A lab-on-a-chip (LOC) is a device that incorporates one or several laboratory functions on a single integrated circuit whose size varies from few millimeters to limited square centimeters to achieve automation and throughput screening process. Lab-on-a-chip devices can hold up to a small amount of fluid having volume less than Pico liters. Furthermore, such devices are the part of micro electro mechanical systems (MEMS), which is also known as micro total analysis system (µTAS). Lab-on-a-chip devices allow laboratory synthesis or chemical analysis on a very small scale that have recently shown significant benefits and potential for a wide range of applications such as genomic research, proteomics research, analytical chemistry, environmental monitoring, the point of care diagnostics, and biohazards detection. LOC devices reduces the use of reagents and sample consumption, which reduces the result output time. LOC devices are small in size, portable, cost effective in manufacturing and requires less power as compared to conventional lab devices. These are the few factors, which are expected to fuel the growth of the lab-on-a-chip market.
Lab-on-a-chip market taxonomy:
Wide range of application and advance technology fuels the growth of lab-on-a-chip market
Lab-on-a-chip devices are used for various purposes such as analytical chemistry and diagnostics but they are majorly used in diagnostic and life-science research. The utilization of the device is significantly depends on the epidemiological factors globally. For instance, there is an increase in infectious diseases such as HIV, tuberculosis, measles and malaria. As per The Joint United Nations Programme on HIV/AIDS (UNAIDS) there are around 36 million people infected from HIV/AIDS globally. Also, there is observable rise in peripheral vascular disorders such as claudication, arteriosclerosis obliterans and intermittent claudication. Furthermore, with an increase in healthcare investment the market growth of LOC devices is expected to gain traction in the near future.
In 2016, according to Centers for Disease Control and Prevention (CDC), in the U.S. 12-20% of the population aged age 60 and above are diagnosed with the peripheral vascular disease every year, which is approximately 8.5 million. There is a significant increase in geriatric population that supports the growth in lab-on-a-chip market as according to World Health Organization (W.H.O) it is expected that in near future geriatric population will double. According to National Institute of Aging, in 2016 there are around 620 million people globally are above the age of 65 and is expected to grow to 1.6 billion by 2050. Moreover, the increase in personalized medicine and cancer research will lead to the increase in the lab-on-a-chip market in the near future with many of the further supporting factors of the devices such as user friendly approach, easily portable and wide use in hospitals and surgical centers supports. Increasing use of conventional laboratory equipment is the major challenge that is expected to slow down the pace in awareness of the device by healthcare experts. Lab-on-a-chip technology is projected to get commercialized gradually however, in near future, this technology is expected to play a major role in the life-science industry.
Developed regions are major growth engine of lab-on-a-chip market
The globally lab-on-a-chip market is segmented into North America. Latin America, Europe, Asia-Pacific, Middle East and Africa. North America is leading the market in terms of increase in geriatric population, research, advancement in technology and wide acceptance of the lab-on-a-chip technology. According to Population Reference Bureau, in 2016 there were around 40 million people in U.S. above 65 and over and it is expected to reach 19 million by 2050. Europe is the second largest region in the lab-on-a-chip market due to the region being an early adopter of advanced technologies. Asia Pacific is the fastest emerging region due to a large population and unmet clinical needs of people. According to Economic and Social Commission for Asia and the Pacific, in 2016, there are around 4.5 billion people in Asia Pacific.
Key players to support the growth of lab-on-a-chip market
Takra Bio Inc., Nobel Biocare Services AG, Bio-Rad Laboratories Inc., PerkinElmer Inc., and Cepheid Inc., are among the major players in the lab-on-a-chip market.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized firstname.lastname@example.org
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.