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Description
Lab on Chips Market size was valued at USD 4,160.8 million in 2021 and expected to grow at a CAGR of 8.9% over the forecast period 2022-28. 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.
Key Developments:
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
