsy, and other congenital defects. Moreover, there is an increasing prevalence of schizophrenia globally along with other diseases and as such, the understanding of such disease will provide an opportunity to design better treatment packages. Thus, the ability to provide ethical and more accurate testing results will lead to the growth of the organoid technology market for cerebral organoid.
By types, the global organoid technology market is segmented as a cerebral organoid, thyroid organoid, thymic organoid, testicular organoid, hepatic organoid, and others. The growing interest in understanding the causes of severe diseases is leading to the significant increase in investment for the purpose of development of organoids to conduct various experiments while simultaneously ensuring ethical values as the experiment are not conducted on animals. As a result, different types of organoid are being developed to study the diseases affecting different organs.
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The extensive benefits of this technology in cancer research has resulted in various international collaborations to create new cancer models which are further expected to accelerate research activities.
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