by Paragraph: The Lab-on-a-chip (LOC) and microarrays (biochip) refer to miniaturized testing devices that integrate one or several laboratory functions on a single integrated circuit or chip of just square millimeters to square centimeters in size. These devices are used for examination of biomolecular interactions, chemical reactions and cell populations in picoliter/nanoliter volumes. LOC and biochips offer faster detection, consume less energy and chemicals as compared to conventional laboratory methods. They find wide applications in point-of-care testing, disease diagnosis, food safety testing, forensic analysis and environmental monitoring.
The global Lab-on-a-chip and Microarrays (Biochip) Market is estimated to be valued at US$ 31.91 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing adoption of point-of-care (POC) testing is expected to drive the growth of the Lab-on-a-chip and Microarrays (Biochip) Market over the forecast period. LOC and biochips enable quick diagnosis of diseases by bringing laboratory infrastructure to physician’s offices and clinics. This reduces turnaround time, waiting periods and chances of incorrect treatments. Furthermore, ongoing technological advancements in microfluidics and nanotechnology are enabling integration of complex analytical techniques on a single device paving way for development of advanced POC testing solutions. Miniaturization of devices with improved diagnostic power is further expected to boost the market growth.
Segment Analysis
The lab-on-a-chip and microarrays (biochip) market can be segmented into arrays (DNA, protein, carbohydrate, antibody, and others) and instruments & software. The arrays segment is expected to dominate the market during the forecast period. This is due to growing applications of microarray and lab-on-a-chip technology in various industries including healthcare, food & beverages, agriculture, and environmental monitoring.
PEST Analysis
Political: Governments across the globe are supporting R&D activities related to biochip and lab-on-a-chip technologies. This is facilitating market growth.
Economic: Increasing funding and investments for developing lab-on-a-chip devices for diagnosis is driving the market growth. Growing healthcare expenditure is another major factor.
Social: Rising awareness about early disease diagnosis and increasing prevalence of chronic diseases are increasing the demand for biochips and lab-on-a-chip devices.
Technological: Advancements in microchip manufacturing, microfluidics, and integration of wireless connectivity in biochips are enabling development of innovative products.
Key Takeaways
The Global Lab-On-A-Chip And Microarrays (Biochip) Market Size is expected to witness high growth. .The global Lab-on-a-chip and Microarrays (Biochip) Market is estimated to be valued at US$ 31.91 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
North America is currently the largest as well as the fastest growing regional market. This is attributed to availability of advanced healthcare infrastructure, presence of key players, and increasing R&D investments.
Key players operating in the lab-on-a-chip and microarrays (biochip) market are Merck KgaA, QIAGEN NV, BioMérieux, Illumina Inc., Micronit BV, PerkinElmer Inc., Thermo Fisher Scientific, Fluidigm Corporation, Bio-Rad Laboratories Inc., Agilent Technologies Inc., Abbott Laboratories, Phalanx Biotech Group, and Danaher Corporation (Cepheid). Merck KgaA and QIAGEN NV hold a significant share of the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
