The global lab on chip market size was exhibited at USD 7.0 billion in 2023 and is projected to hit around USD 18.67 billion by 2033, growing at a CAGR of 10.31% during the forecast period of 2024 to 2033.
Key Takeaways:
Lab-on-Chip Market Report Scope
| Report Coverage | Details |
| Market Size in 2024 | USD 7.0 Billion |
| Market Size by 2033 | USD 18.67 Billion |
| Growth Rate From 2024 to 2033 | CAGR of 10.31% |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Segments Covered | Product, Technology, Application, End-Use, Geography |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional Scope | North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
| Key Companies Profiled | 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 |
Regional Insights
The global lab on-ship market accounted for the largest revenue share in North America. An increased adoption of advanced technologies, research and development, and investments by various pharmaceutical companies in this domain has led to growth in the market. As a result, a great number of leading firms providing lab-on-chip services are located in the North American region. It is also expected to contribute to the growth in revenue in this region.
The Asia Pacific market is also expected to see faster growth for the lab and ship market during the forecast period as there are developments in the healthcare infrastructure and the diseases, like renal diseases, which are prevalent in this region. Also, the increased cardiovascular diseases and government initiatives in this region are leading to growth in the market. The increasing geriatric population and the demand for regenerative medicines is another reason why the market is expected to grow during the forecast.
Market Overview:
The lab on chip is nothing but the miniaturization of laboratory procedures and the integration of various disciplines. These devices are used in various branches of healthcare, like drug delivery, synthetic biology, stem cells, environmental monitoring, etc An increased use of lab-on-chips for chronic diseases is leading to growth in the market. With a low prevalence of expensive health problems and an increase in the geriatric population, the market is expected to grow. The lab-on-chip device is able to scale down singular, multiple laboratory functions into a chip format where the chip size is approximately millimeters to a few square centimeters.
Growth Factors
An increase in chronic diseases and expanding applications of genomics and proteomics in cancer research, along with revenue growth, have led to an increase in the chip-on-the-lab market. There is an increased demand for personalized medicine, which has further helped drive the market for labs on a chip. The trend is expected to continue, and revenue will keep growing for this technology. Due to the increasing prevalence of cancer in many nations, the lab-on-chip market is expected to garner more revenue growth. It helps in detecting pathogens for early diagnosis of oral cancer and also helps in detecting swine flu, malaria, Zika virus and Ebola virus. In countries like North America, Asia, and Europe, lab and ship technology is under exploration for many applications.
Increased investments by various nations in research and development have led to growth in the lab and ship markets. Increased investments in personalized medicine and life sciences have also created a demand for labs on chips. Various partnerships and collaborations for producing innovative lab ownership solutions are also fueling the growth of the market. With the use of Advanced technologies, lab and chips are capable of detecting early pathology, which will drive the growth of this technology.
Technology Insights
On the basis of technology, the lab-on-chip market is segmented into microfluidics and microarrays. There's an increased application of microfluidics, which is responsible for the shift from conventional laboratory procedures to a lab on chips. In order to manufacture varied consumer products, microfluidics has been extensively used, and it is expected to have a great application in many regions or areas. They help reduce errors in cost management and offer a good return on investment.
Laboratories use microarray as a tool to detect many genes at the same time due to increased advancements in this technology, the adoption of microarrays is expected to grow during the forecast. Increase of biochips in the treatment and diagnosis of cancer and providing personalized medicine will help in the growth of the microarray segment. The microfluidic lab on Chip has great potential in order to revolutionize the biomedical stream and provide for the growth of the healthcare sector. The microfluidic platform helps in the automation of biochemical assays, favoring the lab on chip device over traditional tests in research laboratories integration miniaturization etc.
Key Market Developments
Some of the prominent players in the lab-on-chip Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2020 to 2033. For this study, Nova one advisor, Inc. has segmented the global Lab on chip market.
By Product
Reagents & Consumables
Software
IV Needles
By Technology
By Application
By End-Use
By Region
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers