According to the most recent report by Emergen Research, the global lab-on-a-chip (LOC) market size is anticipated to reach USD 12.85 billion in 2028 at a consistent CAGR of 10.6%. The rise in demand for point-of-care testing, the prevalence of chronic diseases, and the expanding use of genomics and proteomics in cancer research are all contributing to the steady revenue growth of the lab-on-a-chip industry. Proteomics is frequently used to find new drugs and biomarkers. The rise in demand for personalised medications is also contributing to the market revenue growth for Lab-on-a-Chip, and this trend is anticipated to last in the future.
The use of LoC to identify various illnesses and disorders, including as HIV infections, chronic diseases, and in the field of botany, is becoming more and more popular. This is anticipated to fuel market expansion. Due to their qualities like simple mobility, automatic sample management, and reconfigurability, LoC devices are in high demand. Because they deliver quick and accurate diagnosis results, LoC devices are appropriate for point-of-care diagnosis.
As microfluidic platforms allow for the miniaturisation, integration, and automation of biochemical assays, favouring the lab-on-a-chip device over conventional tests in research laboratories and the pharmaceutical industry for drug discovery, they have the potential to revolutionise the biomedical field and accelerate the growth of the healthcare sector.
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Key players in the market include
Becton, Dickinson and Company, PerkinElmer, Inc., Bio-Rad Laboratories, Agilent Technologies, Inc., Thermo Fisher Scientific, Siemens Healthcare, Abaxis Inc., Roche Diagnostics, Abbott Laboratories, and Danaher Corporation.
Some Key Highlights from the Report
In June 2020, Sengenics launched multi-antigen COVID-19 biochip test, ImmuSAFE, which is a lab-based biochip test that uses the company’s patented KREX protein folding technology. ImmuSAFE enables the identification of target epitopes, titres, and Ig class/sub-class (IgG, IgA, IgM; IgG1-4) of antibodies produced at various stages of COVID-19 infection; from disease development, initial exposure, and post-recovery to post-vaccination.
Application of microfluidics has made it possible to shift conventional laboratory procedures to lab-on-a-chip. Microfluidics aims to reduce mistakes in cost management and offer good return on investment. Microfluidics has been used extensively in the manufacturing of a wide variety of consumer products.
In proteomics, lab-on-a-chip offers the opportunity to perform protein analysis. Proteomics also show great potential for protein crystallization, which is an important field that reveals 3D structures of a protein. Application of lab-on-a-chip can help researchers simultaneously control all possible parameters in the fastest way, which enables crystallization of a protein.
Lab-on-a-chip market revenue in Asia Pacific is expected to register fastest growth rate during the forecast period owing to surge in development of healthcare infrastructure, high prevalence of diseases such as renal diseases and cardiovascular diseases, and growth of the R&D facilities. In addition, rapidly increasing global geriatric population and rising demand for regenerative medicines are key factors driving growth of the market in the region.
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Competitive Landscape:
The latest report encases an in-depth summary of the intensely competitive landscape of the global Managing Lab-on-a-chip (LOC) Market , with systematic profiling of the companies operating across this industry. In this section of the report, experts have listed down the strategic initiatives undertaken by these market rivals for proposed business expansion. Additionally, it highlights the key developments and financial positions of these companies to explain the overall market scenario. The company profiles of the established and new players have also been assessed in the report through effective analytical tools like SWOT analysis.
Unfolding the prime factors prompting global market growth:
The study offers an in-depth analysis of the product outlook, which depicts the latest production growth trends and profit valuation. It further fragments the global Managing Lab-on-a-chip (LOC) Market into a broad product spectrum.
The study covers essential data related to these products’ application landscape, the demand for and market share held by each application type, and their growth rate analysis over the estimated period.
A detailed description of the distribution channels, including distributors, producers, and buyers, is one of the report’s key market highlights.
Emergen Research has segmented the global lab-on-a-chip (LOC) market on the basis of product type, technology, application, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2018–2028)
Software
Reagents & Consumables
Instruments
Technology Outlook (Revenue, USD Billion; 2018–2028)
Microarrays
Microfluidics
Application Outlook (Revenue, USD Billion; 2018–2028)
Proteomics
Genomics
Drug Discovery
Diagnostics
End-use Outlook (Revenue, USD Billion; 2018–2028)
Diagnostic Labs
Hospitals
Biotechnology & Pharmaceutical Companies
Academic & Research Institutes
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Regional Segmentation
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Answered by the Report:
Which region is expected to dominate the market in the coming years?
What are the recent technological and product advancements occurring in the market?
What are the key strategies adopted by the prominent players in the Managing Lab-on-a-chip (LOC) Market ?
What are the key product types and applications of the Managing Lab-on-a-chip (LOC) Market industry?
What is the outcome of SWOT analysis and Porter’s Five Forces analysis?
What is the competitive landscape of the Managing Lab-on-a-chip (LOC) Market ?
Who are the key players in the industry?
What is the growth rate of the industry over the coming years?
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