Lab-On-a-Chip Market Global Industry Insights Forecasts up to 2025
Posted by Pareesh on August 9th, 2017
A lab-on-a-chip (LOC) is a device that incorporates one or several laboratory functions on a single integrated circuit whose size varies from few millimeters to limited square centimeters to achieve automation and throughput screening process. Lab-on-a-chip devices can hold up to a small amount of fluid having volume less than Pico liters. Furthermore, such devices are the part of micro electro mechanical systems (MEMS), which is also known as micro total analysis system (µTAS). Lab-on-a-chip devices allow laboratory synthesis or chemical analysis on a very small scale that have recently shown significant benefits and potential for a wide range of applications such as genomic research, proteomics research, analytical chemistry, environmental monitoring, the point of care diagnostics, and biohazards detection. LOC devices reduces the use of reagents and sample consumption, which reduces the result output time. LOC devices are small in size, portable, cost effective in manufacturing and requires less power as compared to conventional lab devices. These are the few factors, which are expected to fuel the growth of the lab-on-a-chip market.
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Lab-on-a-chip market taxonomy:
Wide range of application and advance technology fuels the growth of lab-on-a-chip market
Lab-on-a-chip devices are used for various purposes such as analytical chemistry and diagnostics but they are majorly used in diagnostic and life-science research. The utilization of the device is significantly depends on the epidemiological factors globally. For instance, there is an increase in infectious diseases such as HIV, tuberculosis, measles and malaria. As per The Joint United Nations Programme on HIV/AIDS (UNAIDS) there are around 36 million people infected from HIV/AIDS globally. Also, there is observable rise in peripheral vascular disorders such as claudication, arteriosclerosis obliterans and intermittent claudication. Furthermore, with an increase in healthcare investment the market growth of LOC devices is expected to gain traction in the near future.
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In 2016, according to Centers for Disease Control and Prevention (CDC), in the U.S. 12-20% of the population aged age 60 and above are diagnosed with the peripheral vascular disease every year, which is approximately 8.5 million. There is a significant increase in geriatric population that supports the growth in lab-on-a-chip market as according to World Health Organization (W.H.O) it is expected that in near future geriatric population will double. According to National Institute of Aging, in 2016 there are around 620 million people globally are above the age of 65 and is expected to grow to 1.6 billion by 2050. Moreover, the increase in personalized medicine and cancer research will lead to the increase in the lab-on-a-chip market in the near future with many of the further supporting factors of the devices such as user friendly approach, easily portable and wide use in hospitals and surgical centers supports. Increasing use of conventional laboratory equipment is the major challenge that is expected to slow down the pace in awareness of the device by healthcare experts. Lab-on-a-chip technology is projected to get commercialized gradually however, in near future, this technology is expected to play a major role in the life-science industry.
Developed regions are major growth engine of lab-on-a-chip market
The globally lab-on-a-chip market is segmented into North America. Latin America, Europe, Asia-Pacific, Middle East and Africa. North America is leading the market in terms of increase in geriatric population, research, advancement in technology and wide acceptance of the lab-on-a-chip technology. According to Population Reference Bureau, in 2016 there were around 40 million people in U.S. above 65 and over and it is expected to reach 19 million by 2050. Europe is the second largest region in the lab-on-a-chip market due to the region being an early adopter of advanced technologies. Asia Pacific is the fastest emerging region due to a large population and unmet clinical needs of people. According to Economic and Social Commission for Asia and the Pacific, in 2016, there are around 4.5 billion people in Asia Pacific.
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Key players to support the growth of lab-on-a-chip market
Takra Bio Inc., Nobel Biocare Services AG, Bio-Rad Laboratories Inc., PerkinElmer Inc., and Cepheid Inc., are among the major players in the lab-on-a-chip market.
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About the AuthorPareesh
Joined: May 31st, 2017
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