Aggressive Spread of Peripheral Vascular Disorders Upwells Demand for Lab on Chips Market

The lab on chips technology comes handy as it allows to perform several experiments on the small chips with a solid platform. In many ways they act as mini laboratories, which is the chief driver of their demand across the healthcare sector. The microfluidic technique was developed back in 1990s and have been exhibiting growth at a steady pace since its advent. The global lab on chips market is forecast to grow at a rapid pace on account of its increasing application in healthcare and drug development techniques. The implementation of the technology has resulted in the development of various point of care devices and in-vitro diagnostic techniques such as pregnancy kits and glucometer kits. Due to their increasing application in in-vitro diagnostics, drug discovery, and other pharmaceutical operations, the acceptance of lab on chip techniques has significantly increased.

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Transparency Market Research (TMR) has projected the global lab on chips market to exhibit a CAGR of 10.7% between 2016 and 2024. At this pace the market is expected to reach US$8.7 bn by the end of 2024 from a valuation of US$3.88 bn in 2016.

Regionally, North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa constitute the key market segments. Among these, the year 2016 saw North America emerging as the leading segment, trailed closely by Europe. Despite the early adopter advantage of North America, the market is expected to witness riper opportunities in Asia Pacific. TMR forecasts the lab on chips market in Asia Pacific to register an impressive 12.3% CAGR during the forecast period.

Gaining impetus from the rising population and the latest technological advancements, Asia Pacific will continue exhibiting attractive opportunities. Also because microfluidic techniques offer more advantages over the counterparts, expanding industries across Asia Pacific are more likely to invest in them. For instance, the advent of Point-of-care (POC) devices and in-vitro diagnostic (IVD) technology, has enabled vendors to manufacture superior microfluidic chips and products. On account of the rising awareness about how diverse industries can benefit from integrating these advancements, the demand for lab on chips is forecast to rise in Asia Pacific.

In terms of product, the global lab on chips market can be classified into reagents, instruments, and consumables. Of these, instruments emerged dominant in the global lab chips market in terms of revenue. In 2016 the segment held over 45% of the market on account of the high acceptance of microfluidic products in industries and labs. Besides this, growth witnessed in the reagents and consumables segments is prophesized to rise at a favorable pace.

Activities undertaken towards miniaturization of bio analytical techniques offer advantages such as compact design for equipment, less expensive, and enable analogous operations for multiple analyses. Driven by the factor, the demand for lab on chips products is expected to rise in the coming years. Additionally, microfluidics help in converting top laboratory protocols into a single chip. This not only facilitates diagnostics but has made home healthcare more convenient than ever. Such technological advancements are forecast to keep the demand for various lab on chips techniques high, thereby benefiting the various product categories.

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Some of the leading players operating in the global lab on chips market are Danaher Corporation, PerkinElmer, Inc., Agilent Technologies, Inc., Bio-Rad Laboratories, Inc, Thermo Fisher Scientific, Inc, RainDance Technologies, Inc., and F. Hoffmann La-Roche Ltd.

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High Acceptance of Microfluidic Products in Healthcare Sector to Fuel Lab on Chips Market by 2024

Global Lab on Chips Market: Snapshot

The lab on chips technology comes handy as it allows to perform several experiments on the small chips with a solid platform. In many ways they act as mini laboratories, which is the chief driver of their demand across the healthcare sector. The microfluidic technique was developed back in 1990s and have been exhibiting growth at a steady pace since its advent. The global lab on chips market is forecast to grow at a rapid pace on account of its increasing application in healthcare and drug development techniques. The implementation of the technology has resulted in the development of various point of care devices and in-vitro diagnostic techniques such as pregnancy kits and glucometer kits. Due to their increasing application in in-vitro diagnostics, drug discovery, and other pharmaceutical operations, the acceptance of lab on chip techniques has significantly increased.

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The presence of large players in most geographies has rendered the vendor landscape of the global lap on chips market highly competitive. However, the market exhibits a high degree of consolidation with the top 8 players accounting for nearly 80% of the overall market in 2016. Among these enterprises Danaher Corporation, Thermo Fisher Scientific, F. Hoffmann-La-Roche AG, and Abbott Laboratories enjoy dominance on account of extensive geographical presence and diverse product portfolio, finds Transparency Market Research (TMR) in a new study. Besides this, several companies are aiming for strategic collaborations to strengthen their market position.

Rising Incidence of Chronic Ailments to Boost Opportunities

Health growth is on cards for the global lab on chips market on account of the rising incidence of peripheral vascular disorders. Besides this, the spread of infectious diseases and high investment for developments in healthcare infrastructure will remain the chief drivers of the market. With the geriatric population worldwide forecast to rise further, the demand for lab on chips is likely to increase in the coming years. “According to the WHO, the geriatric demography will double itself in the coming years,” said a lead TMR analyst.  “Nations around the world will therefore face severe challenges to ensure improvements in healthcare systems and preparedness to capitalize the most on the demographic shift,” he added.

Furthermore, the availability of lab on chips technology at an affordable price will aid its market’s growth. In addition, primary benefits encouraging use of these microfluidic systems include the compact design and lightweight of these devices. Acceptance of novel technologies will also bolster opportunities for the global lab on chips market.

The two key applications of lab on chip techniques and devices are life sciences research and diagnostics. As both these fields are forecast to exhibit accelerated growth, the global lab on chips market will get consequently benefitted.

Stringent Regulatory Approvals Considered as Major Bottlenecks

On the downside, quality issues, taboos surrounding the acceptance of novel technologies, high cost compared to their traditional counterparts, and stringent regulations implemented by governments are the key challenges restraining the market. For instance, authorities such as FDA and EMA regulate approvals to ensure quality, safety, and efficacy of drugs and medical devices in the U.S. and Europe, respectively. Obtaining pre-market approvals are lengthy and often expensive processes. This could have a negative impact on the overall lab on chips market.

Besides this, reliability issues have emerged as key bottlenecks. Despite system components being dependable, poor assembly of these devices often negatively impact their growth trajectory. The market is also reeling under lack of awareness about novel technologies across underdeveloped and developing nations.

Global Lab on Chips Market: Regional Outlook

Geographically, the lab on chips market has been segmented into five regions: North America, Europe, Asia Pacific, Europe, Middle East & Africa (MEA), and Latin America. Each regional market for microfluidics has been further categorized into major product, applications, and end-user segments considered within the scope of the study. Key country (U.S., Canada, Japan, Germany, France, U.K., China, Brazil, Mexico, India, etc.) market revenues have also been provided in different regional sections within the report. Market revenue in terms of US$ Mn and volume in terms of units for the period from 2014 to 2024 along with CAGR % from 2016 to 2024 are provided for all the regions and nations considering 2015 as the base year.

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Companies Mentioned in Report

The report also profiles key players operating in the lab on chips market based on various attributes such as company details, SWOT analysis, strategic overview, financials, and business overview. Major players profiled in this report include Danaher Corporation, PerkinElmer, Inc., Agilent Technologies, Inc., Bio-Rad Laboratories, Inc, Thermo Fisher Scientific, Inc, RainDance Technologies, Inc., and F. Hoffmann La-Roche Ltd. among others

US Office Contact

90 State Street, Suite 700

Albany, NY 12207

Tel: +1-518-618-1030

USA - Canada Toll Free: 866-552-3453

Email: sales@transparencymarketresearch.com

Website: http://www.transparencymarketresearch.com/