Wilmington, Delaware, United States, Jan. 03, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global lab on chips market was projected to attain US$ 8 billion in 2022. It is anticipated to garner an 11.2% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 20.7 billion by 2031.
Since lab on chips are inexpensive and need little samples, they are mostly used by pharmaceutical businesses, hospitals, and biotechnology research organizations.
The use of chips in drug development, genomics & proteomics, and diagnostics presents a variety of growth prospects for the lab on chips industry. Miniaturized lab platforms are in great demand due to the growing requirement for microscale analytical equipment and high-speed diagnostics.
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Global Lab on Chips Market: Key Players
To fulfill the growing demand in the healthcare diagnostic industries, leading manufacturers are making significant investments in the development of sophisticated microfluidic systems.
Prominent industry participants are also making an effort to form alliances with other firms worldwide in order to broaden their range of products and improve information sharing. The following companies are well-known participants in the global lab on chips market:
- Becton, Dickinson and Company
- Agilent Technologies Inc.
- PerkinElmer Inc.
- Danaher Corporation
- Bio-Rad Laboratories Inc.
- Thermo Fisher Scientific
- F. Hoffmann-La Roche AG
- Abbott Laboratories
- IDEX Corporation
- RainDance Technologies Inc.
- Standard BioTools Inc.
The growing public awareness of health issues and ailments is contributing to the growing popularity of customized medical devices, which is driving the revenue growth of the lab-on-chips market. Leading suppliers in the lab-on-chips sector are heavily funding research and development of fresh, novel products in order to diversify their offering. They are working to develop cutting-edge microfluidic technologies for medical services and diagnosis.
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Key Findings of Market Report
- Chronic illnesses are now a major burden on the populace, having an impact on people's overall health and emotional well-being.
- Chronic diseases are on the rise due to the world's aging population's rapid expansion, and bad lifestyle choices are also a factor in the rise in chronic illnesses.
- To diagnose illnesses and infections including HIV infections and chronic renal ailments, lab-on-a-chip technology is used.
- The technology helps identify oral cancer early, increasing the survival rate.
- Due to growing awareness of the diagnosis and treatment of infections and chronic diseases, the global lab-on-chips market share is anticipated to grow rapidly.
Market Trends for Lab on Chips
- Lab on chips have the special capacity to carry out a variety of laboratory tests at the microscale. These chips take use of technological downsizing to reduce prices and reagent consumption quantities, while simultaneously improving efficiency and delivery time.
- There is a growing need, particularly in metropolitan areas, for individualized treatment and quick, portable diagnostic tools. Point-of-care diagnostic technology combined with lab-on-a-chip technology can provide prompt and precise findings, therefore addressing a critical problem in the globalization of healthcare.
- The global lab on chips market has seen developments in the form of tiny lab platforms and microfluidic devices. These developments are expanding on the use of customized chips in personalized healthcare.
Global Market for Lab on Chips: Regional Outlook
- In 2022, North America possessed the majority part of the global landscape. The need for lab on chips technology in the area is being driven by the growing use of microfluidic systems in the clinical, diagnostic, and pharmaceutical sectors of the United States because of their cost-effectiveness.
- According to the most recent lab on chips market projection, Asia Pacific's industry is expected to develop steadily between 2023 and 2031. The growth of the healthcare infrastructure and the increasing popularity of traditional diagnostic labs are driving up market statistics in Asia Pacific.
- Over the course of the projection period, a number of European nations are anticipated to see significant market expansion, mainly as a result of increased public knowledge of the availability of cutting-edge healthcare goods.
- The United Kingdom dominates the industry in Europe, owing to the commercialization of point-of-care diagnostics technologies in the region.
Key developments by the players in this market are:
- Applied Materials, Inc. and CEA-Leti announced in December 2023 that they would be expanding their long-standing partnership to concentrate on the development of engineering solutions for the advanced specialized chip industry and its many applications.
- Miroculus announced the release of Miro Canvas, an intuitive digital microfluidics platform designed to simplify intricate Next-Generation Sequencing (NGS) sample preparation procedures, in March 2022.
Global Lab on Chips Market Segmentation
Product
- Instruments
- Reagents & Consumables
- Software & Services
Application
- Genomics & Proteomics
- Diagnostics
- Drug Discovery
- Others
End-use Industry
- Biotechnology & Pharmaceutical Companies
- Hospitals
- Diagnostics Centers
- Academic & Research Institutes
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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