[Report] Lab on Chips Market to Reach US$8.7 Billion by 2024: High Acceptance of Microfluidic Products in Healthcare Sector to Fuel Growth Opportunities
The presence of large players in most geographies has rendered the vendor landscape of the Global Lap on Chips Market highly competitive. However, the market exhibits a high degree of consolidation with the top 8 players accounting for nearly 80% of the overall market in 2016. Among these enterprises Danaher Corporation, Thermo Fisher Scientific, F. Hoffmann-La-Roche AG, and Abbott Laboratories enjoy dominance on account of extensive geographical presence and diverse product portfolio, finds Transparency Market Research (TMR) in a new study. Besides this, several companies are aiming for strategic collaborations to strengthen their market position.
TMR forecasts the global lap on chips market to exhibit a CAGR of 10.7% between 2016 and 2024. At this pace, the market’s valuation is expected to reach US$8.7 bn by the end of 2024 from US$3.88 bn in 2016. Among the key segments based on product, the instrument segment emerged dominant in 2016 with a share of 49.1% in the market. Persisting gains are projected for the segment due to the high acceptance of microfluidic products in industries and laboratories. Regionally, North America led the global lab on chips market with a share of 37.4% in 2016. Aided by early adoption of the latest technologies and advent of new product portfolios, the region will continue showcasing lucrative opportunities to the market players.
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Rising Incidence of Chronic Ailments to Boost Opportunities
Health growth is on cards for the global lab on chips market on account of the rising incidence of peripheral vascular disorders. Besides this, the spread of infectious diseases and high investment for developments in healthcare infrastructure will remain the chief drivers of the market. With the geriatric population worldwide forecast to rise further, the demand for lab on chips is likely to increase in the coming years. “According to the WHO, the geriatric demography will double itself in the coming years,” said a lead TMR analyst. “Nations around the world will therefore face severe challenges to ensure improvements in healthcare systems and preparedness to capitalize the most on the demographic shift,” he added.
Furthermore, the availability of lab on chips technology at an affordable price will aid its market’s growth. In addition, primary benefits encouraging use of these microfluidic systems include the compact design and lightweight of these devices. Acceptance of novel technologies will also bolster opportunities for the global lab on chips market.
The two key applications of lab on chip techniques and devices are life sciences research and diagnostics. As both these fields are forecast to exhibit accelerated growth, the global lab on chips market will get consequently benefitted.
Stringent Regulatory Approvals Considered as Major Bottlenecks
On the downside, quality issues, taboos surrounding the acceptance of novel technologies, high cost compared to their traditional counterparts, and stringent regulations implemented by governments are the key challenges restraining the market. For instance, authorities such as FDA and EMA regulate approvals to ensure quality, safety, and efficacy of drugs and medical devices in the U.S. and Europe, respectively. Obtaining pre-market approvals are lengthy and often expensive processes. This could have a negative impact on the overall lab on chips market.
Besides this, reliability issues have emerged as key bottlenecks. Despite system components being dependable, poor assembly of these devices often negatively impact their growth trajectory. The market is also reeling under lack of awareness about novel technologies across underdeveloped and developing nations.
Prevalence of Unmet Medical Needs in Emerging Nations to Keep Demand High in Future
Nevertheless, emerging economies in Asia Pacific and Latin America offer immense growth opportunities to the market. The rising population and widespread prevalence of unmet medical needs are expected to create lucrative prospects for the lab on chips market across these regions. According to TMR, Asia Pacific accounts for nearly half of the global population. Healthcare organizations in the region are therefore focusing on curbing the incidence of chronic ailments such as AIDS, cancer, and other infectious diseases. With authorities planning to establish novel healthcare delivery models, the market is likely to witness robust growth opportunities.
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This review is based on a TMR study, titled “Lab on Chips Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024.”
The report segments the global lab on chips market as:
Lab on Chips Market, by Product Type
- Reagents & Consumables
- Software & Services
Lab on Chips Market, by Application
- Genomics & Proteomics,
- Drug Discovery,
Lab on Chips Market, by End-user
- Academic & Research Institute
- Diagnostic Lab
- Homecare settings
Lab on Chips Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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