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Lab On Chips Application Market Is Estimated To Witness Expansion At Single-Digit CAGR Throughout the Forecast Period
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North America dominates the global market for lab-on-chips application due to large number of aging population. Asia followed by the Europe are expected to show high growth rates in the next five years in global lab-on-chips application market. China and India are expected to be the fastest growing lab-on-chips application markets in Asia-Pacific region. Some of the key driving forces for lab-on-chips application market in emerging countries are increasing R&D investment, large pool of patients and rising government funding.
In recent times there is increased use of lab-on-chips application due to increasing point of care testing. Rise in personalized medicine, drug discovery and life science research, need for high speed diagnostics and increased government funding are some of the key factors driving the growth for the global lab-on-chips application market. In addition, increasing healthcare awareness and miniaturization reduce the cost of testing are also fuelling the growth of the global lab-on-chips application market. However, limited technical knowledge related to lab-on-chips and availability of alternative technologies are some of the major factors restraining the growth for the global lab-on-chips application market.
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Increasing R&D investment would lead to growth in lab-on-chips application market in Asia. In addition, broaden application of lab-on-chips would develop opportunity for the global lab-on-chips application market. However, high cost involved in manufacturing of lab-on-chip could lead a challenge for the global lab-on-chips application market. The trends for the global lab-on-chips application market are next generation technology for lab-on-chip such as lab on CD-ROM and EFAD chip technology. Some of the major companies operating in the global lab-on-chips application market are EMD Millipore, Life Technologies Corporation, Abbott Laboratories, Roche Diagnostics, Siemens Healthcare and Bio-Rad Laboratories.
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