Research Nester published a report titled “Lab-on-a-Chip (LOC) Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global lab-on-a-chip (LOC) market in terms of market segmentation by type, technology, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global lab-on-a-chip (LOC) market is estimated to occupy a substantial revenue by growing at a CAGR of ~14% during the forecast period, i.e., 2022 – 2031, ascribing to the rising occurrence of chronic diseases, and increasing demand for point of care testing across the globe. Along with these, surging utilization of biochips in cancer treatment and diagnosis, growing number of R&D activities in the field of biotechnology, and escalating demand for personalized medicine worldwide are also expected to drive the growth of the market in the upcoming years.
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The market is segmented by type, technology and application. Based on technology, the microfluidics segment is anticipated to acquire the largest share during the forecast period in view of the high utilization of this technology for manufacturing a wide range of consumer products. Additionally, by application, the genomics segment is projected to grab the largest share over the forecast period attributing to the rising usage of LOC for integrating array of DNA probes, as it is able to sequence genomes at a thousand times faster rate.
Geographically, the global lab-on-a-chip (LOC) market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America is assessed to acquire the largest share in the market during the forecast period attributing to the rising investments for drug discovery by pharmaceutical companies in the region. Moreover, the market in Asia Pacific is evaluated to witness noteworthy growth over the forecast period on the back of the increasing prevalence of cardiovascular and renal diseases, and surging developments in healthcare infrastructure in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Prevalence of Chronic Diseases Around the World to Drive Market Growth
With the increase in the total incidences of chronic disorders across the globe, the demand for highly effective clinical point-of-care (POC) systems that improves test speed and throughput has also witnessed an upsurge. This in turn in anticipated to raise the requirement for lab-on-a-chip, which is expected to drive robust market growth in the near future.
However, inconsistency and poor reproducibility of results using LOC is expected to operate as key restraint to the growth of the global lab-on-a-chip (LOC) market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global lab-on-a-chip (LOC) market which includes company profiling of Siemens AG, PerkinElmer, Inc., Becton, Dickinson, and Company, Agilent Technologies, Inc., Abaxis Inc., Danaher Corporation, F. Hoffmann-La Roche AG, Fluidigm Corporation, Thermo Fisher Scientific, Inc., Abbott Laboratories, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global lab-on-a-chip (LOC) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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