Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Lab-on-a-chip Market– Insights
Lab-on-a-chip (LoC) integrates different forms of analyses such as chemical synthesis, biochemical operations, and DNA sequencing onto a single chip. Miniaturization and optimization of these biochemical operations has resulted in cost efficiency and improved diagnostic speed. Moreover, LoC is a device that is capable of scaling single or multiple laboratory functions down to chip-format, where the size of chip ranges from millimeters to a few square centimeters. LoC is mainly the integration of electronics, fluidics, optics, and biosensors.
Increasing application of LoC in the medical field to diagnose various infections and diseases such HIV infections, chronic disease and in the field of botany is gaining traction. This is expected to drive growth of the market. Demand for LoC devices is high owing to its features such as easy portability, automated sample handling, and re-configurability. LoC devices are suitable for point-of-care diagnosis as they provide fast and on-time diagnosis results. This is another factor that is expected to support growth of the market.
The microfluidic LoCs have great potential to revolutionize the biomedical field and has the potential to boost growth of the healthcare sector, as the microfluidic platforms enable the miniaturization, integration, and automation of biochemical assays, favoring the lab-on-a-chip device over traditional tests in research laboratories and pharmaceutical industry for drug discovery.
The global lab-on-a-chip market size was valued at US$ 5,175.4 million in 2019, and is expected to witness a CAGR of 10.5% over the forecast period (2019 – 2027).
Global Lab-on-a-chip Market Share (%) Analysis, By Product Type, 2019
Source: Coherent Market Insights Analysis (2019)
Increasing number of LoC application are expected to fuel the growth of the global lab-on-a-chip market in near future
Immunoassay LoC for bacteria detection, real time PCR detection chips, DNA chip, gene chip, cellular analysis chip, and flow cytometer LoC (for HIV) are some of the applications of LoC technology in the biomedical field, as the LoC method results in less energy consumption with fast synthesis of the results, which paves the way for faster clinical translation, supporting the growth of lab-on-a-chip market. Recent advances in the field of computational simulations have made possible to synthesize the inorganic nanomaterials-based on Nanomedicine in a single construct using LoC technology, which is useful for theranostic applications. This new field of medicine combines specific targeted therapy based on specific targeted diagnostic tests.
LoC devices are also used for the biomarker-based identification and early detection of oral cancer, which helps to improve survival rate, and in turn favors growth of the lab-on-a-chip market. According to World Health Organization (WHO) in 2017, there were nearly 657,000 new cases of cancer of the oral cavity and pharynx diagnosed each year and nearly 330,000 deaths globally.
Global Lab-on-a-chip Market- Restraints
Few growth restraining factors are initial higher purchasing rate and lack of awareness regarding the use of lab-on-a-chip devices in middle-income countries which is limiting the growth of the lab-on-a-chip market.
Global Lab-on-a-chip Market- Regional Insights
On the basis of region, the global lab-on-a-chip market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds a dominant position in the global lab-on-a-chip market owing to increasing prevalence of infectious diseases. For instance, according to Centers for Disease Control and Prevention in 2017, the number of tuberculosis and salmonella cases were 9,105 and 54,285 respectively in the U.S.
Asia Pacific is the fastest growing region in the global lab-on-a-chip market owing to increasing population prone to viral disease. For instance according to Joint United Nations Programme on HIV/AIDS (UNAIDS) reports 2013, in Asia Pacific more than 350,000 people were infected with HIV with nearly 5 million living with HIV/AIDS, which in turn is expected to propel the market growth in Asia Pacific region.
Global Lab-on-a-chip Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2027
Source: Coherent Market Insights Analysis (2019)
Global Lab-on-a-chip Market- Competitive Landscape
Key players operating in the global Lab-on-a-chip Market include Becton, Dickinson And Company, Agilent Technologies Inc., Danaher Corporation, Bio-Rad laboratories, Abbott Laboratories, Hoffman-La Roche Ag, PerkinElmer, Inc., IDEX Corporation, Thermo Fisher Scientific, Inc., Cepheid Inc. and Biacore AB.