According to the latest report published by Credence Research, Inc. “Lab-on-a-Chip Market – (Product Type – DNA Microarrays, Lab on a chip/Microfluidics, Protein Microarrays, Tissue Biochip, Carbohydrate Biochips; Application Type – Genomics & Proteomics, Diagnostics, Drug Discovery, Others); Market Growth, Future Prospects and Competitive Analysis, 2017-2025” the market was valued at USD 4.16 Bn in 2015, and is expected to reach USD 9.06 Bn by 2025, expanding at a CAGR of 8.9% from 2017 to 2025.
Browse the full report Lab-on-a-Chip Market: Market Growth, Future Prospects and Competitive Analysis, 2017-2025 report at http://www.credenceresearch.com/report/lab-on-a-chip-market
A biochip is a device which assimilates one or more laboratory tasks on a sole chip to achieve high-throughput screening and automation. Advances in the field of nanotechnology have led to the development of lab-on-a-chip devices. Lab-on-a-chip can integrate several laboratory function in a few millimeters to a few square centimeters sized chip. A biochip device is concerned with experiments carried out on a small scale, thus it helps achieve high-throughput automation and screening. The lab-on-a-chip market is segmented into DNA microarrays, lab on a chip/microfluidics, protein microarrays, tissue biochips and carbohydrate biochips. Protein arrays led the overall product market due to wide usage of in the proteomics to understand the better understanding of the human proteome, drug discovery, diagnostics and personalized medicines. DNA microarrays is anticipated to grow at the fastest rate to growing demand of personalized medicines, target therapies and research and development of cancer therapies.
The application of lab-on-a-chip is increasing in different field of life sciences. From detecting breast cancer to screening for HIV, surviving serious disease, all of it is done with the help of a chip or a microarray. LOC technology enables the use of small fluid volumes which helps cut costs and the analysis of reagents and response time. Several applications in life science and medicine have also been explored so far including potential use in protein crystallization studies and DNA or RNA sequencing. The applications student in the global lab-on-a-chip market include genomics & proteomics, diagnostics, drug discovery and others. The diagnostics segment held the largest share in the global lab-on-a-chip market by application. Early screening of breast cancer, HIV and other infectious diseases is driving the market for diagnostics segment. Genomics and proteomics are expected to grow at the highest rate due to rising research and development studies in genetic and sequencing to drive the market in the future.
In the year 2016, North America emerged as the largest regional market for lab-on-a-chip market. The highest market share of the region is attributed to existence of evolved healthcare and biotechnology research infrastructure, availability of microarray chips in an affordable cost in the region encouraging the diagnostic applications. Favorable private and public funding in research and development in the U.S. makes it highest grossing country in North America. Asia Pacific is anticipated to be the fastest growing lab-on-a-chip market during the forecast period. Rapid entry of market leaders in the region, unmet medical needs, rising incidences of various infectious disease would further craft as a growth factor for the growth of Asia-Pacific lab-on-a-chip market. The competitors in the Asia Pacific market are budding and are continually working on introducing new clinical uses to augment value of lab-on-a-chip technology.
Market Competition Assessment:
The lab-on-a-chip market currently possesses large number of companies having their products marketed. However, most of the companies are located in the North America, Europe and others developed regions. The companies have untapped opportunities in the developing regions of Asia Pacific and Latin America. The companies include Agilent Technologies, Danaher Corporation, Bruker Corporation, Thermo Fisher Scientific, Water Corporation, Shimadzu Corporation and others.
Key Market Movements:
– Asia-Pacific is anticipated to exhibit the fastest growing region due to rising impulse from the growing population and introduction of latest technological advancements
– Growing application of lab chips in the biotechnology and life science testing would augment the market growth