Lab-on-a-chip is a nascent technology and has been gaining much popularity over recent years. It enables the integration of one or more lab processes on a single integrated chip, which measures in millimeters to a few squares. Market Research Future (MRFR) has offered the latest report which unfolds that the global lab-on-a-chip device market is poised to demonstrate a robust CAGR of 10% across the projection period 2018 to 2023.
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The extensive use of the chip is the medical science field is likely to drive the market’s growth in the subsequent years. It facilitates convenient sample handling, which further helps in effective diagnosis of infectious diseases. In addition, it also makes the results available in the minimum time. These factors are expected to increase the demand for the product in the years to come. Hence, the report asserts that the global lab-on-a-chip device market is set to have a lucrative future trajectory for the next few years.
The device has also found a major application in research & development purposes owing to its key properties such as automated biochemical assays, easy portability, and convenient huge sample handling provision. Increasing investments in research & development are anticipated to aid expansion of the lab-on-a-chip device market in the years to come.
The rising research on biosensors and biomarkers are also prognosticated to have a favorable impact on the proliferation of the lab-on-a-chip device market in the forthcoming years. Increasing deaths due to cancer has attracted massive investments for biomarkers and biosensors research. It is poised to open new avenues of growth for the market players over the next few years. On the contrary, the middle-income countries are not well-aware of the uses of the device and are anticipated to exhibit limited market growth. Also, the high purchasing cost of the devices is projected to undermine the growth pace of the lab-on-a-chip device market in the foreseeable future.
Drivers and Restraints:
Quick sampling and precise results, within a very short span of time, can solve problems such as drug wastage, and drug resistance. This also enables patients to have a timely diagnosis and ensures enough time to start the necessary medical procedures. LoC offers optimization of the process and gains traction in the process enough to enjoy accolades from the various corners of the medical sector.
LoC is experiencing popularity in diagnosing various infections and chronic diseases along with multiple tests of diverse disciplines such as Botany. Factors that are airing the demand for LoC are its portability, automated sample handling, and easy configurability. Also, the microfluidic LoC has the potential to revolutionize the biomedical field.
However, a few factors can impede the market growth such as high initial cost and lack of awareness in countries with people mostly belonging to the middle-income group. But LoC is slowly becoming an integral part of the diagnosing procedure which can marshal the market to overcome such irritants.
Industry Trends:
A Scotland based company uFraction8 Ltd. has recently come up with a microfluidic-based filtration system which is an essential part in remodeling the LoCs. Other innovations are also startling and can revolutionize the segment by taking the practice some light years ahead. Researchers from the Brigham Young University have now developed a technology that can 3D print LoC.
Segmentation:
The global Global Lab on a chip market can be segmented by product, technology, application, and end-user.
Product-wise, the market includes instruments, reagents & consumables, software, and others. Researchers from Biozentrum of the University of Basel and Max Planck Institute in Dresden have set up a LoC along with automatic analysis software that can study single cell responses.
Based on application, the market comprises genomics, proteomics, the point of care diagnostics, drug discovery and others. LoC has revamped genomic field of study by taking down the time of detection by a considerable margin. Researchers from Griffith University’s Queensland Micro and Nanotechnology Centre have discovered new ways to screen drugs by using LoC that would reduce the drug testing time considerably.
By end-user, the market consists, hospitals and clinics, biotechnology and pharmaceutical companies, forensic laboratories, diagnostics centers, and academic & research institutes.
Regional Analysis:
Region-wise the market covers the Americas, Europe, the Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas are leading the market owing to their huge expenditure in molecular biology and genetic engineering to counter infectious diseases. Genomic and proteomic researches are also spurring the demand for such technology and accordingly LoC is getting significant funds from various organizations. Its precision in diagnosis and ability to handle multiple samples simultaneously are also proving effective for chronic disease treatment.
Europe is the second largest market due to its flourishing medical device market and favorable government initiatives that are funding researches. Growing per-capita income of individuals is also proving to be a significant factor.
The APAC is expected to be the fastest growing region as it has a huge patient pool suffering from diverse kind of chronic and infectious diseases. Also, the region is adopting the latest technologies. Governments are promoting favorable market conditions due to which a lot of international players are setting up their factories and laboratories in this region.
The MEA is expected to register a meager market share as the region lacks awareness and proper facilities. The United Arab Emirates holds the largest market share as it has adequate healthcare facilities and the economic status of the citizens.
Market Dashboard:
The competitive market is banking much on research & developments and merger & acquisitions. For instance, Becton-Dickinson and Company have recently acquired C. R. Bard to expand their portfolio. Agilent Technologies has also acquired Advanced Analytical Technologies, Inc. in a bid to explore much of electrophoresis space.
Key companies that are playing contributing the most in 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, and others.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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