PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555548
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555548
Lab-on-a-Chip Market size was valued at USD 5,989.6 Million in 2023, expanding at a CAGR of 7.50% from 2024 to 2032.
A tiny gadget called a "lab-on-a-chip" integrates multiple laboratory analysis processes onto a single chip. DNA sequencing and other biochemical detection applications are served by lap-on-chip technology. Chips can handle minuscule amounts of fluid and can be as little as a few square centimeters in size. On a single chip, lab-on-a-chip (LoC) integrates several forms of analysis, including DNA sequencing, chemical synthesis, and biochemical activity. The biochemical processes involved have been optimized and made smaller, which has improved the speed and economy of diagnosis. In addition, LoC is a tool that can reduce one or more laboratory activities to the size of a chip, with chip sizes varying from a few millimeters to a few square centimeters.
Lab-on-a-Chip Market- Market Dynamics
Growing Prevalence of Chronic Diseases to Propel Market Growth
The rising prevalence of chronic illnesses worldwide is one of the major reasons anticipated to support the growth of the global lab-on-a-chip market over the forecast period. Chronic illnesses are the biggest cause of death worldwide and a growing threat to global health. Examples of these illnesses include diabetes, cancer, heart disease, and chronic respiratory diseases. The majority of NCD (non-communicable diseases) deaths, or around 17.9 million individuals per year, are attributed to cardiovascular illnesses, according to the World Health Organization (WHO). Cancer (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million) are the next most common causes of death.
Lab-on-a-Chip Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.50% over the forecast period (2024-2032)
Based on type segmentation, the reagents and consumables category was predicted to show maximum market share in the year 2023
Based on technology segmentation, the microfluidics category was the leading segment in 2023
Based on end-user segmentation, the hospitals category was the leading segment in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Lab-on-a-Chip Market is segmented based on Type, Technology, Application, End-user, and Region.
The market is divided into three categories based on type: Software, Reagents and Consumables, and Instruments. The reagents and consumables category dominates the market. The growing prevalence of infectious diseases that require early identification presents a chance for those involved in the biotechnology business to develop suitable reagents for different diagnostic tests. Moreover, the market share of the reagent grows with the creation of new screening techniques and tests. The need for biotechnology instrumentation is being driven by an increase in pharmaceutical manufacturers' R&D investment and the number of biotech firms globally, which is contributing to the growth of the biotechnology instrumentation market. The market's need for reagents is rising as a result.
The market is divided into two categories based on technology: Microarrays and Microfluidics. The microfluidics category dominates the market and is likely to maintain its dominance during the forecast period. Because microfluidics technologies have advantages like shorter analysis times, less reagent and specimen use, and easier automation processes, they are a fascinating substitute for tests like chemical and biological assays. Assays can be processed in parallel on a microfluidics platform, which lowers the assay's overall cost. Throughout the projection period, the microfluidics segment is predicted to experience expansion driven by both increased demand for point-of-care (POC) testing and the development of advanced lab-on-chip technical improvements in the realm of POC devices. Additionally, it is anticipated that the microfluidics business will advance due to the increased focus on data durability and precision.
Lab-on-a-Chip Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Throughout the forecast period, North America is anticipated to hold the greatest share of the global market for Lab-on-a-Chip because of the region's strong healthcare system, rising prevalence of chronic illnesses, and growing use of proteomics and genomics. For instance, the US Centers for Disease Control and Prevention states that the main causes of death and disability in the country are chronic illnesses like cancer, diabetes, and heart disease. Because there are so many Americans who suffer from chronic illnesses, proteomics and genomics are being used more often, which has helped the industry expand in the area.
In addition, the Lab-on-a-Chip market is anticipated to expand at the fastest rate in the world during the projected period in Asia Pacific because of the increased prevalence of chronic illnesses, the growing need for point-of-care (POC) diagnostics, the growing use of genomes and proteomics in cancer research, and the growing use of tailored medications in these areas. For instance, the Indian Council of Medical Research's (ICMR) cancer study estimates that over 1.5 million Indians will suffer from non-communicable diseases by 2025, up from 1.39 million in 2020, and that the country's cancer incidence could rise by 12% over the following five years (2020-25).
The market for lab-on-a-chip is quite competitive worldwide. This is linked to the rising prevalence of chronic illnesses across the globe, which is why industry participants are concentrating on introducing cutting-edge items to the market. In the global market for lab-on-a-chip and microarrays (biochips), some of the major players include Thermo Fisher Scientific, QIAGEN NV, BioMerieux, Illumina Inc., Micronit BV, and Merck KgaA. Moreover, to strengthen their position in the market, major players use strategic initiatives such as joint ventures, product development, acquisitions, and contracts. The report also takes into account technological developments in the worldwide lab-on-a-chip market.
December 2023: The long-standing collaboration between CEA-Leti and Applied Materials, Inc. was extended to concentrate on the creation of engineering solutions for the sophisticated specialized chip market and its numerous applications.
March 2023: To automate complicated Next-Generation Sequencing (NGS) sample preparation methods, Miroculus announced the release of Miro Canvas, an intuitive digital microfluidics platform.