16 November 2017 - - The global organ-on-chip market was valued at USD5 m in 2016, and is projected to reach at USD 170m by 2023, growing at a CAGR of 63.2% from 2017 to 2023, according to a new report published by US-based Allied Market Research.

Allied Market Research found that the heart-on-chip segment is anticipated to witness the highest growth rate during the forecast period.

North America was the highest revenue contributor in the global market in 2016, as advancements in cell biology, microfabrication, and microfluidics have led to the development of OOCs.

In addition, rise in demand for lung- and kidney-based organ culture devices is expected to boost the market growth. Asia-Pacific is anticipated to witness a significant growth rate during the forecast period, owing to increase in research activities.

In 2016, the lung-on-chip segment accounted for the highest share in the market, while the heart-on-chip segment is anticipated to witness the highest growth rate from 2017 to 2023, owing to increase in applications of organ-on-chip devices for the cure of several cardiac diseases such as heart failures.

Key players in this market include Emulate, Inc., AxoSim Technologies LLC, CN Bio Innovations, Hurel Corp., Ascendance biotechnology, Inc., Insphero AG, Mimetas B.V, Nortis Inc., Organovo Holdings, Inc., and Tara Biosystems.

These players have adopted various competitive strategies such as geographical expansions, mergers and acquisitions, new product launches, and partnerships and collaborations to strengthen their foothold in the market.