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 upon industry users, the LOC market is segmented into diagnostics centers, biotechnology & pharmaceutical companies, academic & research institutes, hospitals, and others. Among all these segments biotechnology & pharmaceutical companies are anticipated to witness the fastest growth during the forecast period since the world is observing the large population that further implies an increase in the number of patients as well.
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 a faster synthesis which helps in providing quick results and faster diagnosis which makes the LOC technology more significant in the biomedical field.
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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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