Published Date : 05 Dec 2022
The global lab on chip market size accounted for at USD 6.4 billion in 2022 and is expected to expand around USD 15 billion by 2030 with a registering CAGR of 11.24% from 2022 to 2030. The lab on chip market integrates one of several laboratory processes in our integrated circuit of size. Ranging from a few millimeters to a few squares.
Report Highlights
Lab On Chip Market Report Scope
| Report Coverage | Details |
| Market Size In 2022 | USD 6.4 Billion |
| Market Size By 2030 | USD 15 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 11.24% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | By Product, By Technology, By Application, By End-Use |
| Regions Covered |
North America, Europe, Asia-Pacific, Latin America, Middle East and Africa |
Regional Snapshot
The Lab on Chip is extensively used in America due to increasing advances in molecular biology and genetic engineering techniques and the amount of funding for research, and development of advanced medical treatment options. An increasing number of genomic and proteomics research labs, development of advanced medical treatment options, and rising demand for portable devices are expected to help in the growth of the Lab on Chip device market in the American region, with the increased chronic and infectious diseases the use of Lab on Chip device is expected to have a great diagnosis. Followed by the North American market the European market is also expected to have a good share in the Lab on Chip device market growth due to various factors like favorable government initiatives to promote life science and clinical research. Flourishing the medical device market, and the rise in the average per capita income of the individuals in this region, there is an increased investment in research and development wings in the European region.
The Asia Pacific market is also expected to have the fastest growth due to the adaptation of healthcare technologies. Due to an increase in chronic and infectious diseases in this region, government initiatives for healthcare reforms in order to provide for research and development is also expected to help in the growth. The Middle East, Europe, United Arab Emirates, are also expected to have good growth due to the increase in the healthcare industry and the sound economic status of the people.
Market Dynamics
Drivers
The increasing number of lab on chip applications is expected to help in the growth of the global Lab on Chip market in the future. The Lab on Chip method is less energy-consuming and provides a fast synthesis of the results. Therefore, the market is expected to grow. Due to advances in the field of computational simulations to synthesize inorganic nanomaterials based on nanomedicine in a single construct using technology is also expected to help in the growth of the market. Increased use of. Lab on Chip in diseases like HIV infection, chronic diseases, and in the field of botany are expected to drive the market. The Lab on Chip technology has the capacity for integrating microchannels that allows hundreds of analysis to be performed simultaneously on the same chip. With the help of this device, doctors are allowed to target specific illnesses. Diagnostics, which use Lab on Chip require very less handling and less complex operations. The requirement of blood for any analysis that uses lab on chip systems will decrease the cost of analysis by reducing the use of expensive chemicals. Without the use of human intervention, lab and ship devices could be used for outdoor environments like air and water for monitoring them.
Restraints
Due to the higher initial purchasing rate and the lack of awareness regarding the use of lab and ship devices. In the countries that have middle income has limited the growth of the Lab on Chip market. In developing nations, with low income or middle-income groups, the awareness regarding the use of lab on chip devices is not enough for the growth of the market.
Opportunities
The massive parallelization due to the compactness of this device allows high throughput analysis. It is a safer platform for radioactive, chemical, and biological studies because of the integration of smaller fluid volumes, functionality, and stored energies. Many companies are conducting research in order to create microfluidic chips that will allow healthcare providers to conduct diagnostic tests such as immunoassays nucleic acid assays and microbiological cultural assays with no laboratory support.
Challenges
A major challenge for the lab on chip market is the industrialization of these technologies to make them ready for commercialization. Also, a lot of research is required in order to improve the current technologies for various applications. The major challenges for the growth of the chip market is the cost, scalability, and recyclability when using the fabrication and materials in the technique.
Recent Developments
ImmuSAFE Multi antigen COVID-19 biochip test was launched by Sengenics. It uses the company's patented KREX protein folding technology.
Key Players in the Report
Market Segmentation
By Product
By Technology
By Application
By End-Use
Buy this Research Report@ https://www.precedenceresearch.com/checkout/1716
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333
