microelectrode array in vitro Market

The microelectrode array in vitro market is expected to reach US$ 25.67 million by 2031 from US$ 17.96 million in 2023; the market is estimated to grow at a CAGR of 4.6% during 2023–2031. Major factors driving the market growth include increasing demand for microelectrode arrays in neuroscience research and rising focus on developing alternatives for animal testing models. Further, microelectrode arrays with advanced features is likely to boost the market during the forecast period. However, high development costs of microelectrode arrays are among the market deterrents.

Neuroscience research involves testing new drugs on neuronal cultures to evaluate their effects on neural activity and develop targeted treatments. Researchers utilize in vitro models to investigate a variety of neurological and neuropsychiatric diseases, including Alzheimer's disease, Parkinson's disease, and epilepsy, as well as various neurodevelopmental disorders. The increasing prevalence of such neurological disorders increases the demand for microelectrode array systems in neuroscience research. Microelectrode arrays in vitro allow for the examination of specific cellular and molecular changes related to neurological conditions, and their effects on neural functions. By measuring neural activity in in vitro cell models using microelectrode arrays, researchers can assess drug compounds' ability to modulate neural activity, restore normal network function, or counteract disease-related abnormalities. This information is essential for identifying promising drug candidates at an early stage during development. With the growing utilization of microelectrode arrays in neuroscience research laboratories, market players such as Axion BioSystems, Multi-Channel Systems, and MaxWell Biosystems are adopting strategies to launch innovative products in the market. For instance, in April 2024, Axion BioSystems launched the Maestro Volt, an affordable benchtop microelectrode array system tailored for academic labs with lower throughput needs. This 6-well device, suitable for neurological and cardiovascular research, offers user-friendly features and high-quality controls associated with the company’s Maestro brand. Therefore, a surge in neuroscience research for developing new drugs for neurodegenerative diseases boosts the demand for microelectrode arrays in vitro, which drives the market.

The comparative company analysis evaluates and categorizes the microelectrode array in vitro market based on product portfolio (product satisfaction, product features, and availability), recent market developments (merger & acquisition, new product launch & enhancement, investment & funding, award, agreement, collaboration, & partnership, recognition, and expansion), and geographic presence that aids better decision-making and understanding of the competitive landscape. The report profoundly explores the recent significant developments and innovations by the leading vendors in the global microelectrode array in vitro market. The key market players are Tucker Davis Technologies; Screen Holdings Co. Ltd.; Plexon, Inc.; Neuronexus; Neuralynx, Inc.; MaxWell Biosystems AG; Harvard Bioscience, Inc.; Blackrock Microsystems LLC; Axion BioSystems, Inc.; and 3Brain AG.

Based on product, the microelectrode array in vitro market is segmented into Classical MEA, Multiwell-MEA, and CMOS-ME. In 2023, the Multiwell-MEA segment held the largest share of the market.   Based on application, the microelectrode array in vitro market is segmented into cardiomyocytes, nerve, and others. In 2023, the cardiomyocytes segment held the largest share of the market. 

Various organic and inorganic strategies are adopted by companies operating in the microelectrode array in vitro market. The organic strategies mainly include product launches and product approvals. Inorganic growth strategies witnessed in the market are acquisitions, collaboration, and partnerships. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, along with contributing to the overall market growth. Furthermore, strategies such as acquisitions and partnerships helped strengthen their customer base and extend their product portfolios. A few of the significant developments by key players in the microelectrode array in vitro market are listed below.

• In September 2024, Axion BioSystems and STEMCELL Technologies entered a strategic partnership that will enable STEMCELL to sell Axion’s state-of-the-art Maestro Pro and Maestro Edge multielectrode array systems within North America and Europe. The industry-leading Maestro MEA systems will also continue to be available for purchase worldwide directly from Axion BioSystems.