The lab on chips technology comes handy as it allows to perform several experiments on the small chips with a solid platform. In many ways they act as mini laboratories, which is the chief driver of their demand across the healthcare sector. The microfluidic technique was developed back in 1990s and have been exhibiting growth at a steady pace since its advent.
The global lab on chips market is forecast to grow at a rapid pace on account of its increasing application in healthcare and drug development techniques. The implementation of the technology has resulted in the development of various point of care devices and in-vitro diagnostic techniques such as pregnancy kits and glucometer kits. Due to their increasing application in in-vitro diagnostics, drug discovery, and other pharmaceutical operations, the acceptance of lab on chip techniques has significantly increased.
Transparency Market Research (TMR) has projected the global lab on chips market to exhibit a CAGR of 10.7% between 2016 and 2024. At this pace the market is expected to reach US$8.7 bn by the end of 2024 from a valuation of US$3.88 bn in 2016.
Regionally, North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa constitute the key market segments. Among these, the year 2016 saw North America emerging as the leading segment, trailed closely by Europe. Despite the early adopter advantage of North America, the market is expected to witness riper opportunities in Asia Pacific. TMR forecasts the lab on chips market in Asia Pacific to register an impressive 12.3% CAGR during the forecast period.
Gaining impetus from the rising population and the latest technological advancements, Asia Pacific will continue exhibiting attractive opportunities. Also because microfluidic techniques offer more advantages over the counterparts, expanding industries across Asia Pacific are more likely to invest in them. For instance, the advent of Point-of-care (POC) devices and in-vitro diagnostic (IVD) technology, has enabled vendors to manufacture superior microfluidic chips and products. On account of the rising awareness about how diverse industries can benefit from integrating these advancements, the demand for lab on chips is forecast to rise in Asia Pacific.
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In terms of product, the global lab on chips market can be classified into reagents, instruments, and consumables. Of these, instruments emerged dominant in the global lab chips market in terms of revenue. In 2016 the segment held over 45% of the market on account of the high acceptance of microfluidic products in industries and labs. Besides this, growth witnessed in the reagents and consumables segments is prophesized to rise at a favorable pace.
Activities undertaken towards miniaturization of bio analytical techniques offer advantages such as compact design for equipment, less expensive, and enable analogous operations for multiple analyses. Driven by the factor, the demand for lab on chips products is expected to rise in the coming years. Additionally, microfluidics help in converting top laboratory protocols into a single chip. This not only facilitates diagnostics but has made home healthcare more convenient than ever. Such technological advancements are forecast to keep the demand for various lab on chips techniques high, thereby benefiting the various product categories.
Some of the leading players operating in the global lab on chips market are Danaher Corporation, PerkinElmer, Inc., Agilent Technologies, Inc., Bio-Rad Laboratories, Inc, Thermo Fisher Scientific, Inc, RainDance Technologies, Inc., and F. Hoffmann La-Roche Ltd.
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