Market Insights
According to the reports published by Market Research Future, the global lab-on-a-chip device market is projected to exhibit robust growth with registering a CAGR of 10% by the year 2023. The lab-on-a-chip device brings diverse laboratory processes on a minimally sized integrated circuit and thus, eases the sample handling process and delivers results with excellent efficiency.
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With that, quick sampling with precise results within a short span of time can easily solve problems such as drug wastage as well as drug resistance. By this, it enables the patients to have timely diagnosis and ensures adequate time to start with necessary medical procedures. Therefore, lab-on-a-chip offers optimization of the process and gains traction in various corners of the pharmaceutical sector. Such eminent features of the lab-on-a-chip device are propelling the global lab-on-a-chip device market in exponential ways.
Global Lab-on-a-Chip Device Market: Drivers & Trends
Presently, the lab-on-a-chip device is experiencing immense popularity in diagnosing of various infections and chronic diseases. On this note, the factors that are airing the demand for this lab-on-a-chip are its portability, automated sample handling, and comfortable configuring and the potential to revolutionize the biomedical field. These are also contributing to the lab-on-a-chip device market to expand drastically in medical use across the globe.
Similarly, other factors such as multiple advantages of microfluidic technology, rise in demand for diagnostics, expanding global population with the prediction of significant growth opportunities, and technological advancements in laboratories have amplified the penetration and growth of the lab-on-chips market globally. Also, the use of lab-on-a-chip devices mainly in research purposes is gaining the major traction owing to its easy portability feature, automated biochemical assays, and massive sample handling provision, which is making devices reliable and usable in a very convenient way. Such factors are streaming to take the global lab-on-chips market to new heights at a higher CAGR during the forecasted period.
Market Segmentation
According to reports of MRFR, the global lab-on-a-chip market has been segmented by product, technology, application, and end user.
By the mode of product, the market is segmented into instruments, reagents & consumables, software, and others.
By the mode of technology, the market is segmented into microarrays, microfluidics, tissue biochip, and others.
By the mode of the application, the market is segmented into genomics, proteomics, the point of care diagnostics, drug discovery, and others.
Lastly, accounting on the end-user, the market is segmented as hospitals and clinics, biotechnology and pharmaceutical companies, forensic laboratories, diagnostics centers, and academic & research institutes.
Regional Outlook
On a geographical note, the global lab-on-a-chip device market has covered the main regions of America, Europe, Asia Pacific, and the Middle East & Africa.
Among all, the Americas is the market leader and has an attractive lab-on-a-chip devices market growth owing to mounting advances in molecular biology and genetic engineering techniques as well as increasing prevalence of infectious diseases. Also, factors such as swelling genomic and proteomics research labs, government initiatives and funding for research, development of progressive medical treatment options, and rising demand for portable devices are possible to augment the growing lab-on-a-chip device market in the American region. According to stats by the Centers for Disease Control and Prevention report in the year 2017, around 49.9% of the children between the ages of 6 months to 17 years received an influenza vaccine. Owing to the distressing rate of chronic as well as infectious diseases, use of lab-on-a-chip devices was accelerated in diagnosis and multiple samples handling which catered the best use of it.
Similarly, Europe is also considered as the second largest market and holds a healthy share in the global Lab-on-a-Chip device market owing to main driving factors such as the thriving medical device market, favorable government initiatives to promote clinical research, rising average per capita income. The European Commission also quantified that the research & development by the pharmaceuticals and biotechnology sectors grew by 8.7% in 2014. This investment in R&D, along with the enduring legislative reforms, are predictable to have a constructive impact on the Lab-on-a-Chip device market in the years to come.
While in the Asia-Pacific region, it is expected that this region will be the fastest growing market owing to the more rapid adaptation of healthcare technology, increasing chronic patients and infectious diseases, government initiatives of healthcare reform, a growing number of CROs and research projects on environmental issues. Furthermore, key medical device players have already set up their regional headquarters and manufacturing plants in countries such as China, Japan, and Australia; thus, boosting the growth of Lab-on-a-Chip device market during the forecast period.
Lastly, the Middle East & Africa is also expected to portray the least growth in the market owing to lack of awareness, limited access, and availability of treatment facilities. While, in the Middle East, the United Arab Emirates has the largest market share owing to the development of the healthcare industry and overall economic status in this region.
Key Players
Market Research Future (MRFR) distinguishes the following companies as the key players in the global lab-on-a-chip device market. The names are Becton, Dickinson And Company, Agilent Technologies, Inc., Danaher Corporation, Bio-Rad Laboratories, Abbott Laboratories, F. Hoffmann-La Roche AG, PerkinElmer, Inc., IDEX Corporation, Thermo Fisher Scientific, Inc., Cepheid Inc., and Biacore AB.
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