Published: Mar, 2018
According to the latest report released by Transparency Market Research, some of the main players functioning in the global lab on chips market include Danaher Corporation, Thermo Fisher Scientific, F. Hoffmann-La Roche AG, Abbott Laboratories, Bio-Rad Laboratories, Becton, Dickinson and Company, PerkinElmer, Inc. and Agilent Technologies, Inc. As per the analysis provided by Transparency Market Research, the global lab on chips market is largely consolidated, with the top 8 players accounting for more than 80 percent of the market share. The market is dominated by Danaher Corporation, Thermo Fisher Scientific, F., Hoffmann-La-Roche AG and Abbott Laboratories. As per the data based on 2016 values, Danaher Corporation is the top-most market player in the lab on chips market and accounted for a market share of 22 percent. Danaher Corporation dominates this market due to its diversified portfolio, extensive geographical presence and formidable research and development activities. Thermo Fisher Scientific holds the second largest share of 19 percent in the market in the year 2016. The product portfolio of Thermo Fisher Scientific range from analytical instruments, automation and robotics and life science research consumables to clinical diagnostics. F. Hoffmann-La Roche held 12% of the market share in the global lab on chips market in the year 2016. This company is one of the leaders in proteomics and genomics segments and also in cancer treatment and research.
According to the projections released by Transparency Market Research, the global lab on chips market was valued at US$ 4,289.6 Mn in 2017 and is anticipated to reach a valuation of US$ 8,753.7 Mn in 2024 end, displaying a CAGR of 10.7% during the forecast period 2017-2024.
Lab on Chips Market: Market Dynamics
New technology developed in the form of lab on chip devices and techniques are anticipated to produce low-cost solutions for diagnostics and for the monitoring of infectious diseases such as HIV and also blood related disorders in developing countries. The market for lab on chip devices and techniques is experiencing a steady growth due to the fact that such kind of devices are cost efficient and they don’t require additional costs of electricity and refrigeration. In addition, lab on chip devices don’t require complex testing in the laboratories and help in early detection of diseases. With the help of lab on chip devices, several physicians are opting for point-of-care solutions for the detection, diagnosis and monitoring of diseases, and in such cases, there is no need to send the samples to the central laboratory. Due to this, the cost of transportation and storage of samples is saved and also time is saved and the diagnosis can be done in-situ. Such type of lab-on-chip devices and techniques are a boon for the developing countries where the healthcare facilities are not evenly distributed and there is a dearth of such kind of facilities in the interior parts.
However, the cost of associated equipment, instruments and techniques in lab on chip devices, robotic stations, immunoassays and systems is currently too high. Several factors are responsible for this, including the fact that cost of machineries that are responsible for the making of such devices are costly. In addition to high cost constituents such as reagents for micro-valves, most of the lab on chip devices require automated analyzers for analyzing the results and such kind of analyzers are too expensive. These factors restrain the global lab on chips market growth to a large extent.
North America is anticipated to dominate the global lab on chips market during the period of assessment. The North America lab on chips market was valued at US$ 1,604.7 Mn in 2017 end. However, there is a huge potential in the market of Asia Pacific, which is exhibiting the fastest growth rate.
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