Silicone, which can be used to create internal organs, is the material on which these devices are built. This has potential applications in the fields of medicines as well as organ transplantation. The Wyss Institute at Harvard University is now working on producing a lung-on-chip, the commercialization of which would contribute to the exponential expansion of the organ-on-a-chip business. In addition, collaborations between pharmaceutical and biotechnology businesses and academic institutions are anticipated to speed up the commercialization process in the not-too-distant future. The potential for huge market prospects exists for those who participate in this multibillion dollar business. A kidney-on-a-chip is something that is currently being developed by a few different businesses, including Mimetas. This innovative technique is gaining popularity as a consequence of its ability to significantly cut down on the quantity of testing that is performed on animals while simultaneously producing extremely accurate results.
The global Organ On A Chip market was valued at US$ 17,823.4 Mn in 2019 and is forecast to reach a value of US$ 23,471.8 Mn by 2027 at a CAGR of 3.5% between 2020 and 2027.
Major Players in the Organ On A Chip Industry:
1. Organovo
IBM Corporation was founded in 2007 and its headquarter in San Diego, California.. The company operates in 50 countries.