The global human organoids market is estimated to grow with a high CAGR during the forecast period, i.e., 2022-2030. The rising incidence of infectious diseases, the growing need for organ transplants, along with the growing investment in the advancement of medical technologies, are expected to fuel the progress of the market. According to the U.S. Department Health Resources & Services Administration (HRSA) over 39,000 transplants were performed in 2020 in the US, while 17 people die each day waiting for an organ transplant. The development of efficient tools and mechanisms for early diagnosis & treatment of infectious diseases can facilitate more effective and rapid responses to medical conditions. Human organoids allow to create cellular models of clinical problems, such as, infectious & genetic diseases, tumour modeling & bio-banking, gene function, and cell development, to further study them in the laboratory and develop accurate treatment methods. This is anticipated to be the major growth driver for the market. The growth of the market can also be attributed to the extensive medical research associated with drug discovery in western countries and the rising demand for advanced drugs. Human organoids may also be deployed for customization of therapy or personalized medicine, which is also expected to contribute to the growth of the market.
The market is segmented on the basis of product into pancreas, kidney, lungs, heart, liver models, and others, out of which, the kidney organoid segment is anticipated to grab the largest share by the end of 2021 on account of the increasing number of kidney transplants performed globally as compared to other procedures. As per the statistics by the National Kidney Foundation, there were 121,678 people waiting for lifesaving organ transplants in the U.S. in 2020. Out of these, 100,791 individuals were waiting for kidney transplants. Moreover, there has been a significant growth in kidney-related diseases, which is also projected to contribute to the growth of the segment during the forecast period.
On the basis of end-user, the biotech & pharma industry segment in the global human organoids market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the increasing focus of biotech & pharma industry on research and development related to new drug discovery for the treatment of various rare diseases, combined with technological developments in the field of 3D bio printing.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Human Organoids Market Regional Synopsis
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the improvement in healthcare infrastructure and the rise in number of transplantation procedures in the region. The development in the public healthcare system backed by economic development in the region are estimated to boost the growth of the regional market.
Furthermore, in 2030, the market in North America region is evaluated to occupy the largest share in terms of revenue, owing to the high technological advancement in the field of transplantation, accompanied by the presence of well-established distribution channels for the supply of human organoid products in the region. Along with this, North America also leads in terms of government healthcare expenditure, which is also expected to contribute to the market growth in the region. According to the World Health Organization (WHO), as of 2018, 16.416 % of the GDP was spent on the healthcare sector in North America.
The global human organoids market is further classified on the basis of region as follows:
Our in-depth analysis of the global human organoids market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The rising incidence of infectious diseases and the growing investment in the advancement of technologies are the key factors driving market growth.
The market is anticipated to attain a high CAGR over the forecast period, i.e., 2022-2030.
The lack of skilled professionals to conduct diagnostic tests and insufficient funding for research & academia are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the improvements in healthcare infrastructure and the rise in number of transplantation procedures in the region.
The major players dominating the human organoids market are BioIVT LLC, Thermo Fisher Scientific Inc., Corning Incorporated, and Emulate Bio among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, end-user, and region.
With respect to end-user, the biotech & pharma industry segment is anticipated to hold the largest market share owing to the research and development related to new drug discovery for the treatment of various rare diseases.
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization