Our in-depth analysis of the global lab-on-a-chip (LOC) market includes the following segments:
By Product Type
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:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major factors driving market growth are growing prevalence of chronic diseases, and rising demand for point of care testing globally.
Ans: The market is anticipated to attain a CAGR of ~14% over the forecast period, i.e., 2022-2031.
Ans: The major players in the market are Siemens AG, PerkinElmer, Inc., Becton, Dickinson, and Company, Agilent Technologies, Inc., Abaxis Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, technology, application, and by region.
Ans: The genomics segment is anticipated to hold largest market size in value and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
Ans: Inconsistency of results and poor reproducibility of results using LOC are estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the growing occurrence of cardiovascular and renal diseases, and rising developments in healthcare infrastructure in the region.