Lab-on-a-chip Device Market Trends and Market Set For Rapid Growth with Great CAGR by Forecast 2032
Market Synopsis:
The Lab-on-a-Chip Device Market Insights And Analysis By Product (Instruments, Reagents & Consumables), Technology (Microarrays, Microfluidics), Application (Point of Care Diagnostics), and End-User (Biotechnology and Pharmaceutical Companies) – Global Forecast Till 2032
Lab-on-a-chip is a nascent technology and has been gaining much popularity over recent years. It enables the integration of one or more lab processes on a single integrated chip, which measures in millimetres to a few squares. Market Research Future (MRFR) has offered the latest report which unfolds that the global lab-on-a-chip device market is poised to demonstrate a robust CAGR of 4.90% across the projection period.
The extensive use of the chip is the medical science field is likely to drive the market’s growth in the subsequent years. It facilitates convenient sample handling, which further helps in effective diagnosis of infectious diseases. In addition, it also makes the results available in the minimum time. These factors are expected to increase the demand for the product in the years to come. Hence, the report asserts that the global lab-on-a-chip device market trends is set to have a lucrative future trajectory for the next few years.
The device has also found a major application in research & development purposes owing to its key properties such as automated biochemical assays, easy portability, and convenient huge sample handling provision. Increasing investments in research & development are anticipated to aid expansion of the lab-on-a-chip device market in the years to come.
The rising research on biosensors and biomarkers are also prognosticated to have a favorable impact on the proliferation of the lab-on-a-chip device market in the forthcoming years. Increasing deaths due to cancer has attracted massive investments for biomarkers and biosensors research. It is poised to open new avenues of growth for the market players over the next few years. On the contrary, the middle-income countries are not well-aware of the uses of the device and are anticipated to exhibit limited market growth. Also, the high purchasing cost of the devices is projected to undermine the growth pace of the lab-on-a-chip device market in the foreseeable future.
Market Segmentation:
On the basis of product, the global lab-on-a-chip device market trends has been segmented into Instruments, Reagents & Consumables, software, and others.
The key technologies assessed in the segmental analysis of the lab-on-a-chip market are microarrays, microfluidics, tissue biochip, and others.
On the basis of application, the global lab-on-a-chip device market has been segmented into point of care diagnostics, genomics, proteomics, drug discovery, and others.
Based on end-user, the lab-on-a-chip device market trends has been segmented into biotechnology and pharmaceutical companies, hospitals and clinics, forensic laboratories, diagnostics laboratories, and academic & research institutes.
Regional Analysis:
The global lab-on-a-chip device market, for an exhaustive geographical assessment, has been segmented into Europe, the Middle East & Africa (MEA), Asia Pacific, and Americas. Americas is leading the global market at present and is anticipated to control the growth of the market in the upcoming years. The growth pattern of the region is dependent on the advancements in molecular biology and genetic testing. In addition, the rising prevalence of infectious diseases is further poised to aid the growth of the regional lab-on-a-chip device market over the forecast period.
Europe is the second leading market for lab-on-chip devices. Its growth is supported by government initiatives promoting clinical research and trials. Asia Pacific, lab-on-a-chip device market is expected to scale the highest CAGR across the forecast period. Increasing manufacturing facilities in the region is projected to catalyze revenue growth in the regional market in the forthcoming years.
Key Players:
The participants of the global lab-on-a-chip device market expected to play a crucial role in the competitive landscape over the assessment period 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., and Biacore AB.
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