Lab-on-a-Chip Device Market Scenario
The Lab-on-a-Chip Device Market is forecasted to exhibit robust growth registering a CAGR of 10% during the forecast period. A Lab-on-a-Chip is a device which integrates one or several laboratory processes on a single integrated circuit of size ranging from millimeters to a few squares.
The global Lab-on-a-Chip device industry is majorly driven by increasing application of lab on chip devices in the medical field in the diagnosis of various infectious diseases which eases sample handling and yields efficient results in a snap of time. Similarly, the use of lab-on-a-chip devices for research purposes is gaining traction due to easy portability, automated biochemical assays, and huge sample handling provision. Moreover, rising demand for miniature devices, advancing fabrication technology, research on biosensors and biomarkers, and economic feasibility of lab-on-a-chip devices are expected to spur the market growth.
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Market Segmentation
The global Lab-on-a-Chip device market is segmented on the basis of product, technology, application, and end-user. According to the product, the market is segmented into instruments, reagents & consumables, software, and others.
On account of technology, the market is segmented into microarrays, microfluidics, tissue biochip, and others.
On account of the application, the market is segmented into genomics, proteomics, the point of care diagnostics, drug discovery and others.
Considering the end-user, the market is segmented into hospitals and clinics, biotechnology and pharmaceutical companies, forensic laboratories, diagnostics centers, and academic & research institutes.
Based on region the market is segmented into Americas, Europe, Asia-Pacific, and the Middle East and Africa. The American region is segmented into North America and South America. Similarly, Europe is segmented into Western Europe and Eastern Europe.
Regional Market Summary
The Americas is the global leader in Lab-on-a-Chip device market owing to increasing advances in molecular biology and genetic engineering techniques as well as increasing prevalence of infectious diseases. Additionally, factors such as increasing number of genomic and proteomics research labs government initiatives and funding for research, development of advanced medical treatment options, and rising demand for portable devices are likely to enhance the growth of Lab-on-a-Chip device market in the American region. For instance, According to stats presented in the Centers for Disease Control and Prevention report in the year 2017, around 49.9% of the children between the ages of 6 months to 17 years in the US received an influenza vaccine. Due to the alarming rate of chronic as well as infectious diseases, use of lab-on-a-chip devices is accelerated due to its precision in diagnosis and multiple samples handling feature.
Europe is the second largest market and holds a healthy share in the global Lab-on-a-Chip device market due to major driving factors such as the flourishing medical device market, favorable government initiatives to promote life-science and clinical research, rising average per capita income of individuals. For instance, the European Commission stated that the R&D spending by the pharmaceuticals and biotechnology sectors grew by 8.7% in 2014. This investment in R&D along with the ongoing legislative reforms is expected to have a positive impact on the Lab-on-a-Chip device market.
The Asia-Pacific is expected to be the fastest growing market owing to the faster adaptation of healthcare technology, increasing patient pool of chronic and infectious diseases, government initiatives of healthcare reform, increasing number of CROs and research projects on environmental issues. Furthermore, key medical device players have set up their regional headquarters and manufacturing plants in Singapore, China, Japan, and Australia thus, boosting the growth of Lab-on-a-Chip device market.
The Middle East & Africa is expected to show the least growth in the market due to some major factors such as lack of awareness, limited access and availability of treatment facilities. In the Middle East, the United Arab Emirates is the largest market share owing to the development of the healthcare industry and sound economic status of inhabitants. However, this area has the possibility to grow during the forecast period as due to increasing outbreak of new opportunistic pathogen associated diseases like Ebola, Zika Virus, and Hepatitis B which has attracted key players to set up their R&D centers in this region.
Major TOC for Lab-on-a-Chip Device Market Research Report – Forecast to 2023:
1. Report Prologue
2. Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
5. Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
5.1.2 Bargaining Power Of Buyers
5.1.3 Threat Of New Entrants
5.1.4 Threat Of Substitutes
5.1.5 Intensity Of Rivalry
5.2 Value Chain Analysis
TOC Continued….!
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