Lab-on-a-Chip Device: The increasing number of chronic and infectious diseases are likely to drive the growth of the global market at a CAGR of 4.90%

Pune, India, May 2022/MRFR Press Release/- Market Research Future (MRFR) announces the publication of its research report – Global Lab-on-a-Chip Device Market, 2023–2032

Market Highlights

The Lab-on-a-Chip device market is forecasted to exhibit robust growth registering a CAGR of 4.90% during the forecast period. The global Lab-on-a-Chip device market 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.

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 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 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 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.

Explore In-depth Market Details [Table of Content, List of Figures, List of Tables] of Lab-on-a-Chip Device Market Research Report

Segmentation

The global Lab-on-a-Chip device market is segmented on the basis of product, technology, application and end user. According to the product, the market is segmented into instruments, reagents & consumables, software, and others.

On account of technology, the market is segmented into microarrays, microfluidics, tissue biochip, and others.

On account of the application, the market is segmented into genomics, proteomics, the point of care diagnostics, drug discovery and others.

Considering the end-user, the market is segmented into hospitals and clinics, biotechnology and pharmaceutical companies, forensic laboratories, diagnostics centers, and academic & research institutes.

Based on the region the market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. Americas region is segmented into North America and South America. Similarly, Europe is segmented into Western Europe and Eastern Europe.

Key Players

Market Research Future (MRFR) recognizes the following companies as the key players in the global lab-on-a-chip device market. Some of the players are Becton, Dickinson And Company, Agilent Technologies, Inc., Danaher Corporation, Bio-Rad Laboratories, Abbott Laboratories, F. Hoffmann-La Roche AG, PerkinElmer, Inc., IDEX Corporation, Thermo Fisher Scientific, Inc., Cepheid Inc., and Biacore AB.