Geographically, North America dominates the lab-on-chip market

A lab-on-chip (LOC) helps in incorporating laboratory functions via a solely unified circuit. Lab-on-chips has extensively evolved the field of diagnosis and is increasingly being utilized in the application of microfluidic-chip-based technologies such as chemical synthesis, medical diagnostics, and the study of complex cellular process. Moreover, LOC helps in providing quick diagnoses that are considered to be quiet accessible and easy to handle option, Furthermore, these are the reasons that have increased the significance of LOC market across the globe. 

Based on application, the LOC market is segmented into drug discovery, genomics & proteomics, diagnostics, and others. Among all these segments, genomics & proteomics segment is anticipated to witness the fastest growth during the forecast period. It has been observed that genomics & proteomics is witnessing extensive demand due to increasing application of this segment in bioinformatics that helps in advancing vaccine discovery method by promptly providing potential candidates to enable further testing. 

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The global lab-on-chip market is gaining significant importance due to growing R&D investment in life sciences, pharmaceuticals, and the increasing adoption of personalized medicine. Moreover, there is continuous innovation in microfluidic devices that have led to the transformation of drug discovery and its development. Furthermore, it has been observed that several microfluidic device companies are entering in collaboration to build an innovative approach for diagnosis and advancement and miniaturization of the lab-on-chip. 

Geographically, North America dominates the lab-on-chip market due to the increased demand for microfluidic products in pharma, diagnostic, and clinical domain in this region. Moreover, LOC technology is widely promoted and accepted in this region because of the cost efficiency and usage in a variety of applications. Furthermore, key players in North America are taking efforts towards the introduction of microfluidic products. 

Moreover, Asia-Pacific is anticipated to witness the fastest growth during the forecast period due to the increasing population and growing adoption of advanced technologies in this region. Furthermore, there are several government initiatives and increasing expenditure on highly innovative technologies paving the way for the growth of the LOC market in this region. 

Key players in the LOC market are taking steps to empower their position in the market by improving the quality of the system and developing the latest technology. The firms are making a strategic alliance with medium scale firms to make the technology more economical. This acts as a role to remove the hurdle of cheap alternatives. 

The prominent 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. 

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