The global lab on chip market is expected to witness a CAGR of 10.8% during the forecast period. The major factors driving the growth of the lab on chip market include rising demand for point of care testing, increasing prevalence of chronic diseases, growing use of applications such as genomics and proteomics (used for drug discovery and biomarkers) in cancer research.

The increasing demand for personalized medicines will propel the lab-on-a-chip market revenue growth and this trend is expected to continue going ahead. Development in technology, the increasingly global geriatric population, and research in the miniaturization of LOC will further fuel the market revenue growth.

The COVID-19 outburst has resulted in an increase in research which is boosting the growth of the lab on chip market. For instance, Powerful researchers from the University of Alberta have teamed up to develop a portable LOC device for rapid detection of COVID19 antibodies.

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The multi-antigen COVID-19 biochip test, ImmuSAFE was launched by Sengenics. It uses the company’s patented KREX protein folding technology and is a lab-based biochip test. ImmuSAFE enables target identification of epitopes, titres, and Ig class/ sub-class of antibodies that are produced during COVID-19 infection.

Agilent Technologies has unveiled three new microarrays to support pre-and postnatal research by cytogenetic laboratories. The new Agilent GenetiSure Cyto microarrays include updated, clinically relevant content from respected databases.

The diagnostics segment is the prominent segment during the forecast period due to the rising demand for diagnostics having high speed, efficiency, and sensitivity of results. The increase in the global population will automatically increase the number of patients with diseases. This will lead to rising demand for microfluid systems for diagnosis, treatment, and monitoring of diseases which will provide lucrative opportunities for the diagnosis segment in the lab on the chip market.

North America dominates the global lab-on-chip market due to the growing geriatric population, the prevalence of infectious diseases, rise in development in molecular biology and genetic engineering techniques, rising number of genomics and proteomics research labs, initiatives by the government, funding on R&D for advanced medical treatment options, rise in demand for portable devices will fuel the growth of lab-on-chip device in the region.

The COVID-19 pandemic has intensified the need for rapid-testing kits, which is anticipated to supplement the growth of the market in the United States

The key players in the LOC market include Becton, Dickinson and Company, Agilent Technologies, Inc., PerkinElmer, Inc., Danaher Corporation, Bio-Rad Laboratories, Thermo Fisher Scientific, Abbott Laboratories, Roche Diagnostics, Siemens Healthcare, Bio-Rad Laboratories, Abaxis Inc., Achira Labs, Advanced Liquid Logic and Advanced Microlabs.

Source: VynZ Research