Press release
Lab on Chips Market to Cross US$8.7 bn by 2024
As per the statistics of the TMR report, a revenue valuation of US$8.7 bn has been prophesied to be achieved by the global lab on chips market by the end of 2024 at a 10.7% CAGR for the forecast period 2016–2024. In 2016, the market had secured a US$3.88 bn. By product, instruments had posted a leading 49.1% share in 2016. By geography, North America had recorded a 37.4% share in the same year while taking charge of the market for lab on chips. Both of these markets could continue raking in a superior share in the coming years.
The increasing occurrence of peripheral vascular disorders worldwide has been foreseen to help the world lab on chips market to attain a healthy growth. Besides the metastasizing of infectious diseases across the globe, inflated investments made toward the development of healthcare infrastructure could set the tone for a significant growth in the market for lab on chips.
A probable surge in the demand for lab on chips could be on the cards with the geriatric demographic expected by the World Health Organization (WHO) to double itself in the near future. In this regard, countries around the globe have been projected to increase the application of lab on chips to counter challenges associated with the preparedness to make the most of the demographic shift and guarantee the development of healthcare systems.
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Advantages such as lightweight and compact design and economical price could be key for the burgeoning acceptance of lab on chips microfluidic systems. Furthermore, the growth in the world lab on chips market could be strengthened on the back of the adoption of novel technologies.
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Quality Issues and Demanding Government Regulations Impede Growth
Regulatory bodies such as the Food and Drug Administration (FDA) in the U.S. and European Medicines Agency (EMA) control approvals related to the efficacy, safety, and quality of medical devices and drugs. Tight regulations enforced by government authorities and quality issues have been envisaged to shrink the growth of the international lab on chips market. This could be supported by the usually expensive and lengthy process of acquiring pre-market approvals. Unreliability, poor assembly of devices, and dependable nature of system components could be other factors hampering the growth of lab on chips.
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However, regions such as Latin America and Asia Pacific have been envisioned to create tangible business prospects in the international lab on chips market due to rife pervasiveness of unmet medical requirements and elevating size of the populations therein. Massive chunks of opportunities have been expected to take shape in the market as government bodies plan to establish innovative models for healthcare delivery and focus on controlling the rise of chronic diseases such as cancer and AIDS.
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About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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