Global Lab on Chips Market to Expand due to Pressing Need for Better Diagnostics in Healthcare Sector

The global market for lab on chips is expected to soon transcend as an immensely lucrative resort for companies and investors. A report added by Market Research Reports on the global market for lab on chips elaborates on the key market drivers. The report titled ‘Lab on Chips Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2024’ is a succinct representation of all the market dynamics over the given timeframe. The rapid advancements in the healthcare industry and the swift adoption of new technologies by medical practitioners have been the key reasons behind the foretold success of the global market. Lab-on-a-chip (LOC) is a technology that integrates several laboratory function on a single device that is only a few millimeters wide. Extremely low volumes of fluids can be held and analyzed by these chips that are expected to revolutionize the domains of diagnostics within healthcare. These chips help in testing and diagnosis of infectious diseases including HIV and other blood-related diseases, thus, easing the task of the medical practitioners to ascertain a line of treatment. Moreover, lab-on-a-chip technology also helps in early diagnosis of diseases which in turn helps in swift administration of treatments. Hence, the global market for lab on chips is expected to undergo tremendous growth over the coming years.

The whole domain of medical diagnostics is a wide area of application that involves a series of processes including taking samples, studying the samples, and analyzing the results. Since this is a complicated and time-consuming process, lab on chips technology has gained popularity because of the ease of diagnosis it offers. Furthermore, under the traditional ways of diagnosis, the samples need to be sent across large distances to the laboratories, which adds to the costs of diagnosis. Lab on chips technologies cut down on the overhead expenses incurred for transporting the samples from the point of acquisition to the laboratories. Hence, the market for lab on chips is expected to expand at an astral rate over the coming year while offering commendable growth opportunities to market players. The amount of drugs administered in the body can be substantially reduced if the diseases is detected at an early stage. This is also an important factor that contributes to the growth of the global market for lab on chips.

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The market for lab on chips is witnessing stellar growth in North America majorly due to the willingness of the healthcare sector to embrace new technologies. Furthermore, the escalating graph of growth for the healthcare industry in Asia Pacific is expected to fortify the regional market for lab on chips. Other regions including the Middle East and Africa, Latin America, and Europe are also expected to register a robust growth rate over the coming years.

Some of the key players in the global market for lab on chips are Becton, Dickinson and Company, PerkinElmer, Inc., Bio-Rad Laboratories, and Hoffmann-La Roche AG.

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