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.
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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.
About
Market Research Future:
At Market Research Future
(MRFR), we enable our customers to unravel the complexity of various industries
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Contact:
Akash
Anand
Market Research Future
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