Lab-on-a-Chip
Device Market Information: Product (Instruments, Reagents & Consumables),
Technology (Microarrays, Microfluidics), Application (Point of Care
Diagnostics), and End-User (Biotechnology and Pharmaceutical Companies) –
Global Forecast Till 2023
Market
Highlights
The
Lab-on-a-Chip Market trends is forecasted to exhibit robust
growth registering a CAGR of 10% during the forecast period. The global Lab-on-a-Chip
Market size is majorly driven by increasing application of lab on chip
devices in the medical field in the diagnosis of various infectious diseases
which eases sample handling and yields efficient results in a snap of time.
Similarly, the use of lab-on-a-chip devices in research purposes is gaining
traction due to easy portability, automated biochemical assays, and huge sample
handling provision. Moreover, rising demand for miniature devices, advancing
fabrication technology, research on biosensors and biomarkers, and economic
feasibility of lab-on-a-chip devices are expected to spur the market growth.
However, initial higher purchasing rate, as well as lack of awareness about the
use of lab-on-a-chip devices in middle-income countries, are major restraints
to the market growth.
Regional
Analysis
Americas is the market leader and
has an attractive market for lab on chip devices owing to increasing advances
in molecular biology and genetic engineering techniques as well as increasing
prevalence of infectious diseases. Additionally, factors such as
increasing number of genomic and proteomics research labs government
initiatives and funding for research, development of advanced medical treatment
options, and rising demand for portable devices are likely to enhance the
growth of Lab-on-a-Chip Market size in the American region. For instance,
According to stats presented in 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 in the U.S. received an influenza vaccine. Due to the
alarming rate of chronic as well as infectious diseases, use of lab-on-a-chip
devices is accelerated due to its precision in diagnosis and multiple samples
handling feature.
Europe is the second largest market
and holds a healthy share in the global Lab-on-a-Chip Market size due to
major driving factors such as the flourishing medical device market, favorable
government initiatives to promote life-science and clinical research, rising
average per capita income of individuals. For instance, the European Commission
stated that the R&D spending by the pharmaceuticals and biotechnology
sectors grew by 8.7% in 2014. This investment in R&D along with the ongoing
legislative reforms is expected to have a positive impact on the Lab-on-a-Chip
Market size.
The Asia-Pacific is expected to be
the fastest growing market owing to the faster adaptation of healthcare
technology, increasing patient pool of chronic and infectious diseases,
government initiatives of healthcare reform, increasing number of CROs and
research projects on environmental issues. Furthermore, key medical device
players have set up their regional headquarters and manufacturing plants in
Singapore, China, Japan, and Australia thus, boosting the growth of Lab-on-a-Chip
Market size.
The Middle East & Africa is
expected to show the least growth in the market due to some major factors such
as lack of awareness, limited access and availability of treatment facilities.
In the Middle East, the United Arab Emirates is the largest market share owing
to the development of the healthcare industry and sound economic status of
inhabitants. However, this area has the possibility to grow during the forecast
period as due to increasing outbreak of new opportunistic pathogen associated
diseases like Ebola, Zika Virus, and Hepatitis B which has attracted key
players to set up their R&D centers in this region.
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 LoC device 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.
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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Anand
Market Research Future
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