Coherent Market Insights is a leading market research Publisher which offers report on “Lab-On-A-Chip Market to Surpass US$ 10.25 Billion Threshold by 2025”
SEATTLE, WASHINGTON, UNITED STATES, December 18, 2017 /EINPresswire.com/ — The global lab-on-a-chip market, by Application (Genomics, Proteomics, Diagnostics, and Drug Discovery), by Product Type (Reagents & Consumables, Software, and Instrument), by Technology (Microarrays and Microfluidics), by End User (Hospital, Diagnostic Labs, Academic and Research Institutes, Biotechnology, and Pharmaceutical Companies), and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was valued at US$ 4.09 Bn in 2016 and is projected to exhibit a CAGR of 10.8 % over the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Increasing demand for diagnostic test and advancement in technology of lab-on-a-chip device, with wide number of applications, in turn is projected to fuel growth of the lab-on-a-chip market over the forecast period.
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Early detection of diseases help with effective treatment measures. However, diseases such as cancer are difficult to detect, as the symptoms are usually more detectable later stages. Scientists are facing challenges in capturing and analyzing the bioparticles of cancers, as they are very small in size, which fuels demand for lab-on-a-chip in cancer diagnosis. Increasing demand for lab-on-a-chip devices is mainly due to advancements in technology, portability, and re-configurability and applications. Some of the application of lab-on-a-chip devices are flow cytometer lab-on-a-chip for (HIV), immunoassay LoC for bacteria detection, real-time PCR detection chips, DNA chip, gene chip, and cellular analysis chip.
Furthermore, manufacturers are focusing on innovation to tap into emerging markets. For instance, in 2017, scientists of IBM Research are developing lab-on-a-chip nanotechnology that can separate and isolate bioparticles, which are around 20 nanometers in diameter. This in turn, gives access to identify DNA viruses and exosomes. This shows potential of lab-on-a-chip to analyze and reveal the presence of the diseases, even before a person shows the symptoms. Furthermore, in August 2017, Utah’s Brigham Young University used 3D printing technology and microfluidics collectively to develop the smallest viable 3D printed microfluidic device, which can be effective below 100 micrometers, indicating a major innovation in the lab-on-a-chip market.
Browse 30 Market Data Tables and 28 Figures spread through 160 Pages and in-depth TOC on Lab-On-A-Chip Market, by Application (Genomics, Proteomics, Diagnostics, and Drug Discovery), by Product Types (Reagents & Consumables, Software, and Instrument), by Technology (Microarrays and Microfluidics), by End User (Hospital, Diagnostic Labs, Academic and Research Institutes, Biotechnology, and Pharmaceutical Companies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Forecast to 2025
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Major players in the healthcare sector are adopting novel technologies to deliver better care. In October 2017, Micronit, Axxicon and Helvoet collaborated to offer a leading development and manufacturing package to support the growing demand for high volume polymer microfluidic products. This is majorly due to rapid development of diagnostic systems by the health care industry. For instance, Micronit provides innovative lab-on-a-chip and MEMS solutions using micro and nanotechnologies.
Furthermore, lab-on-a-chip use smartphones to quickly detect multiple pathogens. In October 2017, the University of Illinois at Urbana-Champaign and University of Washington at Tacoma has developed a novel platform to diagnose infectious diseases at the point-of-care, using a smartphone as the detection instrument.
Key takeaways of the market:
The global lab-on-a-chip market is expected to exhibit a CAGR of 8% over the forecast period (2017–2025), owing to rise in chronic diseases.
Asia Pacific is expected to exhibit a highest growth rate, in terms of revenue, in the global lob-on-a-chip market over the forecast period. This is due to increase in prevalence of chronic diseases such as tuberculosis, which in turn fuels growth of the market in the region. The World Health Organization (WHO) estimated that of the 9 million people who developed TB in 2013, 56% were in the South-East Asia and Western Pacific Regions.
Among product types, instrument segment accounted for 50.42% share of the lab-on-a-chip market in 2016
Some major players operating in the global lab-on-chip market are Takara Bio Inc., Nobel Biocare Services AG, Bio-Rad Laboratories Inc., PerkinElmer Inc., and Cepheid Inc.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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Source: EIN Presswire