New York, USA, June 24, 2022 (GLOBE NEWSWIRE) -- Lab-on-a-Chip Device Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Lab-on-a-Chip Device Market Information by Product, Technology, Application, and End-User – Global Forecast Till 2030”, the market is forecasted to exhibit robust growth to reach USD 9.15 Billion at CAGR of 8.97% during the forecast period 2022-2030.
Lab-on-a-Chip Device Market Scope:
A Lab-on-a-Chip is a device that combines one or more laboratory procedures on a single integrated circuit with a size ranging from a few squares to a few millimeters. A lab-on-a-chip device is a miniature device that combines several laboratory analysis procedures into one chip. Lap-on-chip technology is used for biochemical detection, DNA sequencing, and other applications. Chips can be as small as a few square centimeters in size and are capable of handling extremely small fluid quantities.
The advantages of lab-on-a-chip technology include excellent assay sensitivity, parallelization, ergonomics, waste minimization, and others. This technique is mostly used in the medical profession to diagnose various diseases, as it facilitates sample processing and provides accurate findings in a short amount of time.
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Report Scope:
| Report Attribute | Details |
| Market Size | USD 9.15 billion |
| CAGR | 8.97% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing application of lab on chip devices in the medical field |
| Rising demand for miniature devices and advancing fabrication technology |
Lab-on-a-Chip Device Market Competitive Dynamics:
The key players of the market are
- Becton, Dickinson and Company
- Agilent Technologies, Inc
- Danaher Corporation
- Bio-Rad Laboratories
- Abbott Laboratories
- Hoffmann-La Roche AG
- PerkinElmer, Inc
- IDEX Corporation
- Thermo Fisher Scientific, Inc.
- Cepheid Inc
- Biacore AB
Lab-on-a-Chip Device Market Dynamics:
Market Drivers:
The growing use of lab on chip devices in the medical field for the diagnosis of various infectious diseases, which simplifies sample handling and gives accurate findings in a short amount of time, is driving the Lab-on-a-Chip device market. Similarly, lab-on-a-chip systems are gaining popularity in research because of their portability, automated biochemical assays, and large sample handling capacity. Furthermore, increased demand for small devices, improving fabrication technology, biosensor and biomarker research, and the economic feasibility of lab-on-a-chip technologies are projected to propel market expansion.
The next generation technology for lab-on-chips, such as lab on CD-ROM and EFAD chip technology, is a trend for the worldwide lab-on-chips application market. In Asia, increased R&D expenditure would result in growth in the lab-on-chips application market. Furthermore, expanding the use of lab-on-chips will create new opportunities for the global lab-on-chips application market. The high cost of producing lab-on-chips, on the other hand, could provide a hurdle to the global lab-on-chips application market.
Restraints on the Market:
However, a higher initial purchase rate, as well as a lack of understanding regarding the usage of lab-on-a-chip devices in middle-income nations, are important market limitations.
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Lab-on-a-Chip Device Market COVID-19 Evaluation:
The market for lab-on-a-chip and microarrays is projected to enjoy a net positive impact as a result of COVID-19's introduction. Furthermore, the global pandemic has increased the focus on developing less time-consuming diagnostic kits and pharmaceutical R&D lab-on-a-chip procedures, both of which are expected to benefit the firm.
The surge in COVID-19 has boosted research, which has boosted lab-on-chip demand. Researchers from the University of Alberta Powerhouse have partnered to develop a portable LOC device for swiftly detecting COVID-19 antibodies. Furthermore, a low-cost imaging platform based on University of California Irvine scientists' lab-on-a-chip technology may be available for rapid coronavirus detection and antibody testing.
Lab-on-a-Chip Device Market Segmentation:
By Product
Over the study period, the reagents and consumables segment is predicted to increase the most.
By Technology
During the forecast period, revenue from the microarray segment is expected to grow at a stable rate. Microarray is a technique used in laboratories to simultaneously detect the expression of thousands of genes. Microarrays have become more popular as a result of technological advancements. The microarray segment's revenue will continue to expand as the use of biochips in cancer diagnosis and treatment, as well as personalized medicine, grows.
By Application
Over the forecast period, the point-of-care diagnostics category is predicted to grow at the quickest rate.
By End-User
Over the forecast period, the biotechnology and pharmaceutical businesses category is likely to drive market growth.
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Lab-on-a-Chip Device Market Regional Analysis:
Because of breakthroughs in molecular biology and genetic engineering techniques, as well as an increase in the prevalence of infectious diseases, the Americas is the global leader in the Lab-on-a-Chip device industry. Furthermore, factors such as the growing number of genomic and proteomics research labs, government initiatives and funding for research, the development of advanced medical treatment options, and rising demand for portable devices are expected to boost the growth of the Lab-on-a-Chip device market in the Americas. Because of the alarming occurrence of chronic and infectious diseases, the usage of lab-on-a-chip devices is increasing due to their precision in diagnosis and ability to handle multiple samples.
Due to major driving factors such as the flourishing medical device market, favorable government initiatives to promote life-science and clinical research, and rising average per capita income of individuals, Europe is the second largest market and holds a healthy share in the Lab-on-a-Chip device market.
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Due to faster adoption of healthcare technology, an increasing patient pool of chronic and infectious diseases, government initiatives for healthcare reform, an increasing number of CROs, and research projects on environmental challenges, Asia-Pacific is predicted to be the fastest growing market. In addition, major medical device companies have established regional offices and manufacturing facilities in Singapore, China, Japan, and Australia, strengthening the market for Lab-on-a-Chip devices.
Due to some important issues such as lack of knowledge, limited access, and availability of treatment facilities, the Middle East and Africa is predicted to have the slowest growth in the market. Due to the development of the healthcare business and the residents' good economic condition, the United Arab Emirates has the greatest market share in the Middle East. However, because to the increasing emergence of novel opportunistic pathogen linked diseases such as Ebola, Zika Virus, and Hepatitis B, this sector has the potential to grow during the projected period, attracting significant firms to set up their R&D facilities in this region.
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