Global Lab on Chips Market: Snapshot
The lab on chips technology comes handy as it allows to perform several experiments on the small chips with a solid platform. In many ways they act as mini laboratories, which is the chief driver of their demand across the healthcare sector. The microfluidic technique was developed back in 1990s and have been exhibiting growth at a steady pace since its advent. The global lab on chips market is forecast to grow at a rapid pace on account of its increasing application in healthcare and drug development techniques. The implementation of the technology has resulted in the development of various point of care devices and in-vitro diagnostic techniques such as pregnancy kits and glucometer kits. Due to their increasing application in in-vitro diagnostics, drug discovery, and other pharmaceutical operations, the acceptance of lab on chip techniques has significantly increased.
Transparency Market Research (TMR) has projected the global lab on chips market to exhibit a CAGR of 10.7% between 2016 and 2024. At this pace the market is expected to reach US$8.7 bn by the end of 2024 from a valuation of US$3.88 bn in 2016.
Asia Pacific to Exhibit Lucrative Opportunities in Coming Years
Regionally, North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa constitute the key market segments. Among these, the year 2016 saw North America emerging as the leading segment, trailed closely by Europe. Despite the early adopter advantage of North America, the market is expected to witness riper opportunities in Asia Pacific. TMR forecasts the lab on chips market in Asia Pacific to register an impressive 12.3% CAGR during the forecast period.
Gaining impetus from the rising population and the latest technological advancements, Asia Pacific will continue exhibiting attractive opportunities. Also because microfluidic techniques offer more advantages over the counterparts, expanding industries across Asia Pacific are more likely to invest in them. For instance, the advent of Point-of-care (POC) devices and in-vitro diagnostic (IVD) technology, has enabled vendors to manufacture superior microfluidic chips and products. On account of the rising awareness about how diverse industries can benefit from integrating these advancements, the demand for lab on chips is forecast to rise in Asia Pacific.
Facilitated by Compact Design, Lab on Chips Instruments to Witness High Demand
In terms of product, the global lab on chips market can be classified into reagents, instruments, and consumables. Of these, instruments emerged dominant in the global lab chips market in terms of revenue. In 2016 the segment held over 45% of the market on account of the high acceptance of microfluidic products in industries and labs. Besides this, growth witnessed in the reagents and consumables segments is prophesized to rise at a favorable pace.
Activities undertaken towards miniaturization of bio analytical techniques offer advantages such as compact design for equipment, less expensive, and enable analogous operations for multiple analyses. Driven by the factor, the demand for lab on chips products is expected to rise in the coming years. Additionally, microfluidics help in converting top laboratory protocols into a single chip. This not only facilitates diagnostics but has made home healthcare more convenient than ever. Such technological advancements are forecast to keep the demand for various lab on chips techniques high, thereby benefiting the various product categories.
Some of the leading players operating in the global lab on chips market are Danaher Corporation, PerkinElmer, Inc., Agilent Technologies, Inc., Bio-Rad Laboratories, Inc, Thermo Fisher Scientific, Inc, RainDance Technologies, Inc., and F. Hoffmann La-Roche Ltd.
Global Labs on Chips Market: Overview
This report on lab on chips market studies the current as well as future prospects of the market globally. The stakeholders of this report include companies and intermediaries engaged in the manufacture and commercialization of various microfluidics instrument and products as well as new entrants planning to enter this market. This report comprises an elaborate executive summary along with a market snapshot providing overall information of various segments and sub-segments considered within the scope of the study. This section also provides the overall information and data analysis of the global lab on chip market with respect to the leading market segments based on major products, applications, end-users, and geographies.
Global Labs on Chips Market: Key Market Segments
The global lab on chips market is divided into four segments: by product, by applications, by end user and by geography. On the basis of product type microfluidics products are classified as instruments, reagents & consumables, software & services. The instrument segment is expected to dominate the market in coming years. On the basis of applications the lab on chips market is classified as genomics & proteomics, diagnostics, drug discovery, others. In application segment market is expected to be dominated by diagnostic segment. On the basis of end users the market has been classified as hospitals, diagnostic centers, academics & research institutes, biotechnology & pharmaceutical companies, others. Amongst end users the market is expected to be dominated by diagnostic centers.
The market for these segments has been extensively analyzed based on their utility, effectiveness, sales, and geographic presence. Market revenue in terms of US$ Mn and market volume in terms of units for the period from 2016 to 2024 along with the compound annual growth rate (CAGR %) from 2016 to 2024 are provided for all segments, considering 2015 as the base year.
Global Lab on Chips Market: Scope of the Report
The market overview section of the report explores the market dynamics such as drivers, restraints, and opportunities that currently have a strong impact on the global lab on chip market and could influence the market in the near future. Market attractiveness analysis has been provided in all the sections of the report in order to explain the intensity of competition in the market across different products/materials/applications/end-users/geographies. The competitive scenario among different market players is evaluated through market share analysis in the competition landscape section of the report. The section also includes completion matrix that analyzes the competition among some of the top global players operating in the market. All these factors would help market players to take strategic decisions in order to strengthen their positions and expand their shares in the global market.
Global Lab on Chips Market: Regional Outlook
Geographically, the lab on chips market has been segmented into five regions: North America, Europe, Asia Pacific, Europe, Middle East & Africa (MEA), and Latin America. Each regional market for microfluidics has been further categorized into major product, applications, and end-user segments considered within the scope of the study. Key country (U.S., Canada, Japan, Germany, France, U.K., China, Brazil, Mexico, India, etc.) market revenues have also been provided in different regional sections within the report. Market revenue in terms of US$ Mn and volume in terms of units for the period from 2014 to 2024 along with CAGR % from 2016 to 2024 are provided for all the regions and nations considering 2015 as the base year.
Companies Mentioned in Report
The report also profiles key players operating in the lab on chips market based on various attributes such as company details, SWOT analysis, strategic overview, financials, and business overview. Major players profiled in this report include Danaher Corporation, PerkinElmer, Inc., Agilent Technologies, Inc., Bio-Rad Laboratories, Inc, Thermo Fisher Scientific, Inc, RainDance Technologies, Inc., and F. Hoffmann La-Roche Ltd. among others
The global lab on chips market has been segmented as follows:
Lab on Chips Market, by Product Type
- Reagents & Consumables
- Software & Services
Lab on Chips Market, by Application
- Genomics & Proteomics,
- Drug Discovery,
Lab on Chips Market, by End-user
- Academic & Research Institute
- Diagnostic Lab
- Homecare settings
Lab on Chips Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa