Lab-on-a-Chip Device Market Information: Product (Instruments, Reagents & Consumables), Technology (Microarrays, Microfluidics), Application (Point of Care Diagnostics), and End-User (Biotechnology and Pharmaceutical Companies) – Global Forecast Till 2023
Market Highlights
The Lab-on-a-Chip Market trends is forecasted to exhibit robust growth registering a CAGR of 10% during the forecast period. The global Lab-on-a-Chip Market size is majorly driven by increasing application of lab on chip devices in the medical field in the diagnosis of various infectious diseases which eases sample handling and yields efficient results in a snap of time. Similarly, the use of lab-on-a-chip devices in research purposes is gaining traction due to easy portability, automated biochemical assays, and huge sample handling provision. Moreover, rising demand for miniature devices, advancing fabrication technology, research on biosensors and biomarkers, and economic feasibility of lab-on-a-chip devices are expected to spur the market growth. However, initial higher purchasing rate, as well as lack of awareness about the use of lab-on-a-chip devices in middle-income countries, are major restraints to the market growth.
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Regional Analysis
Americas is the market leader and has an attractive market for lab on chip devices 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 Market size 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 U.S. 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 global Lab-on-a-Chip Market size 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 Market size.
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 Market size.
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.
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Industry Trends:
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.
Segmentation:
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.
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Market InsightsAccording to the reports published by Market Research Future, the global lab-on-a-chip device market is projected to exhibit robust growth with registering a CAGR of 10% by the year 2023.
The lab-on-a-chip device brings diverse laboratory processes on a minimally sized integrated circuit and thus, eases the sample handling process and delivers results with excellent efficiency.Latest Free Sample Copy Available @ https://www.marketresearchfuture.com/sample_request/6215With that, quick sampling with precise results within a short span of time can easily solve problems such as drug wastage as well as drug resistance.
Therefore, lab-on-a-chip offers optimization of the process and gains traction in various corners of the pharmaceutical sector.
Similarly, other factors such as multiple advantages of microfluidic technology, rise in demand for diagnostics, expanding global population with the prediction of significant growth opportunities, and technological advancements in laboratories have amplified the penetration and growth of the lab-on-chips market globally.
By the mode of technology, the market is segmented into microarrays, microfluidics, tissue biochip, and others.By the mode of the application, the market is segmented into genomics, proteomics, the point of care diagnostics, drug discovery, and others.Lastly, accounting on the end-user, the market is segmented as hospitals and clinics, biotechnology and pharmaceutical companies, forensic laboratories, diagnostics centers, and academic & research institutes.Regional OutlookOn a geographical note, the global lab-on-a-chip device market has covered the main regions of America, Europe, Asia Pacific, and the Middle East & Africa.Among all, the Americas is the market leader and has an attractive lab-on-a-chip devices market growth owing to mounting advances in molecular biology and genetic engineering techniques as well as increasing prevalence of infectious diseases.
According to stats by 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 received an influenza vaccine.
Lab-on-a-Chip Device research report includes specific segments by region (country), by company, by Type and by Application.
This study provides information about the sales and revenue during the historic and forecasted period of 2016 to 2027.
Understanding the segments helps in identifying the importance of different factors that aid the market growth.Download FREE Sample of this Report @ https://www.grandresearchstore.com/report-sample/global-labonachip-device-2021-418Segment by TypeMicroarraysMicrofluidicsTissue BiochipOthersSegment by ApplicationHospitals and ClinicsBiotechnology and Pharmaceutical CompaniesForensic LaboratoriesAcademic & Research InstitutesBy RegionNorth AmericaU.S.CanadaEuropeGermanyFranceU.K.ItalyRussiaAsia-PacificChinaJapanSouth KoreaIndiaAustraliaTaiwanIndonesiaThailandMalaysiaPhilippinesVietnamLatin AmericaMexicoBrazilArgentinaMiddle East & AfricaTurkeySaudi ArabiaU.A.EBy CompanyBDAgilent TechnologiesDanaherBio-RadAbbott LaboratoriesRochePerkinElmerIDEXThermo Fisher ScientificCepheid Get the Complete Report & TOC @ https://www.grandresearchstore.com/life-sciences/global-labonachip-device-2021-418Table of content1 Lab-on-a-Chip Device Market Overview1.1 Product Overview and Scope of Lab-on-a-Chip Device1.2 Lab-on-a-Chip Device Segment by Type1.2.1 Global Lab-on-a-Chip Device Sales Growth Rate Comparison by Type (2021-2027)1.2.2 Microarrays1.2.3 Microfluidics1.2.4 Tissue Biochip1.2.5 Others1.3 Lab-on-a-Chip Device Segment by Application1.3.1 Lab-on-a-Chip Device Sales Comparison by Application: (2021-2027)1.3.2 Hospitals and Clinics1.3.3 Biotechnology and Pharmaceutical Companies1.3.4 Forensic Laboratories1.3.5 Academic & Research Institutes1.4 Global Lab-on-a-Chip Device Market Size Estimates and Forecasts1.4.1 Global Lab-on-a-Chip Device Revenue 2016-20271.4.2 Global Lab-on-a-Chip Device Sales 2016-20271.4.3 Lab-on-a-Chip Device Market Size by Region: 2016 Versus 2021 Versus 20272 Lab-on-a-Chip Device Market Competition by Manufacturers2.1 Global Lab-on-a-Chip Device Sales Market Share by Manufacturers (2016-2021)2.2 Global Lab-on-a-Chip Device Revenue Market Share by Manufacturers (2016-2021)2.3 Global Lab-on-a-Chip Device Average Price by Manufacturers (2016-2021)2.4 Manufacturers Lab-on-a-Chip Device Manufacturing Sites, Area Served, Product Type2.5 Lab-on-a-Chip Device Market Competitive Situation and Trends2.5.1 Lab-on-a-Chip Device Market Concentration Rate2.5.2 The GlobalIf You Have Any Question Related To This Report Contact Us @ https://www.grandresearchstore.com/enquire-now/global-labonachip-device-2021-418CONTACT US:276 5th Avenue, New York, NY 10001, United StatesInternational: +1(646)-781-7170 / +91 8087042414Email: [email protected] Us On linkedin :- https://www.linkedin.com/company/grand-research-store
