Lab-on-a-Chip Device Market for this is expected to reach USD 9.15 Billion by 2030 at a CAGR of 8.97%.
Lab-on-a-Chip Device Market OverviewThe Lab-on-a-Chip device market is projected to reach USD 9.15 Billion by 2030 at CAGR of 8.97% during the forecast period 2022-2030. A Lab-on-a-Chip is a device that combines one or more laboratory procedures on a single integrated circuit with a size ranging from a few squares to a few millimeters. The growing use of lab-on-a-chip devices in the medical industry for the detection of various infectious illnesses, which simplifies sample handling and gives accurate findings in a short amount of time, is driving the lab-on-a-chip device market.
Similarly, lab-on-a-chip systems are gaining popularity in research because of their mobility, automated biochemical tests, and large sample handling capacity. Furthermore, increased demand for small devices, improving fabrication technology, biosensor, and biomarker research, and the economic feasibility of lab-on-a-chip technologies are projected to propel market expansion. However, a higher initial purchase rate, as well as a lack of understanding regarding the usage of lab-on-a-chip devices in middle-income nations, is an important market limitation.
Regional Market Summary
The Americas is the global leader in Lab-on-a-Chip device market 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 device market 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 US 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 Lab-on-a-Chip device market 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 device market.
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 device market.
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.
Market Segmentation & Key players
Lab-on-a-Chip device Market, by Product
Lab-on-a-Chip device Market, by Technology
Lab-on-a-Chip Market, by Application
Lab-on-a-Chip Market, by End-User
Lab-on-a-Chip device market, By Region
Middle East and Africa
Abbott Laboratories, based in Abbott Park, Illinois, is a global medical device and healthcare firm. Wallace Calvin Abbott, a Chicago physician, founded the company in 1888 to manufacture well-known medications; it also sells medical equipment, diagnostics, branded generic medicines, and nutritional supplements. Pedialyte, Similac, Ensure, Glucerna, ZonePerfect, FreeStyle Libre, i-STAT, and MitraClip are among the company's well-known products in medical devices, diagnostics, and nutrition product businesses.
For research, analysis, discovery, and diagnostic applications, Thermo Fisher Scientific offers a wide range of analytical instruments, equipment, reagents and consumables, software, and services. Pharmaceutical and biotech firms, hospitals and clinical diagnostic laboratories, universities, research institutes, and government agencies are among our clients. Mass spectrometry, elemental analysis, molecular spectroscopy, sample preparation, informatics, fine and high-purity chemical manufacturing, cell culture, RNA interference analysis, and immunodiagnostic testing are among the company's offerings.Intended Audience
The projected CAGR for Lab-on-a-Chip Device Market is 8.97% during the forecast period.
Lab-on-a-Chip Device Market would find a higher purchasing rate and lack of awareness as major restraints.
Lab-on-a-Chip Device Market end users are biotechnology & pharmaceutical companies, hospitals & clinics, diagnostics centers, forensic laboratories, and academic & research institutes.
Lab-on-a-Chip Device Market study includes proteomics, genomics, drug discovery, the point of care diagnostics, and others.
The segments are microfluidics, microarrays, tissue biochip, and others included in Lab-on-a-Chip Device Market.