Organoids Market Forecast Hit by Coronavirus Outbreak, Downside Risks Continue to Escalate
VALLEY COTTAGE, N.Y. – Traditional methods of drug discovery are inadequate and less relevant to the pace of the growing life science research and development. Organoids are, therefore, expected to generate a major revenue share in the market for drug discovery applications in the near future. Increasing failure rate in human preclinical trails is luring academicians and researchers to explore more possible organoid models for toxicology research and potential regenerative mediation research, thereby propelling the demand for organoids.
Use of animals for research and testing has led to the creation of numerous initiatives and campaigns regarding the debatable issue. According to Humane Society International, more than 115 million animals are used for research in laboratories worldwide every year. Organoids are anticipated to substitute animals for testing in laboratories. Organoids are proving to be an appropriate alternate for animal testing models. The organoids market is growing with increasing support and initiatives to limit the use of animals for testing through regulatory guidelines. Thus, the rising focus on substituting animal model for research, along with development of commercially available organoids, is likely to boost the growth of the global organoids market.
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According to the latest report published by FMI, the global organoids market is expected to reach ~ US$ 134 Mn by the forecast year 2029. The report further projects that the organoids market will grow at a CAGR of ~ 15% during the forecast period 2019-2029.
Organoids Market: Dynamics
Over the last few years, organoids have gained significant popularity among the research groups working on advanced 3D cell culture. The primary driver for the organoids market is considered to be the attainment of greater degree of resemblance to the cell specific structure of the specific organ, in vivo environmental conditions. Organoids are used for cell toxicity screening, cell-based assays, and organ specific cell functions. Cell cultures in 2D environment limit or restrict their ability to depict traits exhibited by in vivo systems, because of the morphological and locomotion limitations imposed by the 2D atmosphere.
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The ability of organoids to meticulously mimic the specific cells of the organs from which they are derived, leads to accurate models of tissues. This factor is considered to be a strong driver for the organoids market growth. Presently, advancements in 3D cell culture technology have developed a potential scope for development of cancer specific organoids with research of potential applications. This factor is expected to play an instrumental role in driving the growth of the organoids market.
Analysis of Organoids Market Pushing the Disease-fighting Potential of Biopharmaceuticals: https://www.futuremarketinsights.com/reports/organoids-market
Europe Takes the Centre Stage in the Organoids Market
Lack of skilled professionals engaged in research and developmental activities is expected to hamper the growth of the organoids market. A study presented by Tufts University in Boston, showed that it costs around US$ 2.6 million to develop a new drug and a standard prescription for the commercial market approval, due to high failure rates in human drug testing. Organoids offer viable model for the human disease models specific to organ tissue for drug screening in preclinical trials.
Europe organoids markets are expected to witness significant growth, in the view of increasing research activities in organoids field and growing number of sponsor for the study in these regions, as well as growing trend in academic research to work with organoid models, to explore more viable applications. Additionally, increasing bio-banking activity in the region is anticipated to propel the organoid market growth.
Furthermore, rising research and development in 3D cell culture technology, prominent presence of manufacturers, and initiatives for replacing animal models in research studies with organoids are some of the factors propelling the growth of the organoid market. The Europe organoids market is estimated to create an estimated incremental $ opportunity worth approximately US$ 38 Mn between 2019 and 2029.
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Organoids Market: Segmental Analysis
The global organoids market has been segmented by product type, application, end user, and region. Furthermore, the organoids market has been segmented by product type into Intestinal Organoid, Hepatic Organoid, Pancreatic Organoid, Colorectal Organoid, Neural Organoid and Others, which are used for the developing full organoid models for research. The application segment of the organoids market is segmented into Bio-banking, Biomedical Research and Drug Discovery, Regenerative Medicine, Cancer Research, Therapeutic Tools and Others. Bio-banking segment is expected to hold a large share during the forecast period. As per end user, the organoids market is segmented into Biopharmaceutical Companies, Contract Research Organizations and Academics and Research Institutes.
Organoids Market: Companies
The report tracks some of the key companies operating in the Organoids market, such as Hubrecht Organoid Technology (HUB), STEMCELL Technologies Inc., Cellesce Ltd., DefiniGEN, Qgel and OcellO B.V.
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