The global Lab-on-a-Chip (LOC) market is growing at a considerable CAGR of 9.3% during the forecast period (2021-2027). The factors that augment the market growth include the extensive use of lab-on-a-chip devices in the medical industry. Moreover, short response time and low fluid volume consumption in diagnosis, and use in academic and research institutes are the other factors that contribute to the growth of the market. In addition to this, easy portability, advancing fabrication technology, and use for biomarker-based identification and early detection of oral cancer have also fueled the demand for LOC’s. The rise in chronic diseases across the globe has led to the need for new less time-consuming LOC’s. Increasing support from the semiconductor industry in launching innovative circuits for the medical sector is fostering the market growth.
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However, the high initial cost of lab-on-a-chip, complex manufacturing, and lack of awareness for the use of LOC’s in the developing and undeveloped countries are some of the constraints which are expected to challenge the growth of the market in the forecast period. The limited technical knowledge and availability of alternative technologies are the factors that restrict the market growth. Conversely, rising demand for new technologies from the global market players which results in faster analysis and response times and an increase in the need for diagnosis are some of the opportunities estimated for the market players. For instance, according to reports of the World Health Organization, around 11 million patients with cancer will be diagnosed each year till 2030. Moreover, in August 2019, scientists at Harvard combined organ-on-a-chip and stem-cell technologies to make a tool for diabetes research and beta-cell transplantation which will help scientists for screening insulin-producing cells before transplanting them into a patient.
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Global Lab-on-a-Chip Market Segmentation
By Product Type
· Reagents & Consumable
· Instruments
By Application
· Genomics
· Proteomics
· Diagnostics
· Drug Discovery
By Technology
· DNA Microarrays
· Microfluidic Chip
· Global Lab-on-a-Chip Market By End User
· Hospitals and Diagnostic Labs
· Pharmaceutical Companies
· Individuals
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
