Lab Chip Devices Market Outlook
The global lab chip devices market size is anticipated to be worth US$ 5.91 Bn in 2022. During the projection period of 2022 to 2032, the market is predicted to grow at a CAGR of 9.00%, with a valuation of US$ 13.99 Bn by 2032.
Lab Chip Devices Market Value (2022)
US$ 5.91 Bn
Lab Chip Devices Market Forecast Value (2032)
US$ 13.99 Bn
Lab Chip Devices Market CAGR (2022-2032)
Key Market Study
Lab chip devices combine a variety of analyses, including chemical production, biochemical processes, and DNA sequencing, on a single chip.
These biochemical processes have been minimized in size and optimized, which has reduced costs and accelerated diagnostic turnaround.
The use of lab chips to identify various illnesses and disorders, such as HIV infections and chronic diseases, in the field of botany is becoming more and more popular.
Lab chip devices are ideal for point-of-care diagnosis as they provide quick and accurate results. This is yet another determinant that is expected to boost the market growth.
High capital requirements combined with less awareness among developed and slow economies will act as a hurdle in the market expansion of lab chip devices.
The World Health Organization (WHO) reported that in 2017 there were about 330,000 fatalities worldwide and nearly 657,000 new cases of the oral cavity and pharynx cancer.
Lab chip devices are employed for the biomarker-based identification and early diagnosis of oral cancer, which increases survival rates and, in turn, promotes the market's expansion.
As human inventiveness and technological advancement in genetics and sequencing develop, the genomics market is anticipated to expand significantly. High capital investment from the government will further fuel segment expansion.
The hospital segment is anticipated to increase at the quickest rate across the 2022-2032 period based on end-use. A lab on a chip (LOC) is a small, automated laboratory device that can be utilized both within and outside of hospitals for a variety of therapeutic purposes.
North America had contributed the highest revenue share to the lab chip devices industry. The market has expanded as a result of an increase in the use of cutting-edge technology, research and development, and investments by different pharmaceutical businesses in this area.
Due to advancements in the healthcare infrastructure and the prevalence of ailments like renal disorders in this area, the lab and ship market in the Asia-Pacific is also anticipated to grow quickly throughout the forecast period.
The market for lab chip devices has a lot of international competitors and is moderately competitive. Abbott Laboratories, Agilent Technologies, Bio-Rad Laboratories Inc., GE Healthcare, Roche Holding AG, Fluidigm Corporation, and Thermo Fisher Scientific are a few of the biggest market participants. These businesses engage in strategic alliances, mergers, and acquisitions to increase their presence.
A lab chip device is a device which assimilates one or more laboratory tasks on a sole chip to achieve high-throughput screening and automation. Dimensions of the chip may vary from few millimeters to square centimeters. LOCs handles extremely small volume of fluid which can be close to pico liters. Lab-on-a-chip devices are actually a part of Micro electro mechanical systems (MEMS).
These devices are often designated by "Micro Total Analysis Systems" (µTAS). Lab Chip devices are the devices which primarily describes the manipulation. The Lab Chip devices indicates the mounting of multiple or single lab process to a chop format. Whereas Micro Total Analysis systems helps in integrating the total sequence of complete Lab processes to perform the analysis.
Basically Lab chip devices are the instruments which allows the chemical analysis or the laboratory synthesis on a very small scale. Over the past 2 decades LOC devices have shown good benefits and appreciable potential for a wide range of applications like genomic research proteomics research, point of care diagnostics, analytical chemistry, biohazards detections and environmental monitoring.
Compare to the conventional devices these small devices offera a wide range of advantages. They reduce reagent and sample consumption, shortens reaction time. Also it requires a less power, portable in nature and have very less manufacturing cost as compared to the conventional bulkier Lab machines.
The recent advancement in Lab Chip devices can be designed with higher precision. The flow of the samples used can be precisely controlled with the help of external valves and pumps and the analytes can be detected with high sensitivity using electrical, optical and magnetic based techniques.
Lab Chip Devices Market: Drivers and Restraints
Lab Chip devices is a new technology which is driving the current Laboratory testing market and also suffices the current need of the market where the trace samples are to be analyzed. The applications of such devices are more inclined towards the medical examination and life sciences, where protein crystallization and DNA, RNA sequencing can be studied.
Moreover the features of being handy and easy to use are the factors expected to fuel the growth of global Lab Chip Devices Market.
These devices are also portable and easy to carry hence can be widely used in Hospitals and ambulatory surgical centers as well. Use of the conventional laboratory services may act as a restraint in the present market as it may take time for the technology to be acknowledged and admired by health care professionals.Though there are hurdles pertaining to the commercialization of new technology, but in the long run these devices will become crucial.
Lab Chip Devices Market: Overview
The first ever lab chip devices was created by Stanford university in the year 1979 for gas chromatography. However the actual use of lab chip devices began in the late 80s through the adaptation of micro fabrication processes and development of the micro fluids. In 1990s the scientist began to explore fluids and shorten the biochemical operation such as PCR.
Recently all the most probable applications of Lab chip devices have been studied and have shown promising results. For many applications the Lab chip devices not only shows capacity of integration and parallelization but also demonstrates promising results as compared to the conventional technology. Currently these technology is widely used in molecular biology, proteomics, Cell biology and chemistry.
Lab Chip Devices Market: Regional Overview
Region wise, the global Lab Chip Devices Market is classified into regions namely, North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan, Middle East and Africa.North America leads the global Lab Chip Devices Market followed by Europe.
Lab Chip Devices Market: Key Players
Some of the key players in global Lab Chip Devices market are Takara Bio, Inc., Biacore AB, Bio-Rad Laboratories, Ltd., Caliper Life Sciences, Cepheid. and others.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, type of product and applications.
The report covers exhaustive analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Western Europe (Germany, Italy, U.K, Spain, France, Nordic countries, BENELUX)
- Eastern Europe (Russia, Poland, Rest Of Eastern Europe)
- Asia Pacific Excluding Japan (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa, N. Africa, Rest Of MEA)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Lab Chip Devices Market: Segmentation
The global Lab Chip Devices Market has been classified on the basis of application, end user and geography.
Based on application, the global Lab Chip Devices is divided into following:
- Clinical Diagnostics
- In vitro Diagnostics
- Point of Care Diagnostics
- Drug Discovery
- Others (Biodefense, Food Pathogen Identification, and Environmental Contamination)
Based on the end user type, the global Lab Chip Devices is divided into following:
- Biotechnology and Pharmaceutical Companies
- Forensic Laboratories
- Diagnostics Centers
- Academic & Research Institutes
Frequently Asked Questions
The market is likely to register a CAGR of 9% through 2032.
The market is currently valued at US$ 5.91 Bn in 2022.
The market is likely to grow to a valuation of US$ 13.99 Bn by 2032
North America is likely to be a leading market during the forecast period.