Lab-on-a-Chip (LOC) Market Size & Share, by Product (Software, Reagents & Consumables, Instruments); Technology (Microarrays, Microfluidics); Application (Proteomics, Genomics, Drug Discovery, Diagnostics) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2031

Global Lab-on-a-Chip (LOC) Market Highlights Over 2022 - 2031

The global lab-on-a-chip (LOC) market is estimated to garner a substantial revenue by growing at a CAGR of ~14% over the forecast period, i.e., 2022 – 2031. Over the last two decades, as a result of the growing prevalence of chronic diseases, and rising demand for point of care testing globally, the demand for LOC based systems is also expected to increase. In 2019, there were more than 15 million deaths from all types of cardiovascular diseases across the globe. In addition, cancer and respiratory diseases caused about 9 million and 4 million deaths in that same year. This can be credited to the fact that lab-on-a-chip-based point-of-care (POC) diagnostic devices have shown to improve test speed, throughput, and cost-efficiency. Along with these, growing utilization of biochips in cancer treatment and diagnosis, and upsurge in demand for personalized medicine are also expected to drive market growth in the upcoming years. In 2020, the total number of personalized medicines available in the United States alone were 286. Also, the investments in these medicines grew by 53% between 2011-2015 in the country. Furthermore, increasing number of R&D activities in the field of biotechnology is projected to offer lucrative opportunities to the market in the near future.

The market is segmented by application into proteomics, genomics, drug discovery, and diagnostics, out of which, the genomics segment is anticipated to occupy the largest share in the global lab-on-a-chip (LOC) market. This can be accounted to the growing utilization of LOC for integrating array of DNA probes, as it is able to sequence genomes at a thousand times faster rate.  Additionally, on the basis of technology, the microfluidics segment is predicted to occupy the largest share during the forecast period owing to the high usage of this technology for manufacturing a wide range of consumer products. Apart from this, microfluidics reduces errors in cost management and provides good return on investment, which is also assessed to boost the market segment growth in the future. CLICK TO DOWNLOAD SAMPLE REPORT

Global Lab-on-a-Chip (LOC) Market Regional Synopsis

Regionally, the global lab-on-a-chip (LOC) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing occurrence of cardiovascular and renal diseases, and rising developments in healthcare infrastructure in the region. More than 20 million people aged 65 years or older in China suffered from kidney damage, and about 14 million from decreased renal function in the year 2019.

Moreover, the market in North America is projected to occupy the largest share during the forecast period ascribing to the escalating investments for drug discovery by pharmaceutical companies in the region. In addition, rapid adoption of advanced medical technologies is also expected to fuel the market growth in the region in the coming years.

The global lab-on-a-chip (LOC) market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global lab-on-a-chip (LOC) market includes the following segments:

By Product Type

• Software
• Reagents & Consumables
• Instruments

By Technology

• Microarrays
• Microfluidics

By Application

• Proteomics
• Genomics
• Drug Discovery
• Diagnostics

Growth Drivers

• Growing Prevalence of Chronic Diseases
• Rising Demand for Point of Care Testing Globally

Challenges

• Inconsistency and Poor Reproducibility of Results Using LOC

Top Featured Companies Dominating the Market

• Siemens AG
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis 
• PerkinElmer, Inc.
• Becton, Dickinson, and Company
• Agilent Technologies, Inc.
• Abaxis Inc.
• Danaher Corporation
• F. Hoffmann-La Roche AG
• Fluidigm Corporation
• Thermo Fisher Scientific, Inc.
• Abbott Laboratories