Lab on Chips Market size is projected to witness substantial growth between 2022 to 2028 with the increasing proclivity towards the point of care diagnostic devices that enable the detection of various disorders by using the drop of patient’s blood. These devices help in making the diagnostic tests more cost-effective which, in turn, will support the industry growth.
Besides, these devices offer precise and timely detection of diseases which helps in taking measures in time which will further complement the market expansion. In addition, the platform is extensively used for cardiovascular disease (CVD) and cancer biomarker sensing and analysis. Their increased adoption across developing and underdeveloped parts of the world that lack adequate healthcare services is expected to stimulate the growth of market during the forecast period.
Based on application, lab on chips market is segmented into drug discovery, genomics & proteomics, and diagnostics. Of these, genomics & proteomics segment is poised to showcase significant growth with the increasing research and development activities in genetic and sequencing. Besides, the increasing government investments in this area will further favor the segment growth. For instance, in 2021, the U.S. government made an investment of USD 1.7 billion towards the improvement in the monitoring, detection, and mitigation of SARS-CoV-2 variants and development of the infrastructure for genomic sequencing needs in the coming years.
With regards to end-user, lab on chips market is projected to record substantial gains from diagnostics centers segment over the coming years. These instruments help in rapidly analyzing the blood samples of patients and detecting the strains of HIV with high precision. This ultimately helps in minimizing drug resistance as well as drug wastage. Lab-on-chips devices are being majorly adopted in the diagnostic centers across various developing countries as they facilitate large-scale diagnostic operations without any special expertise.
Asia Pacific lab on chips market is predicted to emerge as a strong growth hub during the forecast timeframe. This can be largely ascribed to the rising incidences of various infectious diseases, unmet medical needs, and entry of market leaders in the region. The business players in the regional market are taking continuous efforts towards the introduction of innovative clinical uses to augment the value of lab-on-chip technology.
The major companies operating in lab on chips industry include Abbott Laboratories, Danaher Corporation, Hoffman La Roche AG, Life Technologies Corporation (Thermo Fischer Scientific), EMD Millipore Ltd., Siemens Healthcare Ltd., and Bio-Rad Laboratories Ltd.
These leaders are largely focusing on the development of miniaturized devices to improve the mobility of the devices. They are also inclined on strategic initiatives such as new product launches, collaborations, mergers, etc. to gain a competitive edge in the market.
COVID-19 impact on lab on chips market forecast
The emergence of COVID-19 crisis has made a positive impact on the market outlook with the drastic rise in the demand for rapid diagnostic kits during the pandemic. Besides, the rising demand for lab on chip techniques for research & development activities in the pharmaceutical sector has also favored the industry growth in the past few years. The considerable rise in the research pertaining to COVID-19 has created lucrative opportunities for market.
Market research report of lab on chips includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2017 to 2028 for the following segments:
Market, By Product
Market, By Application
Market, By End-use
The above information has been provided for the following regions and countries: