The global lab on chip market size was estimated at around USD 7.49 billion in 2022 and it is projected to hit around USD 17.78 billion by 2032, growing at a CAGR of 9.03% from 2023 to 2032.
Report Scope of the Lab on Chip Market
|Market Size in 2022||USD 7.49 billion|
|Revenue Forecast by 2032||USD 17.78 billion|
|Growth rate from 2023 to 2032||CAGR of 9.03%|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Covered||Micronit, MIMETAS, BEOnChip, Nortis Bio, TisssUse, InSphero, Elvesys, Mesobiotech, AxoSim, Emulate Bio, Tara Biosystems, Hepregen, Hurel Corporation, Cherry Biotech, Alveolix, BiomimiX, BioIVT, 4D Cell, Fluigent|
Key factors driving Lab-on-a-chip market revenue growth include increasing demand for point of care testing , rising incidence of chronic diseases, and expanding applications of genomics and proteomics in cancer research. Proteomics is widely adopted for drug discovery and biomarkers. Rise in demand for personalized medicines is further driving lab-on-a-chip market revenue growth, and the trend is expected to continue going ahead.
Increasing prevalence of cancer is a leading factor among the other major factors driving revenue growth of the lab-on-a-chip market. LOC devices are used in detection of pathogens, and also for biomarker-based identification and early diagnosis of oral cancer. High incidence of swine flu, malaria, Ebola virus and Zika virus are also fueling demand for LOC, and in turn fueling market revenue growth. Lab-on-a-chip technology is under exploration for applications in other areas by various small- to medium-sized enterprises, primarily in countries in North America, Asia, and Europe. Adoption of Lab-on-a-chip has been relatively low across a range of application areas. Poor reproducibility and inconsistency of results using LOC is hampering growth of the market to a certain extent.
The global Lab-on-a-chip market is gaining traction due to increased investment in research & development in pharmaceuticals, life sciences, and personalized medicine. Furthermore, several microfluidic device companies are entering into partnerships and collaborations to develop more innovative Lab-on-a-chip solutions, which is also fueling growth of the market. Advancements in technology and research in miniaturization of LOC will further drive revenue drive growth of the market going ahead. However, advancements in technology has been leading to development of more advanced technologies and assays, which are capable of early and easy detection of pathogenicity and development in drug discovery, which will drive traction of this technology going ahead.
Lab-on-a-chip-based devices are an integration of several disciplines and miniaturization of laboratory procedures. These devices are branching out into additional aspects of healthcare such as stem cell, drug delivery, synthetic biology, and environmental monitoring owing to high level of integration required to develop LOC devices. Chronic diseases are on the rise globally. Rapidly increasing global geriatric population and changes in societal behavior are also leading to a steady increase in prevalence of more common and expensive long-term health problems. Furthermore, adoption of Lab-on-a-chip in the diagnosis of chronic diseases and infections is driving revenue growth of the global lab-on-a-chip market, and the trend is expected to continue at a steady pace over the forecast period.
Lab on Chip Market Segmentations:
|By Product||By Technology||By Application||By End-Use|
Reagents & Consumables
Point of Care Diagnostics
Hospitals and Clinics
Biotechnology and Pharmaceuticals Companies
Academic and Research Institutes