Lab On Chips Market Size, Competitive Landscape Forecasts to 2028

The research report "Lab on Chips Market: Product Type (DNA Microarrays, Lab on a chip/Microfluidics, Protein Microarrays, Tissue Biochip, Carbohydrate Biochips) By Application (Genomics & Proteomics, Diagnostics, Drug Discovery, Others) End User (Hospitals, Academic and Research Institute, Diagnostic labs, Others) and Geography- Global/Region/Country Forecast to 2028. The global lab-on-chips market size was valued at USD 4,160.8 in 2021, growing at a CAGR of 8.9% during the forecast period 2022-28.

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Technology development is bolstering the Lab on Chips Market:
The global lab on chips market has a considerable market growth rate due to the growing demand for personalized medicines as well as other cancer therapies. Another important factor fuelling the global lab on chips market is the technology development. There are some factors which hinder the market growth such as availability and high cost of the alternative and limited technician knowledge. Intense opportunity is offered by biotechnology and life science testing for the sufficient global lab on chip market growth. Market players in the market believe in following effective strategies such as acquisition and collaboration to increase the product portfolio and reinforce their place in the market to enhance the company revenue. Researchers from the Princeton University (U.S) developed a novel technology in April 2019 which is anticipated for replacing lab settings with a single microship. This technology used complex biosensors systems as its principle and makes use of small metal layers inserted in a microchip to eradicate the complex as well as bulky optical instrumentation used in the diagnostic laboratories. At the University of Kansas (U. S.), researchers developed a new lab-on-a-chip diagnostic device in Feb 2016, which will rule the liquid biopsy principle to detect cancer speedily using a droplet of plasma or blood. Cancer is the second important cause of death globally and is responsible for an expected 9.6 million deaths in 2018. Almost 1 in 6 deaths take place globally due to the cancer hence, all these contribute towards the sustainable development of global lab on chips market.

North America accounted for larger share in the Lab on Chips Market:
North America got larger revenue share in the market followed by Europe and Asia Pacific. North America witnessed huge growth rate and is projected to grow during the forecast period on the viewpoint of availability of microarray chips at reasonable cost and existence of evolved research infrastructure for healthcare and biotechnology. Europe comes at the second position due to the growing research and development and increasing funding. Asia Pacific plays important role in the market due to the growing population of the economies such as India and China.

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The major players working in the lab on chips market are EMD Millipore, Thermo Fisher Scientific, Inc.Abbott , Laboratories, Roche Diagnostics, uFluidix, Bio-Rad Laboratories, CellBio, Inc., Achira Labs, Illumina, Inc. and Agilent Technologies.

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