Lab-on-a-chip Market Size, Share, and Industry Analysis, By Product (Instruments, Reagents, and Consumables); By Technology (Microarrays, Microfluidics, Tissue Biochip, and Others); By End Use (Hospitals and Clinics, Biotechnology and Pharmaceutical Companies, Forensic Laboratories, Diagnostic Centers, and Academic and Research Institutes), and Regional Forecast till 2032

The global lab-on-a-chip market is expanding owing to the growing number of chronic illnesses. The market is anticipated to expand on account of a low frequency of costly health issues and a rise in the elderly population. Lab-on-a-chip implies an integration of many disciplines and the downsizing of laboratory processes. These gadgets are employed in many areas of medicine, including environmental monitoring, stem cells, medication delivery, and synthetic biology.

The market is growing due to many pharmaceutical companies investing in this area, expanding their use of cutting-edge technology, and conducting research and development. Personalized medicine is becoming more and more in demand, which has further boosted the market for lab-on-a-chip. This trend is going to continue, and the technology's revenue would continue to rise. The market is expected to see further revenue growth as a result of cancer is becoming more and more common in many countries.

• In 2023, Bio-Rad's digital PCR products, which are a part of their lab-on-a-chip technology portfolio, saw a revenue growth of 15% year-over-year, according to Bio-Rad Laboratories, Inc. This growth was driven by an increased demand for precision diagnostics and personalized medicine, particularly in the field of oncology. The company reported that their QX200 Droplet Digital PCR System has been increasingly adopted by clinical labs for cancer research and diagnostics.

Impact of Generative AI on the Lab-on-a-chip Market

Generative AI holds boundless potential to enhance engineering and manufacturing processes, from streamlining complex system design procedures to speeding the time-to-market for new products. Generative AI, offers the potential to greatly expand worldwide economy.

• According to industry experts, generative AI may provide between USD 2.6 trillion and USD 4.4 trillion in yearly contributions across a range of use cases. To put this into context, the U.K.'s total GDP was USD 3.1 trillion in 2021. This economic influence changes workforces, sectors, and societal standards in addition to the numbers.

Lab-on-a-chip Market Driver

Increased Weight of Chronic Diseases to Fuel Market Expansion

The rising prevalence of chronic diseases worldwide is likely to boost the global lab on a chip and microarrays (biochip) market over the forecast period. Chronic diseases, including heart disease, cancer, diabetes, and chronic respiratory disease, are the major causes of death worldwide, posing a rising global health challenge. 

• The World Health Organization (WHO) reports that cardiovascular illnesses are the leading cause of non-communicable disease mortality (17.9 million per year), followed by cancer (19.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million).

Lab-on-a-chip Market Restraint

Presence of Other Technologies to Impede Market Growth

The availability of substitute technologies is one of the major reasons anticipated to impede the growth of the global market for lab-on-a-chip and microarrays or biochips. Although lab-on-a-chip (LDC) and microarrays (biochip) technology have their own advantages, such as being cheaper and less labor intensive, the availability of competing technologies and their advantages over biochip and bio array techniques are limiting market growth. The availability of alternative technologies is projected to impede the growth of the market.

Lab-on-a-chip Market Opportunity

Rise in Application of Proteomics and Genomics in Cancer Research to Offer New Opportunities

The global lab on a chip and microarrays (biochip) market is expected to experience significant growth due to the increasing application of proteomics and genomics in cancer research. With cancer being the leading cause of death globally, biochips are increasingly used in developing personalized drugs. Technological advancements in microfluidics materials also offer growth opportunities, particularly in detecting cardiovascular diseases.

• Cardiovascular diseases (CVD) are the main cause of death worldwide, accounting for an estimated 11.5 million fatalities annually. Heart attacks account for approximately 4 out of every 5 CVD-related deaths.

Segmentation

Key Insights

The report covers the following key insights:

• Micro Macro Economic Indicators
• Drivers, Restraints, Trends, and Opportunities
• Business Strategies Adopted by Key Players
• Impact of Generative AI on the Global Enterprise Social Software Market
• Consolidated SWOT Analysis of Key Players

Analysis by Product

Based on product, the market is subdivided into instruments, reagents, and consumables.

The instruments segment dominated the market in 2023. This can be attributed to the increased use of biochip and bio array technology. In addition to essential chips, using lab-on-a-chip and microarrays in the lab necessitates the usage of instrumentation such as analysers and support kits. Due to the increased need for reagents and consumables, the reagents and consumables segment is expected to grow significantly in the near future.

Analysis by Technology

Based on technology, the market is divided into microarrays, microfluidics, tissue biochip, and others.

The transition from traditional laboratory methods to lab-on-chip can be attributed to the growing use of microfluidics. Microfluidics has been widely employed to produce a wide range of consumer goods and it is anticipated to have a tremendous use in various locations or areas. They provide a strong return on investment and aid in the reduction of cost management errors.

The microfluidics segment dominated the market in 2022. Owing to rapid developments in this technology, microarrays are used by laboratories to identify multiple genes at once, and their use is predicted to rise over the coming years. The use of biochips in cancer therapy and diagnosis and personalized medicine will increase, which will support the microarray market expansion. With its enormous potential, the microfluidic lab on a chip could transform the biomedical stream and support the expansion of the healthcare industry. The lab-on-a-chip technology is preferred over conventional tests in research laboratories due to its ability to automate biochemical assays, integrate miniaturization, and other features.

• According to Lab-on-a-Chip Journal, microfluidics dominated the lab-on-a-chip market in 2023, accounting for almost 60% of the total. This is driven by key industry players such as Abbott and Roche, who recognize the technology's effectiveness in automating biochemical assays and boosting diagnostic accuracy.

Analysis by End-Use

Based on end-use, the market is divided into hospitals and clinics, biotechnology and pharmaceutical companies, forensic laboratories, diagnostic centers, and academic and research institutes.

The biotechnology and pharmaceutical companies segment is likely to lead the market over the projection period, driven by the use of biochip and bio-array technology LOC devices in various biological and analytical applications.

Regional Analysis

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Based on region, the global lab-on-a-chip market is distributed into five regions: North America, South America, Europe, the Middle East & Africa, and Asia Pacific.

As of 2023, a significant share of the market was held by North America, due to the burden of providing healthcare is rising throughout North America, especially in Canada and Mexico, as a result of the prevalence of chronic diseases.  According to data released by the Heart and Stroke Foundation of Canada (HSFC) in February 2022, around 750,000 Canadians had heart failure in 2021 and approximately 100,000 Canadians receive a diagnosis of this life-threatening illness each year.

• It is expected that sales of the lab-on-a-chip market will rise significantly in the Asia Pacific area in the near future. With a projected CAGR of roughly 11.24% from 2022 to 2030 and the potential to reach a market value of approximately USD 15 billion by 2030, Asia Pacific is positioned as a leader due to factors such as a large population, rising demand for effective diagnostics, and investments in healthcare infrastructure.

Distribution of the Global Enterprise Social Software Market, By Region of Origin:

• North America – 40%
• South America – 5%
• Europe – 30%
• Middle East & Africa – 5%
• Asia Pacific – 20%

Key Players Covered

The key players in the market include

• Abbott Laboratories Inc. (U.S.)
• Agilent Technologies Inc. (U.S.)
• Becton, Dickinson and Company (U.S.)
• Bio-Rad Laboratories Inc. (U.S.)
• Danaher Corporation (U.S.)
• F. Hoffmann-La Roche AG (Switzerland)
• Fluidigm Corporation (U.S.)
• IDEX Corporation (U.S.)
• PerkinElmer Inc. (U.S.)
• Thermo Fisher Scientific Inc. (U.S.)

Key Industry Developments

• May 2023 - HyPhoX founding young scientists have created a novel biochip and are currently doing research at BAM, IHP, and TH Wildau. On a single square millimetre, it combines optical, electrical, and microfluidic components. A small analytical laboratory can fit in a tiny place due to lab-on-a-chip technology. This allows for direct, on-site, real-time analysis of even the tiniest amounts of sample fluids.
• May 2021- One of the most recent developments is that Bisu, a healthcare startup with its headquarters in Tokyo, has raised USD 3.2 million. The company has developed a lab-grade testing gadget that can be used at home for diagnostics that result in relevant health data. The seed round will be utilized to start Bisu Body Coach, a mobile home health lab that uses simple, accurate urine and saliva tests to deliver individualized dietary and lifestyle recommendations. With the seed money, the total amount raised rises to USD 4.3 million.