Lab on Chips Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3636
Lab on Chips Market size is expected to register high growth over the next 6-7 years owing to increasing occurrence and rapid expansion of infectious diseases across the world. These diagnostic devices provide timely & accurate detection of diseases helping in taking necessary precautionary measures, thereby reducing the number of patients to be cured in hospitals. The platform is widely being used for cancer and cardiovascular disease (CVD) biomarker sensing and analysis. It provides several attractive features such as improved sensitivity and label-free detection. The devices are expected to witness high adoption in developing and underdeveloped regions where low healthcare services are present, thereby driving the lab on chips market growth.
The ability of devices to analyze deposited samples in situ is accelerating the lab on chips market expansion. Point of care diagnostic devices allow patients to detect health conditions and diseases with the use of a drop of the patient’s blood. The minimum requirements of these systems are blood separation, micro sampling, and immunoassay. It reduces the costs incurred for transporting the blood samples and conducting diagnostic tests in the laboratory. The laboratories spend a large amount of money for the storage and management of these samples. POC devices help the doctors to provide results at a faster and more efficient rate. In February 2018, Houston’s Rice University developed mHealth POC device, which uses light-sensing technology for monitoring health conditions such as cancer. Such technological advancements are expected to drive the lab on chips market growth.
The lab on chips market is witnessing high growth due to increased mobility of the devices that allow doctors to serve their patients from a distant location. lab on chips devices are being deployed in remote areas, such as several medical camps and villages, where healthcare equipment & services are limited for diagnosing diseases rapidly. The mobility of these systems allows the doctors to provide medical aid to the patients wherever and whenever it is needed. Manufacturers in the market are developing smartphone-based technology that provides health monitoring and diagnosis for personalized and rapid care. For instance, in October 2017, the University of Washington and the University of Illinois at Urbana-Champaign developed a platform for point-of-care diagnosis of diseases using a smartphone.
These devices offer an economical solution for health diagnosis and monitoring, driving the lab on chips market growth. These systems allow the use of a single sample to perform diagnosis for multiple diseases, providing easy and economical medical analysis. Flow of samples used can be precisely controlled with external pumps and valves, simplifying the analysis process. The market is witnessing steady growth as these devices are cost-efficient and do not require additional expenditure on electricity, use of chemical additives, and refrigeration.
A high degree of parallelization of these diagnostic devices is driving the lab on chips market growth. The capacity of the device to integrate micro-channels allows the analysis of several tests to be performed simultaneously on the same chip. It allows the doctors to track the diseases during the consultation to prescribe the best-suited antibiotic remedy or anti-viral medicine. The adoption of these devices in the healthcare sector is growing rapidly to provide instant diagnostic report to the patients, thereby saving their time and money. This high throughput analysis offered by these devices is propelling the market.
The adoption of conventional laboratory diagnostic methods in several laboratories, hospitals, and diagnosis centers is restraining the lab on chips market growth. Lack of awareness and knowledge about these devices in developing nations is restricting their adoption. Moreover, the cost associated with replacing the conventional systems with these devices is also expected to restrict their demand in the market. These factors are being overcome by increasing healthcare awareness and miniaturization that are reducing the cost of healthcare devices. Manufacturers in the market are offering miniaturized technological devices, allowing the easy and sophisticated replacement of the traditional systems with these advanced devices.
The diagnostic sector is projected to witness immense growth in the lab on chips market owing to the rise in the occurrence of infectious diseases. Countries including India and South Africa are the major affected areas for such diseases. In 2018, WHO reported that the African region remains the most heavily impacted area by infectious diseases. The countries are experiencing high adoption of diagnostic services for analyzing the presence of several virus and bacteria. These devices are used by forensic facilities and pharmaceutical companies to detect the deterioration of industrial chemicals and materials. The lab on chips market also finds application in the chemical industry to facilitate as a fast heating and cooling agent for certain chemicals at the microscale level. It analyzes the risks involved in the application of chemicals in several industrial sectors, thereby preventing the effect of violent chemical reactions.
The North America lab on chips market is expected to witness high growth due to the rapid technological adoption and availability of these devices in the region. The efficient diagnostic & healthcare service in the region is the major factor responsible for the adoption of advanced medical solutions. Countries including the U.S. and Canada are experiencing high adoption of such devices due to the substantial growth of the healthcare industry. Moreover, the presence of the major players offering such advanced devices in the region is expected to drive the market growth. For instance, Sensoreal Inc. is a Canada-based company that provides point-of-care devices for a broad range of applications
The players operating in the lab on chips market are Danaher Corporation, Abbott Laboratories, Hoffman La Roche AG, Life Technologies Corporation, Thermo Fischer Scientific Corporate Group, Siemens Healthcare Ltd., EMD Millipore Ltd., and Bio-Rad Laboratories Ltd. The players in the market are developing miniaturized devices to enhance the mobility of the devices. Several strategies are adopted by the companies to capture the widespread customer base including product launch, collaborations, strategic partnerships, mergers, and acquisitions. For instance, in November 2017, Danaher Corporation announced the acquisition of IDBS to expand its offerings in the market.
Lab on Chips market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2025 for the following segments:
- Reagents and Consumables
- Software and Services
- Genomics & Proteomics
- Drug discovery
- Diagnostics Centers
- Academic and Research Institutes
- Biotechnology and Pharmaceutical companies
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)
- Saudi Arabia
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