Lab on Chips Market
Lab on Chips Market (Product - Instruments, Reagents and Consumables, Software and Services; Application - Genomics and Proteomics, Diagnostics, Drug Discovery; End use Industry - Biotechnology and Pharmaceutical Companies, Hospitals, Diagnostics Centers, Academic and Research Institutes) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
Press Release :
Lab on Chips Market - Snapshot
According to a new market report published by Transparency Market Research entitled “Lab on Chips Market–Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,” the global lab on chips market is projected to expand at a CAGR of 10.8% during the forecast period 2018-2026. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors.
Multiple advantages of microfluidic technologies, rise in demand for diagnostics, expanding global population offering significant growth opportunities, and technological advancements in laboratories has increased the penetration and growth of the lab on chips market globally.
Diagnostic Segment to Remain Most Lucrative
Diagnostics is expected to continue to be the leading segment globally during the forecast period due to growing demand for diagnostics with high speed, efficiency, and sensitivity of results. Diagnostics segment is projected to expand at the highest CAGR of 11.3% over the forecast period from 2018 to 2026. Rise in the overall global population ultimately increases the number of patients with diseases and subsequently increases demand for microfluidic systems for diagnosis, treatment, and monitoring of these diseases. The use of lab on chips is increasing due to the rise in personalized medicine, drug discovery and life science research, and growing need for high speed diagnostics. These factors are set to drive the diagnostics segment across different regions of the world.
Genomics & Proteomics segment is projected to expand at a significant CAGR over the forecast period as researchers are increasingly using lab on chips for ultra-high-resolution studies of proteins and DNA.
North America and Asia Pacific to Continue to Hold Significant Share in the Overall Market
North America accounted for the highest revenue share in 2017 due to increased demand for microfluidic products in the pharma, diagnostic, and clinical sectors for its cost-effectiveness and usage in a variety of applications. In North America, market players are continuously taking efforts to introduce advanced microfluidic products. In April 2018, Fluidigm Corporation introduced the high-parameter Maxpar Immune Monitoring Panel for comprehensive immune cell profiling in cancer and immune-mediated diseases. Furthermore, presence of large number of market players and growing laboratory automation are helping the North America market to generate significant revenue. The market in the U.S. held the highest share in 2017 in North America and is estimated to expand at the highest CAGR during the forecast period. The market in North America is expected to expand at a significant CAGR during the forecast period. In a number of European countries, increasing government expenditure and growing awareness about highly innovative products are fueling the lab on chips market growth. The market in Europe is likely to witness significant CAGR growth over the forecast period. The U.K. contributed highest share to the Europe lab on chips market in 2017.
Demand for lab on chips in APAC is likely to remain concentrated in China and India, owing to the increasing population and popularity of conventional biological laboratories. The market in Japan is estimated to expand at the highest CAGR among countries in Asia Pacific during the forecast period due to the growing adoption of advanced technologies. In Middle East & Africa (MEA), market players are increasing their investments to expand their physical presence. GCC countries are expected to expand at a significant CAGR during the forecast period, driving investments for the development of microfluidic technologies in the region. In South America, Brazil is expected to hold a significant portion of revenue for the market in the region throughout the forecast period.
The profiling of key players in the global lab on chips market includes company overview, major business strategies adopted, SWOT analysis, and market revenues for years 2016 to 2018. The key players profiled in the global lab on chips market includes Becton, Dickinson and Company, Agilent Technologies, Inc., PerkinElmer, Inc., Danaher Corporation, Bio-Rad Laboratories, Thermo Fisher Scientific, F. Hoffmann-La Roche AG, Abbott Laboratories, IDEX Corporation, RainDance Technologies, Inc. and Fluidigm Corporation. Various players are introducing technologically advanced lab on chips, establishing partnerships with other players to meet the continuously growing demand for microfluidic systems for diagnosis, treatment, and monitoring of diseases.
Rising Utilization across Varied Applications to Sow the Seeds of Growth across the Lab on Chips Market
The lab on chips market is expected to gain good growth share across the assessment period of 2018-2026 on the back of the rising adoption of personalized medicines, an increasing number of drug discovery mechanisms, and life-science research.
- The overwhelming demand for lab on chips across diverse end-users such as hospitals, biotechnology, and pharmaceutical companies, academic and research institutes, and others will bring good growth prospects. In addition, the application of lab on chips in diagnostics, genomics and proteomics, drug discovery, and others will invite extensive growth opportunities.
- A lab on chip is a miniaturized device that integrates multiple laboratory analyses in a single chip. Techniques such as DNA sequencing, biochemical detection, and others can be extensively integrated with the lab on chip technique. The functionality of these chips will bring immense growth opportunities for the lab on chips market.
- The increasing use of chips in the field of biotechnology and biomedical research will bring immense growth opportunities for the lab on chips market. Low sample consumption and other associated benefits bring extensive growth prospects for the lab on chips market. Furthermore, the ongoing research and development activities across the lab on chips market will help in adding more features to the chips and facilitate more convenience. Strategic collaborations also play a crucial role in increasing growth prospects.
- These chips are also helpful in early oral cancer detection and help in enhancing the survival rate of cancer. Early cancer detection helps in controlling the rising number of cancer cases. Thus, all these factors bode well for the growth of the lab on chips market.
- The COVID-19 pandemic disrupted the growth of the lab on chips market to a considerable extent. The strict lockdown restrictions led to disruptions in the supply chain and logistics, which affected the growth of the lab on chips market slightly. However, the easing of restrictions will serve as a boon for the growth of the lab on chips market.
Increasing Popularity of Personalized Medicine Worldwide will Drive Labs on Chips Market
The ascent in the in general worldwide population at last expands the quantity of patients with sicknesses and consequently builds interest for microfluidic frameworks for finding, therapy, and monitoring of these illnesses. The utilization of lab on chips is expanding because of the ascent in personalized medication, drug disclosure and life science exploration, and developing requirement for high velocity diagnostics. These components are set to drive the diagnostics section across various regions of the world. Diagnostics is relied upon to continue to be the main fragment worldwide during the figure time frame because of developing interest for diagnostics with rapid, productivity, and affectability of results.
The developing interest for diagnostics with fast, proficiency, and affectability of results has expanded the interest for nuclear power magnifying lens around the world. The requirement for diagnostics is expanding to monitor and recognize different irresistible infections and blood-related issues. Various players from North America are continuously engaged with acquisitions to offer innovatively progressed microfluidic advances for exact and early detection of an illness or condition. In March 2018, Danaher Corporation procured Integrated DNA Technologies (IDT), a supplier of high-esteem consumables for genomics applications in sub-atomic science, to grow its item portfolio. Key patterns predominant in the lab on chips market are miniature stations in chips, expanding utilization of microfluidics in life science industry, center around innovative work, expansion in the use of POC and IVD, and expanding interest in the medical services industry.
Ascend in the generally speaking worldwide population eventually expands the quantity of patients with infections and ensuing interest for microfluidic frameworks for conclusion, treatment, and monitoring of these sicknesses. Moreover, ascend in personalized medication, drug revelation and life science research, need for rapid diagnostics, and expanded government subsidizing are a portion of the key variables driving the worldwide lab-on-chips application market.
Lab on Chips Market - Overview
The Lab on Chips Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026 report provides analysis of the lab on chips market for the period 2016–2026, wherein 2018 to 2026 is the forecast period and 2017 is considered as the base year. Data for 2016 has been included as historical information. The report covers all the trends and technologies playing a major role in the growth of the lab on chips market over the forecast period. It highlights the drivers, restraints, and opportunities expected to influence the market growth during this period. The study provides a holistic perspective on the market’s growth in terms of revenue (in US$ Mn) across different geographical regions, namely North America, Europe, Asia Pacific, Middle East & Africa, and South America. The report highlights the key trends affecting the market on a global scale. Furthermore, region wise prominent countries/regions covered in the report include the U.S, Canada, Germany, France, U.K., India, China, Japan, GCC, South Africa, and Brazil.
The report analyzes and forecasts the market for lab on chips at the global and regional level. The market has been forecasted based on revenue (US$ Mn) from 2018 to 2026. The study includes drivers and restraints of the global lab on chips market. It also covers the impact of these drivers and restraints on the market during the forecast period.
The report comprises a detailed value chain analysis which provides a comprehensive view of the global lab on chips market. Porter’s Five Forces model for the lab on chips market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
Global Lab on Chips Market: Taxonomy
The report segments the market on the basis of product, application, end-use industry, and region. The product segment includes instruments, reagents & consumables, and software & services. The application segment includes genomics & proteomics, diagnostics, drug discovery, and others. The end-use industry segment includes biotechnology & pharmaceutical companies, hospitals, diagnostics centers, academic & research institutes, and others.
Global Lab on Chips Market: Research Methodology
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market.
Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
Global Lab on Chips Market: Competitive Dynamics
Becton, Dickinson and Company, Agilent Technologies, Inc., PerkinElmer, Inc., Danaher Corporation, Bio-Rad Laboratories, Thermo Fisher Scientific, F. Hoffmann-La Roche AG, Abbott Laboratories, IDEX Corporation, RainDance Technologies, Inc. and Fluidigm Corporation are some of the major players operating in the lab on chips market profiled in this study. Details such as financials, SWOT analysis, business strategies, recent developments, and other such strategic information pertaining to these players have been duly provided as part of company profiling. Various players are introducing technologically advanced lab on chips establishing partnerships with other players to meet the continuously growing demand for microfluidic systems for diagnosis, treatment, and monitoring of diseases.
Global Lab on Chips Market Segmentation