The global Lab-on-a-Chip (LOC) market is growing at a considerable CAGR of 9.3% during the forecast period (2021-2027). The factors that augment the market growth include the extensive use of lab-on-a-chip devices in the medical industry. Moreover, short response time and low fluid volume consumption in diagnosis, and use in academic and research institutes are the other factors that contribute to the growth of the market. In addition to this, easy portability, advancing fabrication technology, and use for biomarker-based identification and early detection of oral cancer have also fueled the demand for LOC’s. The rise in chronic diseases across the globe has led to the need for new less time-consuming LOC’s. Increasing support from the semiconductor industry in launching innovative circuits for the medical sector is fostering the market growth.

However, the high initial cost of lab-on-a-chip, complex manufacturing, and lack of awareness for the use of LOC’s in the developing and undeveloped countries are some of the constraints which are expected to challenge the growth of the market in the forecast period. The limited technical knowledge and availability of alternative technologies are the factors that restrict the market growth. Conversely, rising demand for new technologies from the global market players which results in faster analysis and response times and an increase in the need for diagnosis are some of the opportunities estimated for the market players. For instance, according to reports of the World Health Organization, around 11 million patients with cancer will be diagnosed each year till 2030. Moreover, in August 2019, scientists at Harvard combined organ-on-a-chip and stem-cell technologies to make a tool for diabetes research and beta-cell transplantation which will help scientists for screening insulin-producing cells before transplanting them into a patient. 

Impact of COVID-19 on the Global Lab-on-a-Chip Market

The global lab-on-a-chip market had a positive impact on the COVID-19 pandemic in December 2019. The outbreak of COVID-19 in the major economies has increased the manufacturing and supply of Lab-on-a-chip products across the globe which increased market share. This was mainly due to the need for a faster COVID-19 antibody test as it helps to identify the presence of COVID-19 antibodies in blood donors with greater speed and efficiency than the current standard technologies like enzyme-linked immunosorbent assay or ELISA technology. For instance, a lab on a chip developed by the scientists of U-M and CDI can provide a COVID test within 15 minutes. More research in this field is further estimated to have an impact in both saving lives and costs during the global pandemic

Segmental Outlook 

The market is segmented based on product type, application, technology, and end-user. Based on the product type segment, the market is segmented into reagents and consumables, and instruments. Among these, the instruments and reagents and consumables segments are anticipated to experience rapid growth soon owing to a surge in demand for lab-on-a-chip technology in both developed and emerging markets.  Based on the application segment, the market is segmented into genomics, proteomics, diagnostics, and drug discovery. Based on the technology segment, the market is segmented into DNA microarrays and microfluidic chips. Further, based on the end-user segment, the market is bifurcated into hospitals and diagnostic labs, pharmaceutical companies, and individuals.

Global Lab-on-a-Chip Market Share by Application, 2020 (%)

Diagnostics Segment to Hold a Lucrative Share in the Global Lab-on-a-Chip market

Amongst the application segment of the global lab-on-a-chip market, the diagnostic segment held one of the largest shares in the application segment of the lab-on-a-chip market in 2020. The factors that contributed to the growth of this segment include a rise in the population of patients across the globe which leads to the monitoring of several chronic diseases. Moreover, most of the market players engaged in the development of new and technologically advanced diagnostic tests due to the need for screening of COVID-19 patients. In addition to this, the use of biochips in cancer treatment and diagnostics, the growth in demand for personalized medicines, and use in Point-of-care testing diagnosis and handheld diagnostics are some of the other factors that contribute to the growth of the diagnostic segment. The genomics and Proteomics segment is also estimated to have a significant share owing to opportunities for DNA & RNA sequencing and ultra-high-resolution studies of DNA. Lab-on-a-chip used for genomics is generally of low cost. In a drug discovery segment, LOCs are generally used to generate new knowledge on biological building blocks or to immobilize, transport, and manipulate particles. 

Regional Outlooks

The lab-on-a-chip market is analyzed based on the geographical regions that are contributing significantly towards the growth of the market. Based on the geography, the market is segmented into North America (the US and Canada), Europe (Germany, Spain, Italy, France, the UK, and the Rest of Europe), Asia-Pacific (India, China, Japan South Korea, and the Rest of Asia-Pacific), and the Rest of the World (the Middle East and Africa, and Latin America). North America region is estimated to have one of the largest shares in this market. The presence of major market players, government funding for research, high prevalence of chronic diseases, and increase rate of diagnostic tests for the various viral and pathogenic diseases in developed nations like the US and Canada are some of the factors that fuel the growth of the market in the region. For instance, according to the Centers for Disease Control and Prevention in 2020, the number of tuberculosis and salmonella cases were 7,163 and 1.35 million respectively in the U.S. Europe is also estimated to have a significant share in the market owing to the presence of high healthcare infrastructure and clinical researches. 

Global Lab-on-a-Chip Market, by Region 2021-2027

Asia-Pacific is projected to highest Contributor to the growth of the Global Lab-on-a-Chip market

 The Asia-Pacific region is estimated to be one of the fastest-growing regions owing to the increase in the prevalence of infectious diseases, increase in population in the countries such as China and India, and government support to advance healthcare facilities. China is also investing heavily in scientific research to better understand people's biological make-up, as well as analytical tools, cutting-edge data collecting, and efficient computing capabilities, to facilitate a significant volume of research data in the Asia-Pacific region. The country is also a technological leader, particularly in the lab-on-a-chip-based POC. As a result, dominating growth factor of the market is a growing focus on clinical research, precision medicine, technology advancements, and new drug discovery.

Market Player Outlook

The key players of the lab-on-a-chip market include Agilent Technologies, Inc., Siemens AG, F. Hoffmann-La Roche AG, Bio-Rad Laboratories, Inc., Beckman Coulter, Inc. (CytoFluidix), Abbott Laboratories, Inc., Thermo Fisher Scientific Inc., and Danaher Corp., among others. These key manufacturers are adopting various strategies such as new product launches and approvals, mergers and acquisitions, partnerships and collaborations, and many others to thrive in a competitive environment. For instance, in March 2020, Agilent Technologies has announced the launch of three new microarrays to assist pre-and postnatal research by cytogenetic laboratories. The new Agilent GenetiSure Cyto microarrays include updated, clinically relevant content from respected databases.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global lab-on-a-chip market based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where in the market.