The global Organoid Market is forecast to grow at a rapid pace for the forecast period starting from 2020 to 2030. Increasing private funding for research and development of therapeutic and diagnostic models is also one of the key factors driving market growth. Organoids are finding use in pathogenesis and regenerative medicines. With rising prevalence of cancer and liver diseases coupled with the commercialization of organoid models, promising growth is on the cards for the market, finds ESOMAR-certified consulting firm Future Market Insights in this study.
According to the International Federation of Pharmaceutical Manufacturers and Associations, preclinical testing requires nearly 22% of total expenditure allotted for drug discovery. Extensive research and clinical trials towards development of humanized therapeutics paved way for the exponential growth of the organoid market.
“Market players are focusing on employing organoid for studying organ-specific cell function and cell toxicity monitoring. Organoid’s diversity in terms of application will elevate the organoid market demand,” remarks the FMI analyst.
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Leading players profiled by FMI operating in organoid market include Cellesce Ltd, Qgel, OcellO B.V., DefiniGEN, Hubrecht Organoid Technology (HUB), STEMCELL Technologies Inc. According to FMI, Leading players are emphasizing on enhancing their production facilities and develop new products using modern technologies to cater the rising demand of patients. For instance, Cellesce Ltd. recently launched the new patient-derived Breast Cancer organoid lines in November 2020.
They are also looking forward towards strategic collaboration to expand their product portfolio. For instance, BIOIVT collaborated with Upcyte Technologies GmbH making Upcyte Technologies GmbH exclusive global distributer of BIOIVT’s cell products and media which include liver sinusoidal endothelial cells.
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