Market
Synopsis:
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 millimetres
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 8.97%
across the projection period.
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.
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Market
Segmentation:
On the basis of product, the
global lab-on-a-chip device market has been segmented into Instruments,
Reagents & Consumables, software, and others.
The key technologies
assessed in the segmental analysis of the lab-on-a-chip market are microarrays,
microfluidics, tissue biochip, and others.
On the basis of application,
the global lab-on-a-chip device market has been segmented into point of care
diagnostics, genomics, proteomics, drug discovery, and others.
Based on end-user, the
lab-on-a-chip device market has been segmented into biotechnology and pharmaceutical
companies, hospitals and clinics, forensic laboratories, diagnostics
laboratories, and academic & research institutes.
Regional
Analysis:
The global lab-on-a-chip device market, for an
exhaustive geographical assessment, has been segmented into Europe, the Middle
East & Africa (MEA), Asia Pacific, and Americas. Americas is leading the
global market at present and is anticipated to control the growth of the market
in the upcoming years. The growth pattern of the region is dependent on the
advancements in molecular biology and genetic testing. In addition, the rising
prevalence of infectious diseases is further poised to aid the growth of the
regional lab-on-a-chip device market over the forecast period.
Europe is the second leading market for lab-on-chip
devices. Its growth is supported by government initiatives promoting clinical
research and trials. Asia Pacific, lab-on-a-chip device market is expected to
scale the highest CAGR across the forecast period. Increasing manufacturing
facilities in the region is projected to catalyze revenue growth in the
regional market in the forthcoming years.
Key
Players:
The global lab-on-a-chip
device market players 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., and Biacore AB.
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