According to a new market report published by Transparency Market Research entitled “Lab on Chips Market–Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,” the global lab on chips market is projected to expand at a CAGR of 10.8% during the forecast period 2018-2026. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors.
Multiple advantages of microfluidic technologies, rise in demand for diagnostics, expanding global population offering significant growth opportunities, and technological advancements in laboratories has increased the penetration and growth of the lab on chips market globally.
Diagnostics is expected to continue to be the leading segment globally during the forecast period due to growing demand for diagnostics with high speed, efficiency, and sensitivity of results. Diagnostics segment is projected to expand at the highest CAGR of 11.3% over the forecast period from 2018 to 2026.
Rise in the overall global population ultimately increases the number of patients with diseases and subsequently increases demand for microfluidic systems for diagnosis, treatment, and monitoring of these diseases. The use of lab on chips is increasing due to the rise in personalized medicine, drug discovery and life science research, and growing need for high speed diagnostics. These factors are set to drive the diagnostics segment across different regions of the world.
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Genomics & Proteomics segment is projected to expand at a significant CAGR over the forecast period as researchers are increasingly using lab on chips for ultra-high-resolution studies of proteins and DNA.
North America and Asia Pacific to Continue to Hold Significant Share in the Overall Market
North America accounted for the highest revenue share in 2017 due to increased demand for microfluidic products in the pharma, diagnostic, and clinical sectors for its cost-effectiveness and usage in a variety of applications. In North America, market players are continuously taking efforts to introduce advanced microfluidic products. In April 2018, Fluidigm Corporation introduced the high-parameter Maxpar Immune Monitoring Panel for comprehensive immune cell profiling in cancer and immune-mediated diseases.
The report analyzes and forecasts the market for lab on chips at the global and regional level. The market has been forecasted based on revenue (US$ Mn) from 2018 to 2026. The study includes drivers and restraints of the global lab on chips market. It also covers the impact of these drivers and restraints on the market during the forecast period.
The report comprises a detailed value chain analysis which provides a comprehensive view of the global lab on chips market. Porter’s Five Forces model for the lab on chips market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
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Global Lab on Chips Market: Taxonomy
The report segments the market on the basis of product, application, end-use industry, and region. The product segment includes instruments, reagents & consumables, and software & services. The application segment includes genomics & proteomics, diagnostics, drug discovery, and others. The end-use industry segment includes biotechnology & pharmaceutical companies, hospitals, diagnostics centers, academic & research institutes, and others.
