|Status : Published||Published On : Jun, 2021||Report Code : VRSME9035||Industry : Semiconductor & Electronics||Available Format :||Page : 165|
The global lab-on-a-chip market was valued at 5.18 billion in 2020 and is anticipated to grow at 11.25 billion by 2027, growing at a CAGR of 10.8% during the forecast period 2021-2027.
A lab-on-a-chip (LOC) helps integrate laboratory functions through a single unified circuit. Lab-on-chips has been widely used in the field of diagnostics and is increasingly used in the application of microfluidic chip-based technology, such as chemical synthesis, medical diagnostics, and the study of complex cellular processes. In addition, LOC helps to provide rapid diagnostics, which are accessible, easy-to-operate options and gives efficient results in a snap of time. Increasing incidences of cancer, advancing fabrication technology, growing demand for miniature devices, research on biosensors and biomarkers, and economic feasibility are the leading factors driving the revenue growth of the lab-on-a-chip market. There is an increasing prevalence of swine flu, malaria virus, Ebola virus, and Zika Virus which will further drive the growth of the LOC market. Thus, these are the reasons for increasing the importance of the LOC market on a global scale.
The COVID-19 pandemic has a positive impact on the lab-on-a-chip market as it has increased the focus on the development of less time-consuming diagnostic kits and there is a rise in the use of the lab-on-a-chip technique in pharmaceutical R&D. For instance, Veredus Laboratories, Singapore-based molecular diagnostic manufacturers have announced commercial availability of a portable lab-on-a-chip diagnostic tool for detection and differentiation 2019-nCoV, SARS_CoV, and MERS-CoV. Thus, the VereCoV detection kit combines PCR and microarray technology to provide high specificity, sensitivity, and a 2-hour response time to obtain results. Therefore, health centres are looking for more accurate and time-saving diagnostic tests.
Insight by Product Type
Based on product type, the LOC market is categorized into software & services, instrument, and reagents & consumables. Among all these categories, the instrument category dominates the market in terms of revenue as various laboratories and industries across the globe are widely using microfluid offerings. These microfluid LOCs have a high potential to revolutionize the biomedical field and boost the growth of the medical sector as microfluid platforms help in miniaturization, integration, and automation of biomedical assays, thus strengthening the growth of LOCs in research laboratories and the pharmaceutical industry for drug discovery.
Insight by Application
Based on application, the lab-on-a-chip market is divided into drug discovery, genomics & proteomics, diagnostics, and others. Of all these segments, genomics & proteomics are expected to witness the fastest growth during the forecast period 2021-2027. It is widely used in bioinformatics which helps in developing vaccine discovery methods by promptly enabling potential candidates for further testing. These are widely used in biomarkers, drug discoveries, ultra-high-resolution studies of proteins and DNA.
Insight by Industry User
Based upon industry users, the lab-on-a-chip market is categorized into diagnostics centres, biotechnology & pharmaceutical companies, academic & research institutes, hospitals, and others. Of all these segments, biotechnology and pharmaceutical companies are expected to experience the fastest growth during the forecast period, owing to an increase in population globally, which further means that the number of patients will also increase. The biotechnology and pharmaceutical companies investigate diseases such as dengue, diarrhoea, malaria, etc., detect various types of HIV, and use them to test the blood samples quickly. Thus, the industry user uses lab-on-a-chip technology to fight against diseases in the developing economies as they entailed the adoption of diagnostic operations on a large scale.
Moreover, the growing demand for high-speed diagnostics and the initiatives taken by the government in developed and developing economies towards the healthcare sector have further promoted the growth of this market segment globally in the lab-on-chip market.
The global lab-on-chip market is increasingly becoming important due to the increasing investment in R&D for pharmaceutical and life sciences exploration, need for high-speed diagnostics, rise in government funding, and the increasing adoption of personalized medicine. Furthermore, the continuous innovation of microfluidic devices has brought about a change in drug discovery and development. Additionally, several microfluidic device companies are seen to be collaborating to establish innovative lab-on-a-chip diagnostic, advancement, and miniaturization methods.
The increasing popularity of personalized medicine, drug revelation, and life science research, adoption of biomarkers-based detection, and demand for high-speed diagnostic are important factors that fuel the growth of the global lab-on-chip market. LoC devices are portable and provide automated sample handling and reconfigurability. These devices offer rapid and on-time diagnosis results, thus they are used as point-of-care diagnosis Some applications of LoC technology in the biomedical field includes immunoassay LOC for bacteria detection, DNA chip, real-time PCR detection chip, and cellular analysis chip. This helps reduce energy consumption that helps provide rapid results. This helps provide rapid results and faster diagnostics.
Moreover, LOC technology is very useful for biomarker-based detection that allows detecting oral cancer at an early stage and therefore could improve survival rate. These factors are strengthening the growth of the LOC market.
There are many benefits of microfluidic technologies, growing demand for diagnostics, rise in R&D investments in emerging economies, and increase in global population will provide lucrative opportunities for growth for the lab-on-chip market globally.
High initial purchasing cost, lack of awareness about lab-on-chip devices among middle-income countries, and availability of alternative technologies are the challenges for the market growth of the lab-on-chip market globally.
Geographically, North America accounts for the highest revenue in the lab-on-chip market due to the rising demand for microfluidic products in the pharmaceutical, diagnostic, and clinical domains in this region. Moreover, LOC technology is widely promoted and approved in this region as it is cost-efficient and used in a variety of applications. Furthermore, key players in North America are taking efforts to innovate microfluidic products.
Moreover, Asia-Pacific is expected to witness the fastest growth during the forecast period due to the increasing population and use of advanced technologies in this region. Furthermore, various government initiatives and rising expenditure on highly innovative technologies paving way for the growth of the LOC market in this region.
Key industry players in the LOC market are taking steps to strengthen their position in the market by improving the quality of the system and developing the latest technology. The industry players are forming strategic alliances with medium-sized companies to make technology more cost-effective.
The multi-antigen COVID-19 biochip test, ImmuSAFE was launched by Sengenics. It uses the company’s patented KREX protein folding technology and is a lab-based biochip test. ImmuSAFE enables target identification of epitopes, titres, and Ig class/ sub-class of antibodies that are produced during COVID-19 infection.
Agilent Technologies has unveiled three new microarrays to support pre-and postnatal research by cytogenetic laboratories. The new Agilent GenetiSure Cyto microarrays include updated, clinically relevant content from respected databases.
The key players in the LOC market include Becton, Dickinson and Company, Agilent Technologies, Inc., PerkinElmer, Inc., Danaher Corporation, Bio-Rad Laboratories, Thermo Fisher Scientific, Abbott Laboratories, Roche Diagnostics, Siemens Healthcare, Bio-Rad Laboratories, Abaxis Inc., Achira Labs, Advanced Liquid Logic and Advanced Microlabs.
Source: VynZ Research