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Lab on Chips Market Size
Lab on Chips Market size is projected to witness substantial growth between 2024 to 2032 with the increasing inclination towards point-of-care diagnostic devices to enable the detection of various disorders by using the drop of a patient’s blood. Lab on Chips (LOCs) are devices that offer precise and timely detection of diseases to aid in taking measures in time. They help in making diagnostic tests more cost-effective. In addition, this platform is extensively used for cardiovascular disease (CVD) and cancer biomarker sensing and analysis. Higher adoption across developing and underdeveloped parts of the world that lack adequate healthcare services is expected to stimulate the market growth.
Lab on Chips Market Trends
The emerging trend of home-based healthcare solutions is fueling the development of portable and easy-to-use LOC devices, empowering patients to monitor their health and manage chronic conditions conveniently. With the ongoing evolution of healthcare delivery models, the demand for portable, user-friendly diagnostic devices is rising. Lab on Chips offer compact, automated platforms for conducting various diagnostic tests for enabling the rapid and accurate results without the need for laboratory infrastructure. Additionally, the rapidly aging population, the prevalence of chronic diseases, and the strong desire for decentralized healthcare solutions will accelerate the industry growth.
Lab on Chips Market Analysis
Based on application, the lab on chips industry is segmented into drug discovery, genomics & proteomics, and diagnostics. Of these, the genomics & proteomics segment is poised to showcase significant growth between 2024 and 2032 owing to the increasing R&D activities in genetics and sequencing. These devices enable rapid and cost-effective analysis of nucleic acids, proteins, and biomolecules for facilitating genomics and proteomics research. Besides, the increasing government investments along with the strong focus on personalized medicine and precision healthcare will propel the adoption of lab-on-chip technologies in genomics and proteomics.
With regards to end-user, the lab on chips market from the diagnostics centers segment is projected to record substantial growth from 2024-2032 attributed to the increasing need for 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 diagnostic centers across various developing countries as they facilitate large-scale diagnostic operations without any special expertise. Furthermore, the COVID-19 pandemic has accelerated the adoption of lab-on-chip devices in diagnostics.
Given the regional landscape, the Asia Pacific lab on chips industry is set to exhibit robust growth between 2024 and 2032 ascribed to the rising incidences of various infectious diseases, unmet medical needs, and the entry of new market leaders in the region. These trends are leading to the continuous efforts towards the introduction of innovative clinical uses to augment the value of lab-on-chip technology. Moreover, favorable government initiatives, such as funding for biotechnology and pharmaceutical research will also stimulate the regional market growth.
Lab on Chips Market Share
Prominent companies in the lab on chips industry are largely focusing on the development of miniaturized devices to improve the mobility of devices. They are also emphasizing strategic initiatives, such as new product launches, collaborations, and mergers to gain a competitive edge in the market.
Some major players operating in the 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.
- Bio-Rad Laboratories Ltd.
Lab on Chips Industry News
- In December 2023, Applied Materials, Inc. and CEA-Leti expanded their long-term partnership to focus on the development of engineering solutions for the advanced specialized chip industry and its wide applications.