Organoids Market will exhibit solid growth, registering above 14% CAGR between 2022 and 2031
The global organoids market is being driven by research advancements in the field. Furthermore, the increase in the inclination towards personalized medicines is expected to result in increasing use of organoids in the coming years. Till November 2020, there were around 21 ongoing clinical trials identified with organoids globally. This number is expected to rise in the approaching years, which is attributable to recent advancements in scientific field.
Leading biopharma companies are focusing on expanding their product scope across various distribution channels in various countries around the world. To improve their industrial research activities, some companies are concentrating on collaborating directly with academic institutions. Few players, on the other hand, are concentrating on changing and building a broad product portfolio by bringing new innovative products into the global market.
In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for organoids. The report tracks the global sales of organoids in 20+ high-growth markets, along with analyzing the impact COVID-19 had on the pharmaceuticals industry in general, and organoids in particular.
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As new platforms for quicker drug development and improved model structures for assessing drug efficacy and toxicity, organoids have the potential to be transformative.Traditional drug discovery approaches are less important and inadequate to keep up with the rapid pace of life science advancements. Organoids are projected to exhibit increasing sales within the drug discovery industry.
The demand for cutting-edge preclinical testing methods has increased as a result of advances in drug therapies such as personalized treatments and expanding medical research to identify new advance medicines.Organoids also are used to shortlist possible drug molecules and remove the remainder by considering ‘in-vitro’ conditions that are somewhat close to natural environmental conditions.
According to the International Federation of Pharmaceutical Manufacturers and Societies, preclinical research accounts for about 22% of the overall cost of drug production. The use of organoids in drug development shortens the process and saves money, resulting in a greater demand for organoids.
In terms of product, intestinal organoids are expected to register high demand, accounting for over 36% of sales in the market. While application of organoids is expected to be considerably high in bio banking.
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Key Takeaways from Organoids Market Study
- The organoids market will exhibit solid growth, registering above 14% CAGR between 2021 and 2031
- The expansion of pharmaceutical sector and investment in research initiatives will enable the U.S. account for over 95% sales in North America
- The U.K. will emerge as the leading market, exhibiting above 20% y-o-y growth in 2021
- Germany and France are expected to emerge as other lucrative markets within the U.K.
- China will remain a leading market for organoids in East Asia, however, the Japan market will register a slightly higher rate of growth
“Capability of 3D-organoid cultures to mimic organ functionality as well as increasing adoption of the organoid technology for use in a range of applications, including genetic mutation and other is expected to drive the growth of Organoids market” says the FMI Analyst
Funding for life science research and investments in Organoids products to expand various projects and personnel employedis the major factor expected to boost the organoids market growth.
For instance, the total amount of research grants awarded by the National Institutes of Health (NIH) in the U.S. exceeded US$ $251 million over five years (2015 to 2019).
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Key players in the Organoids are Entering into Strategic Alliance
The top players are focusing on expanding their business footprint through acquisitions. Acquisitions provide the company with strong foot hold of new products, buyer suppliers relationship, and new geographic horizons to tap the market potential. The key manufacturers aretargeting towardsacquiring well-known products and technologies that are expected to have a successful revenue stream. This also helps the business to grow into new emerging markets while also developing existing ones.
For instance, in September 2020,a Memorandum of Understanding (MoU) was signed by BGI-Qingdao and Ubrecht Organoid Technology (HUB) to develop a joint Next Generation Diagnostics (NGD) centre in China to improve personalised care, better treatments and cures, and faster development of new safe medicines.HUB and BGI will combine their complementary skills and technologies to further improve and incorporate HUB Organoid Technology as predictive diagnostic tests, allowing for reliable patient-specific treatment response prediction, initially with a focus on cancer.
As a result of increased emphasis on oncological research and increased R&D spending, the global organoids market is expected to expand over the forecast period. Organoids market is highly competitive exhibiting the presence of several players. Because of the high capital investment required to build an Organoids manufacturing facility, pharmaceutical companies are increasingly looking to outsource the process.The key market players covered by FMI include STEMCELL Technologies Inc., Cellesce Ltd., DefiniGEN, Qgel, Hubrecht Organoid Technology, OcellO B.V.consolidating their positions through mergers, acquisitions and new product launches.