A lab-on-chip (LOC) helps in incorporating laboratory functions via sole unified circuit. Lab-on-chips has extensively evolved the field of diagnosis and is increasingly bein utilized in the application of microfluidic-chip-based technologies such as chemical synthesis, medical diagnostics and the study of complex cellular process. Moreover, LOC helps in providing quick diagnosis that are considered to be quiet accessible and easy to handle option, Furthermore, these are the reasons that have increased the significance of LOC market across the globe.
Insight by Product Type
There are three types of product types of LOC market that includes software & services, instrument and reagents & consumables segment. Among all these segments, instruments segment dominates in terms of revenue since it has been observed that various laboratories and industries across the globe are extensively adopting microfluidic offerings. Furthermore, increasing acceptance of this product is strengthening the growth of LOC market across the globe.
Insight by Application
On the basis of application, the LOC market is segmented into drug discovery, genomics & proteomics, diagnostics and others. Among all these segments, genomics & proteomics segment is anticipated to witness the fastest growth during the forecast period. It has been observed that genomics & proteomics is witnessing extensive demand due to increasing application of this segment in bioinformatics that helps in advancing vaccine discovery method by promptly providing potential candidates to enable further testing.
Insight by Industry User
Based upon industry user, the LOC market is segmented into diagnostics centers, biotechnology & pharmaceutical companies, academic & research institutes, hospitals and others. Among all these segments biotechnology & pharmaceutical companies are anticipated to witness the fastest growth during the forecast period since the world is observing large number of population that further implies increase in number of patients as well.
Furthermore, increasing requirement for high-speed diagnostics and increasing initiatives undertaken by the government authorities towards healthcare amenities in both developed as well as developing economies is further driving the growth of this segment. Thereby the growth of this segment is significantly enhancing the growth of the LOC market worldwide.
The global lab-on-chip market is gaining significant importance due to growing R&D investment in life sciences, pharmaceuticals and increasing adoption of personalized medicine. Moreover, there is continuous innovation in microfluidic devices that has led to the transformation of drug discovery and its development. Furthermore, it has been observed that there are several microfluidic device companies that are entering in collaboration to build innovative approach for diagnosis and advancement and miniaturization of the lab on chip.
Increase in adoption of personalized medicine, increase in drug discovery and life science research, use in bio-marker based detection and the need for high-speed diagnostics are the key factors driving the global lab-on-chip market. LOC technology is used for bacteria detection, real-time PCR, DNA check and cellular analysis in the biomedical field. This helps in lessening energy consumption with faster synthesis which helps in providing quick results and faster diagnosis which makes the LOC technology more significant in the biomedical field.
Furthermore, LOC technology has proved extremely beneficial for bio-marker based detection which enables it to detect oral cancer at a very early stage and thus improves the survival rate. These factors are thereby strengthening the growth of LOC market.
Geographically, North America dominates the lab-on-chip market due to the increased demand for microfluidic products in pharma, diagnostic, and clinical domain in this region. Moreover, LOC technology is widely promoted and accepted in this region because of the cost efficiency and usage in a variety of applications. Furthermore, key players in North America are taking efforts towards the introduction of microfluidic products.
Moreover, Asia-Pacific is anticipated to witness the fastest growth during the forecast period due to the increasing population and growing adoption of advanced technologies in this region. Furthermore, there are several government initiatives and increasing expenditure on highly innovative technologies paving way for the growth of the LOC market in this region.
Key players in the LOC market are taking steps to empower their position in the market by improving the quality of the system and developing the latest technology. The firms are making a strategic alliance with medium scale firm to make the technology more economical. This acts as a role to remove the hurdle of cheap alternatives. The prominent 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.