Organoid Technology Market to Grow at a CAGR of 28.11% During the Forecast Period - Knowledge Sourcing Intelligence
NOIDA, India, August 23, 2019 (Newswire.com) - The recent study on the global organoid technology market covers an in-depth analysis of the market based on type, application, and geography. The report also covers the country-level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period. According to the report titled “Global Organoid Technology Market – Forecast from 2019 to 2024”, the market is estimated to grow at a CAGR of 28.11% during the projected period. The report has segmented the global organoid technology market by type (cerebral organoid, thyroid organoid, thymic organoid, testicular organoid, hepatic organoid, others), by application (cancer research, biomedical research, regenerative medicine, and personalized medicine) and by geography (North America South America, Europe, Middle East and Africa, Asia Pacific). The growth of the market is attributed to the increasing investments in the research and developments in the pharmaceuticals sector. Rising cases of rare and orphan diseases are pressurizing pharmaceutical and drug manufacturing companies to invest heavily in R&D for novel drug discovery. Similarly, high concerns regarding the use of animals for drug and cosmetic testing is another factor that is spurring the demand for organoids, hence propelling the growth of the organoid technology market. Furthermore, the advancements in stem cell research are also one of the primary factors that show the growth potential of the market during the forecast period.
Cancer research is projected to grow at the highest CAGR during the forecast period.
Cancer research is projected to grow at the highest CAGR due to new avenues opened by the organoid technology for the development of the novel and more physiological cancer models. The recent developments in the organoid technology have helped in the discovery of novel, more physiological human cancer models which are essential for more efficient study of cancer and help develop novel treatment regimens for patients with cancer. Increase in the prevalence of cancer is one of the major drivers boosting the organoid technology market growth.
North America provides significant revenue generation opportunities.
North America holds a major share in the market on account of increased support towards organoid testing owing to the ability of them to enhance the understanding of medical science. The rising healthcare expenditure is also considered as one of the prime factors for the market to grow in this region. Furthermore, 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.
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Source: Knowledge Sourcing Intelligence