by The global Lab-on-a-chip and Microarrays (Biochip) Market caters to the growing need for rapid, cost-effective, and miniature diagnostic systems. Lab-on-a-chip and microarrays allow thousands of biomolecular interactions to be performed simultaneously, providing molecular detection capabilities. The market comprises products like lab-on-a-chip devices, DNA microarrays, protein microarrays, and tissue biochips that have various applications in research, drug discovery, molecular biology, genetics, forensics and clinical diagnostics.
The global Lab-on-a-chip and Microarrays (Biochip) Market is estimated to be valued at US$ 31.91 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased research and development activities in the medical diagnostics sector have been propelling the Lab-on-a-chip and Microarrays (Biochip) Market growth substantially. There has been a significant rise in funding for R&D in developing advanced diagnostic tools to detect diseases at an early stage. Various governments and private organizations are investing heavily in accelerating the development of point-of-care testing systems utilizing microfluidic lab-on-a-chip technology. This is anticipated to increase the demand for lab-on-a-chip and microarrays in the coming years. Furthermore, key players are focusing on launching novel microfluidic-based devices to cater to the unmet needs of healthcare diagnostics, thereby driving the market growth.
SWOT Analysis
Strength: Lab-on-a-chip and Microarrays provide faster and cheaper testing. With shrinking size, cost of equipment is also reducing making it affordable.
Weakness: Standardization and regulatory approvals are challenging owing to varied applications. Accuracy and reliability depends on technology used and expertise involved.
Opportunity: Growing demand of point-of-care diagnosis for conditions like cancer, cardiac, infectious diseases presents huge opportunities. Growing focus on personalized medicine is expected to further boost demand.
Threats: Technological advances could make existing products obsolete quickly. Stiff competition from emerging players with novel technologies pose pricing challenges.
Key Takeaways
The Global Lab-On-A-Chip And Microarrays (Biochip) Market Size is expected to witness high growth. The global Lab-on-a-chip and Microarrays (Biochip) Market is estimated to be valued at US$ 31.91 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030.
North America currently dominates the market owing to availability of advanced healthcare infrastructure and growing R&D investments. Asia Pacific is expected to offer lucrative growth opportunities during the forecast period owing to increasing healthcare expenditure, growing penetration of advanced technologies and rising medical tourism.
Key players operating in the lab-on-a-chip and microarrays (biochip) market are Merck KgaA, QIAGEN NV, BioMérieux, Illumina Inc., Micronit BV, PerkinElmer Inc., Thermo Fisher Scientific, Fluidigm Corporation, Bio-Rad Laboratories Inc., Agilent Technologies Inc., Abbott Laboratories, Phalanx Biotech Group, and Danaher Corporation (Cepheid), among others. The market is witnessing increasing strategic collaborations and new product launches to consolidate market presence. For instance, in 2023, Beckman Coulter Diagnostics collaborated with Mayo Clinic to develop a universal blood test for cancer detection using microarray technology.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
