Pune, India, August, 2022/press release/- Market Research Future Published a Half-Cooked Research Report on Global Lab-on-a-Chip Device Market Research Report.
The global lab-on-a-chip (LoC) market to experience a staggering growth with a CAGR of 4.90% during the forecast period (2023-2032), in an extensive report reveals Market Research Future (MRFR). Lab-on-a-chip brings in diverse laboratory processes on a minimally sized integrated circuit and eases the sample handling process and within a flicker delivers results with excellent efficiency.
The Lab-on-a-Chip Device Market is expected to reach USD 11.2 Billion at 4.90% CAGR during the forecast period 2023-2032
Drivers and Restraints:
Quick sampling and precise results, within a very short span of time, can solve problems such as drug wastage, and drug resistance. This also enables patients to have a timely diagnosis and ensures enough time to start the necessary medical procedures. LoC offers optimization of the process and gains traction in the process enough to enjoy accolades from the various corners of the medical sector.
LoC is experiencing popularity in diagnosing various infections and chronic diseases along with multiple tests of diverse disciplines such as Botany. Factors that are airing the demand for LoC are its portability, automated sample handling, and easy configurability. Also, the microfluidic LoC has the potential to revolutionize the biomedical field.
However, a few factors can impede the market growth such as high initial cost and lack of awareness in countries with people mostly belonging to the middle-income group. But LoC is slowly becoming an integral part of the diagnosing procedure which can marshal the market to overcome such irritants.
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.
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.
Region-wise the market covers the Americas, Europe, the Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas are leading the market owing to their huge expenditure in molecular biology and genetic engineering to counter infectious diseases. Genomic and proteomic researches are also spurring the demand for such technology and accordingly LoC is getting significant funds from various organizations. Its precision in diagnosis and ability to handle multiple samples simultaneously are also proving effective for chronic disease treatment.
Europe is the second largest market due to its flourishing medical device market and favorable government initiatives that are funding researches. Growing per-capita income of individuals is also proving to be a significant factor.
The APAC is expected to be the fastest growing region as it has a huge patient pool suffering from diverse kind of chronic and infectious diseases. Also, the region is adopting the latest technologies. Governments are promoting favorable market conditions due to which a lot of international players are setting up their factories and laboratories in this region.
The MEA is expected to register a meager market share as the region lacks awareness and proper facilities. The United Arab Emirates holds the largest market share as it has adequate healthcare facilities and the economic status of the citizens.
The competitive market is banking much on research & developments and merger & acquisitions. For instance, Becton-Dickinson and Company have recently acquired C. R. Bard to expand their portfolio. Agilent Technologies has also acquired Advanced Analytical Technologies, Inc. in a bid to explore much of electrophoresis space.
Key companies that are playing contributing the most in the market 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., Biacore AB, and others.
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