Lab On a Chip Market

Lab on a Chip Market Size & Growth (2019 - 2024)

The size of the Global Lab on a Chip Market is expected to reach 9.06 billion by 2024, to grow at a CAGR of 8.9% during the forecast period 2019-2024.

Lab-on-a-Chip has several laboratory functions in a single integrated chip. Lab-on-a-chip is fabricated through a process called photolithography. This is superior in consuming low fluid and works efficiently with the faster response time. Point of care testing devices is highly dependent on these integrated chips to provide effective healthcare.

Biochips are increasingly used in the fields of biomedical and biotechnology research. Advances in technology in the medical field are increasing the adoption rate of biochips in proteomics (such as microarrays). The advantages of protein biochips include low sample consumption and a tendency to miniaturize. For example, protein microarrays can display multiple proteins simultaneously, and these properties translate into the ability to process thousands of samples in parallel. This feature of microarrays is important for proteome-wide analysis. Proteomics is widely used for biomarker and drug discovery. In addition, the growing demand for personalized medicine specializing in diseases is driving the market growth. Other factors are driving the development of the chip lab and microarray (biochip) markets, including increased use of biochips in cancer treatment and diagnosis, the demand for personalized medicine, and rapid advances in biochip technology.

In Lab On a Chip Market, the increasing adoption of personalized medicine, increasing research in drug discovery and life sciences, and the need for rapid diagnostics are all factors driving the development of chip labs. R&D investment growth in developing countries is expected to provide significant opportunities for crucial Lab On a Chip Market participant throughout the forecast period

The rise in the incidences of a number of health disorders is accelerating the demand of the Lab on a Chip Market. Increasing support from the semiconductor industry in launching innovative circuits for the medical sector is propelling the demand of the market. Growing demand for quality treatment procedures is leveling up the growth of the Global Lab on a Chip Market.

A growing number of research institutes in the biotechnology field is to set up growth opportunities for the Lab on a Chip Market. The rise in the applications of genomics and proteomics is likely to bolster the demand of the market.

However, the high cost of equipment for installation and maintenance is restraining the demand of the market. Stringent rules and regulations by the government have remained a challenging factor for the Lab on a Chip Market.

The microarray technology has advantages (labor-intensive and economically low), the availability of alternative technologies, and conveniences over microarrays, limiting the growth of the chip lab and microarray (biochip) markets and the limited technical knowledge and availability of alternative technologies are supposed to restrict the Lab on a Chip Market growth.

The costs and low commercial acceptance due to a shortage of skilled workers are also hindering the market.

Recent Happenings in this market in the recent past:

• This technology is based on a complex biosensor system and uses a small metal layer embedded in a microchip to eliminate the cumbersome and complicated optics used in diagnostic laboratories. Similarly, researchers at other universities are building labs for chip technology. For example, in February 2016, researchers at the University of Kansas developed a new chip laboratory diagnostic device that adjusted the principle of liquid biopsy to detect cancer using plasma or blood drops quickly.
• The strategic developments are being employed by key players to enhance their market position in the industry, including product development, acquisitions, contracts, and collaborations. In addition, the analysis takes into account technological advances in the global lab on a chip industry. For example, in February 2019, bimillennial, a French-based life sciences company, launched a microflora culture collection service to identify previously uncultivated bacteria. The service is based on the company's unique on-chip microbiome technology platform. Similarly, during the forecast period, other key players, such as Abbott Laboratories and EMD Millipore, and other players, such as Biomillenia, are expected to win labs on the chip market.

REPORT COVERAGE

This research report on the Global Lab on a Chip Market has been segmented and sub-segmented into the following categories and calculated market size and forecast for each segment until 2024.

Lab on a Chip Market Analysis - By Product Type:

• Instruments
• Reagents & Consumables
• Software
• Others

On the basis of product type, the Instruments type is gaining more attention in leading the shares of the market. Increasing prevalence for the point of care testing devices is boosting up the growth of the market.

Lab on a Chip Market Analysis - By Technology:

• Microarrays
• Microfluidics
• Tissue Biochip
• Others

On the basis of technology, the Microarrays technology type is leading with the highest shares of the market. The rise in the number of cancer patients is escalating the demand of the market.

Lab on a Chip Market Analysis - By Region

• North America (U.S., Canada)
• Europe (UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of EU)
• Asia Pacific (India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC
• Latin America (Brazil, Mexico, Argentina, Chile)
• Middle East and Africa (KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA)

Regionally, North America is accounted for holding the largest shares of the market by owing to the quick adoption of the latest technological developments and the launch of innovative products in favor of the end-users. The Asia Pacific and Europe are next to North America in leading with the highest shares of the market with the rise in the investments by the government on hospitals. The Middle East and Africa are to have a significant growth rate in foreseen years.

Companies leading the Global Lab on a Chip Market profiled in the report are:

1. Becton Dickinson and Company
2. PerkinElmer, Inc.
3. Danaher Corporation
4. Bio-Rad Laboratories
5. Thermo Fisher Scientific
6. F. Hoffmann-La Roche AG
7. Agilent Technologies, Inc.
8. Abbott Laboratories
9. Fluidigm Corporation
10. RainDance Technologies, Inc.
11. IDEX Corporation