Lab-on-a-Chip
Market Overview:
The global Lab-on-a-Chip
Market to experience a staggering growth with a CAGR of 10% during the forecast
period (2018-2023), in an extensive report reveals Market Research Future
(MRFR). Lab-on-a-chip brings in diverse laboratory processes on a minimally
sized integrated circuit and eases the sample handling process and within a
flicker delivers results with excellent efficiency.
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 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.
Read
More About Lab on a Chip Market @https://www.marketresearchfuture.com/reports/lab-on-a-chip-device-market-6215
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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Market Research Future
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