Growth of Chronic Diseases Will Drive the Global Lab on Chip Market Size to USD 14,772 Million by 2030 at a CAGR of 11.5% – Exclusive Report By Acumen Research and Consulting
Acumen Research and Consulting recently published report titled “Lab on Chip Market Size, Share, Analysis Report and Region Forecast, 2022 – 2030”
SEOUL, South Korea, June 26, 2022 (GLOBE NEWSWIRE) — The Global Lab On Chip Market size is estimated to grow at a CAGR of 11.5% over the forecast timeframe and reach a market size of USD 14,772 Million by 2030.
Lab on chip (LoC) technology has a number of potential advantages over traditional benchtop operations. A tiny and portable instrument capable of providing point-of-care clinical diagnostics, for example, could be beneficial at health centers or remote locations where laboratory facilities and complex equipment are unavailable.
A Lab on Chip is a centralized chip that performs a variety of laboratory procedures. Photolithography is utilized in the fabrication of lab on chip technologies. This is more efficient in terms of fluid utilization and has a faster response. To provide adequate healthcare, point-of-care testing equipment mainly relies on integrated chips. Based on an embedded sensor system, this approach leverages a thin metal layer embedded in a microprocessor to replace the arduous and complex optics employed in clinical laboratories. For example, in February 2016, researchers at the University of Kansas developed a groundbreaking chip laboratory diagnostic system that quickly adapted the molecular diagnostic approach to detect cancer using blood or plasma drops.
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Lab on Chip Market Report Coverage:
|Market||Global Lab on Chip Market|
|Market Size 2021||USD 5,698 Million|
|Market Forecast 2030||USD 14,772 Million|
|CAGR During 2022 – 2030||11.5%|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Product, By Technology, By Application, By End-Use, By Region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Micronit DE, Tara Biosystems, BEOnChip, Mesobiotech, TisssUse, Hepregen, Elvesys, InSphero, AxoSim, Emulate Bio, Nortis Bio, and MIMETAS.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Global Lab on Chip Market Growth Aspects
The increasing prevalence of chronic diseases, increased demand for point-of-care diagnostics, and emerging applications of genomic technology in cancer research are all driving revenue growth in the Lab-on-a-chip industry. Proteomics is frequently employed in medication development, and biomarker research contributes to market expansion. The spike in demand for personalized drugs is driving strong growth in the lab on chip industry, which is expected to continue.
The increasing incidence of cancer is one of the major primary causes driving revenue growth in the lab on a chip sector. LOC sensors are used to detect infections, as well as to classify biosynthetic pathways, and detect oral cancer early. Malaria, swine flu, the Ebola virus, and the Zika virus are also increasing demand for LOC and, as a result, industry revenue growth. Various small to medium-sized businesses, primarily in North America, Asia-Pacific, and Europe, are researching lab on chip technology for various applications. The adoption of lab on chip technology has been slow across a wide variety of application disciplines. To some extent, the market expansion is being hampered by poor reproducibility and heterogeneity of LOC results.
As a result of rising R&D expenditure in pharmaceutical drugs, biomedical sciences, and precision medicine, the global lab on chip market is getting more popular. In addition, numerous microfluidic technology developers are forging alliances and collaborations to build a more inventive lab on chip technologies, which is boosting overall growth. Technological innovations and improvements in the development of LOC will drive market revenue growth in the coming year. However, technical advancements have resulted in the creation of more advanced devices and assays that enable the rapid and simple detection of pathogenicity, as well as advancements in drug research, which will accelerate the acceptance of this technique in the future.
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Lab on Chip Market Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global lab on chip market. Due to rising infectious disease incidence, growing populations in emerging economies such as India and China, and government investment in modern healthcare facilities, the Asia-Pacific region is predicted to be among the fastest-growing regions. In order to facilitate a huge amount of scientific data in the Asia-Pacific region, China is also heavily investing in technology research to comprehend people’s genetic make-up, as well as analysis methodologies, cutting-edge data gathering, and speedy processing capacity. The region is also a major player, particularly in lab-on-a-chip-based point-of-contact systems (POC). As a result, an increasing reliance on personalized medicine, clinical research, technology improvements, and new medication discovery is the market’s major growth driver.
Lab on Chip Market Segmentation
The global lab on chip market has been segmented by Acumen Research and Consulting based on product, technology, application, and end-user. Based on the product, the market is divided into reagents & consumables, software, and IV needles. Based on technology, the market split into microfluidics, microarrays, tissue biochip, and others. Based on application, the market is classified into genomics, drug discovery, point-of-care diagnostics, proteomics, and others. Based on end-user, the market is categorized into hospitals and clinics, forensic laboratories, biotechnology and pharmaceuticals companies, diagnostics centers and academic and research institutes.
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Energy Harvesting System Market Players
Some key players covered global in the lab on chip industry are Micronit DE, Tara Biosystems, BEOnChip, Mesobiotech, TisssUse, Hepregen, Elvesys, InSphero, AxoSim, Emulate Bio, Nortis Bio, and MIMETAS.
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Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
Mr. Richard Johnson
Acumen Research and Consulting
E-mail: [email protected]
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