The recent study on the global organoid technology market covers an in-depth analysis of the market on the basis of 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 2019-2024. According to the report titled “Global Organoid Technology Market – Forecast from 2019 to 2024”, the market is estimated to grow at a CAGR of XX% to reach a market size of US$XX million in 2024 from US$XX billion in 2018. 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 such as North America (United States, Canada), South America, Europe(United Kingdom, Germany, France), Middle East and Africa and Asia Pacific (Japan, China, Australia). 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 of XX% 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 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. In addition, the rise in the prevalence of cancer is also one of the major drivers boosting the organoid technology market growth
North America provides significant revenue generation opportunity for the market
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.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.
The major players profiled in the Global Organoid Technology market includeCellesce Ltd, StemCell Technologies, Organoid Technologies GmbH, and QGel SA.
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