The lab-on-a-chip and microarrays (biochip) market involves miniaturization technologies to perform laboratory operations on a single integrated microchip. This technology helps automate complex diagnostic procedures into relatively smaller portable/handheld devices by integrating multiple laboratory functions, such as fluid handling, chemical analysis, and molecular diagnostics, on a small silicon substrate. These devices are used in various applications such as biodefense, drug discovery, point-of-care testing, and molecular diagnostics. Lab-on-a-chip devices enable rapid diagnosis, low reagent consumption, low costs, and reduced risks of contamination. They offer potential solutions for healthcare problems in developing countries due to their benchtop format, portable design, and need for minimal infrastructure.
The global Lab-on-a-chip and Microarrays (Biochip) market is estimated to be valued at US$ 31.91 billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Lab-on-a-chip devices enable rapid diagnosis, low reagent consumption, and portability which is increasing its adoption in point-of-care testing facilities. For instance, lab-on-chip technology is being increasingly used in home healthcare to monitor health conditions such as diabetes, cancer etc. Another driver is increasing collaborations between companies and research institutions to develop advanced technology. Recently in 2019, Merck collaborated with six universities and research institutions to develop innovative and intelligent lab-on-a-chip systems for point-of-care diagnosis to make tests accessible globally. These collaborations are helping companies to expand their product portfolios and geographical footprint.
Segment Analysis
The global lab-on-a-chip and microarrays (biochip) market is segmented based on product, technology, application and end-use. The product segment is further divided into lab-on-a-chip, microarrays and services. Among these, the lab-on-a-chip segment currently dominates the market due to the rising demand for point-of-care testing with advantages such as portability and low sample volume requirements. Within technology, DNA chips and protein chips are key segments.
PEST Analysis
Political: Government regulations related to high quality standards for healthcare products are positively impacting the market growth.
Economic: Increasing healthcare expenditures in emerging economies related to rising disposable incomes are fueling market expansion.
Social: Growing demand for point-of-care and home-based diagnostic testing is driving the market.
Technological: Advancements in microfluidics and miniaturization technologies are enabling the development of accurate and easy-to-use biochip platforms. This has increased applications in biomedical research and molecular diagnostics.
Key Takeaways
The Global Lab-On-A-Chip And Microarrays (Biochip) Market is expected to witness high growth during the forecast period due to increasing applications in biomedical research and molecular diagnostics. The global lab-on-a-chip and microarrays (biochip) Market is estimated to be valued at US$ 31.91 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030.
Regionally, North America dominates currently due to presence of major players and growing focus on early disease diagnosis. However, Asia Pacific is emerging as the fastest growing regional market led by countries like China and India experiencing rising healthcare investments and diagnostics needs of a huge population base.
Key players operating in the lab-on-a-chip and microarrays (biochip) market are Merck KgaA, QIAGEN NV, Illumina Inc., Micronit BV, PerkinElmer Inc., Thermo Fisher Scientific, Fluidigm Corporation, Bio-Rad Laboratories Inc., Agilent Technologies Inc., Abbott Laboratories, Phalanx Biotech Group, and Danaher Corporation (Cepheid), among others. These players are focusing on new product launches and strategic collaborations to strengthen their market presence. For instance, in 2022, Illumina launched NovaSeq 6000 Sequencing Systems to expand whole genome sequencing capabilities.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
