Global Lab on Chips Market:
The global lab on chip market is expected to be valued at US$ 4,160.7 Mn in 2019 and expected to grow at a CAGR of 8.9% over the forecast period by 2026. On the perspective of life sciences detection of blood cancer, screening of HIV, crystallization studies are the drivers which help in the growth of global lab on chip market. There are few factors which act as restraint such as limited technician knowledge, high cost and availability of the alternative which hamper the growth. Intense opportunity is provided by biotechnology and life science testing for the adequate growth of global lab on chip market.
Rising Demand of Personalized Medicines and Other Cancer Therapies
It is noticed that the global lab on chip market has a significant market growth rate on the perspective of rising demand of personalized medicines and other cancer therapies. Global market for personalized medicine therapeutics was estimated to be worth some 60 billion U.S. dollars, forecasting a growth up to 140 billion dollars by 2022. Cancer is the second leading cause of death globally, and is responsible for an estimated 9.6 million deaths in 2018. Globally, about 1 in 6 deaths is due to cancer. Hence all these contribute towards the sustainable development of global lab on chip market.
North America Dominates the Market Share in the Global Lab on Chips Market
North America contributed major revenue followed by Europe and Asia Pacific. In 2019, North America region accounted huge growth rate and is anticipated to grow with a forecast year on the perspective of availability of microarray chips at an affordable cost and existence of evolved research infrastructure for healthcare and biotechnology. Europe gain the second position by increase in research and development and rising funding. Asia pacific play a role in market with the help of growing population of the countries like China and India. With the other important factor like technology advancement boosting the global lab on chip market.
Key player’s profiles in the global lab on chip market include:
- EMD Millipore
- Thermo Fisher Scientific, Inc.
- Abbott Laboratories
- Roche Diagnostics
- uFluidix, Bio-Rad Laboratories
- CellBio, Inc.
- Achira Labs
- Illumina, Inc.
- Agilent Technologies
- Market players have witnessed the strategic collaboration and acquisition to expand product portfolio and strengthen their position in the market to enhance the revenue of the company.
- In April 2019, researchers from the Princeton University (U.S.) developed a new technology, which is projected to replace laboratory settings with a single microchip. This technology used complex biosensors systems as its principle and employs tiny metal layers embedded in a microchip to eliminate the bulky & complex optical instrumentation used in the diagnostic laboratories
- In Feb 2016, researchers at the University of Kansas (U.S.) developed a new lab-on-a-chip diagnostic device that will regulate the liquid biopsy principle to quickly detect cancer using a droplet of plasma or blood
Global Lab on Chips Market Report Description:
Global lab on chip market report gives comprehensive outlook on lab on chip market across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report on lab on chip market gives historical, current, and future market sizes on the basis of product type, application, end user and region. This report studies global lab on chip market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global lab on chip market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global lab on chip market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the global market report include suppliers, manufacturers, marketers, policy makers, and service providers engaged in global lab on chip market
Key Findings of the Report:
- Global lab on chip market expanding at significant CAGR over 2020 to 2026 owing due to rising demand of personalized medicines and other cancer therapies
- Based on region, North America accounted for larger market revenue share in 2019 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global market.
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2015-2019) and forecast (2020-2026)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
- DNA Microarrays
- Lab on a chip/Microfluidics
- Protein Microarrays
- Tissue Biochip
- Carbohydrate Biochips
- Genomics & Proteomics,
- Drug Discovery
- Academic and Research Institute
- Diagnostic labs
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA