Lab On Chip (LOC) Market Future Outlook: Investment Trends, Growth and Future Market Analysis by Regions forecast 2024

A lab-on-chip (LOC) helps in incorporating laboratory functions via sole unified circuit. Lab-on-chips has extensively evolved the field of diagnosis and is increasingly bein 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 diagnosis 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.

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Increase in adoption of personalized medicine, increase in drug discovery and life science research, use in bio-marker based detection and the need for high-speed diagnostics are the key factors driving the global lab-on-chip market. LOC technology is used for bacteria detection, real-time PCR, DNA check and cellular analysis in the biomedical field. This helps in lessening energy consumption with faster synthesis which helps in providing quick results and faster diagnosis which makes the LOC technology more significant in the biomedical field. Furthermore, LOC technology has proved extremely beneficial for bio-marker based detection which enables it to detect oral cancer at a very early stage and thus improves the survival rate. These factors are thereby strengthening the growth of LOC market.

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.

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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 way for the growth of the LOC market in this region.

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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